WNAM REPORT: Kazakh Prime Minister Olzhas Bektenov debated the launch of the Fund of venture capital funds at the meeting involving international and Kazakhstani experts. The Fund is purposed to attract global capital, bolster the start-up ecosystem and strengthen Kazakhstan’s standing as a regional center of technologies and innovations.
The Fund of venture capital funds aims to attract 1 billion US dollars in private investments in the medium term to channel to the top world, regional and country venture funds. It will help provide efficient diversification, ultimate access to global competencies and pivotal technologies essential for economic transformation. As of today, large businesses of Kazakhstan submitted their applications worth over 100 million US dollars to form the Fund’s initial capital.
According to Digital Development, Innovations and Aerospace Industry Minister Zhaslan Madiyev Kazakhstan is taking the lead in Central Asia providing over 70% of all venture deals throughout the region. For the past five years, the country’s venture capital grew sixfold to reach 80 million US dollars.
The Fund will spotlight promising directions such as AI, digital healthcare and other key technological sectors. The global AI market is projected to grow to 827 billion US dollars by 2030 to make it one of the promising sectors for investments.
The Kazakh Prime Minister stressed the Fund will open access to the latest technologies and strengthen Kazakhstan’s position as an international hub of startups and technologies.
