Prime Minister Olzhas Bektenov held a meeting with leading experts in venture financing, representatives of the Kazakh business community, and international partners. The main topic of discussion was the establishment of a Fund of Funds for venture investments, aimed at attracting global capital, developing a startup ecosystem, and strengthening Kazakhstan's position as a regional center for technology and innovation, reports Primeminister.kz.
Invited to the dialogue were Stanford University professor and recognized venture investment expert Ilya Strebulaev, Andreessen Horowitz partner Malika Aubakirova, Lightspeed Venture Partners partner Galym Imanbaev, and DCVC investment director Anna Fokina, who shared their experiences in innovation development. The experts noted that to achieve significant progress, it is crucial for Kazakhstan to strengthen cooperation with leading global venture capital funds, which will facilitate access to cutting-edge technologies and best investment management practices. They emphasized the need to enhance the legal infrastructure and create conditions to support late-stage startups in order to attract global capital.
Minister of Digital Development, Innovations, and Aerospace Industry Jaslan Madiyev pointed out that Kazakhstan already holds a leading position in Central Asia, accounting for over 70% of all venture deals in the region. Over the past five years, the volume of venture capital in the country has increased more than sixfold, reaching $80 million.
The creation of the fund marks a new phase in the development of the country's venture market, aimed at integrating Kazakhstan into the international investment and technology ecosystem.
The Fund of Funds for venture investments aims to attract $1 billion in private investments in the medium term, which will be directed towards leading global, regional, and Kazakh venture funds. This will ensure effective diversification, maximum access to global competencies, and critical technologies needed for economic transformation. To date, applications have been collected from representatives of large Kazakh businesses for more than $100 million to form the fund's initial capital.
Special attention will be given by the fund to promising areas, including artificial intelligence, digital healthcare, and other key technological sectors. According to forecasts, the global artificial intelligence market is expected to grow to $827 billion by 2030, making this field one of the top priorities for investment.
Prime Minister Olzhas Bektenov emphasized that the establishment of the Fund of Funds for venture investments will not only provide access to advanced technologies but also strengthen Kazakhstan's position as an international hub for startups and technology.
“As President Kassym-Jomart Tokayev noted, we are building an economy based on knowledge and innovation. Today, the IT sector in Kazakhstan is actively developing, the export of digital services is increasing, and young specialists are in demand both within the country and abroad. Our key task is to create conditions for retaining our own talents and attracting new ones, supporting startups at all stages of their development, and bringing global competencies to Kazakhstan,” said Olzhas Bektenov.