ASTANA – Kazakhstan is set to establish a Fund of Venture Capital Funds, targeting $1 billion in private investment in the medium term. This was revealed during a Dec. 19 meeting between Prime Minister Olzhas Bektenov and leading venture capital experts, Kazakh business community representatives, and international partners.
Olzhas Bektenov chairs a meeting with leading experts in venture capital, representatives of the Kazakh business community, and international partners. Photo credit: primeminister.kz.
According to the Prime Minister’s press service, these private investments will be directed to leading global, regional, and Kazakh venture funds, ensuring effective diversification, access to global competencies and critical technologies needed to transform the economy. To date, applications from large Kazakh businesses have already pledged over $100 million as starting capital.
Kazakh Minister of Digital Development, Innovation, and Aerospace Industry Zhaslan Madiyev highlighted Kazakhstan’s leadership in Central Asia. The country accounts for over 70% of the region’s venture deals. Over the past five years, the country’s venture capital volume has increased sixfold, reaching $80 million.
The fund will focus on promising areas, including artificial intelligence (AI), digital health, and other key technology sectors. The global AI market is expected to grow to $827 billion by 2030, making this area a priority for investment.
“Our key task is to create conditions for retaining our own and drawing new talent, supporting startups at all stages of their development, and attracting global competencies to Kazakhstan,” Bektenov said.
