Kazakhstan is set to launch a venture capital fund, which
will be based at the Astana Hub technopark and fall under the jurisdiction of
the Astana International Financial Centre (AIFC). The fund’s target size is $1
billion. It is expected to attract talent and startups from the region, foster
foreign investments, and become a tool for transferring modern technologies to
the country. The government discussed the development of IT services exports.
According to the Ministry of Digital Development, Innovations and Aerospace
Industry, exports grew by 26% in the first nine months of 2024 and are expected
to total around $700 million for the year. Over the past five years,
Kazakhstan’s IT services exports have increased more than 20-fold. The main
goal is to reach $1 billion by 2026. Additionally, Kazakhstan is creating an
international network of IT hubs, which have been opened in the U.S., Saudi
Arabia, Singapore, and the UK. Relevant specialists are being actively trained
in the country, specialized education programs have been launched, and major
international IT exporters are relocating to the country. According to the
ministry, 10 such companies are ranked among the top.
«Mostly, these are foreign companies that have decided to
relocate to Kazakhstan. As a result, the country is seeing the creation of new
jobs not only in major cities but also in the regions, while also receiving an
influx of new capital through export revenues. To attract foreign IT
specialists, known as «digital nomads», new programs such as the Digital Nomad
Visa and Digital Nomad Residency have been launched,» said Zhaslan Madiyev,
Kazakh Minister of Digital Development, Innovations and Aerospace Industry.
Specific steps should help IT services and products to enter
foreign markets and boost their sales. These include developing regional
accelerator programs, expanding the network of investor partners, and providing
state support to export-oriented IT companies. Prime Minister Olzhas Bektenov
emphasized the importance of focusing efforts on this work. Venture capital
funds and regional IT hubs are expected to play key roles. He also highlighted
the activities of the Astana Hub technopark in the capital.
«Over 1,500 companies are successfully operating on this
platform. Astana Hub participants benefit from tax and visa preferences along
with access to informational and educational support and business development
programs. This work must continue. Additionally, it is necessary to intensify
the promotion of technological entrepreneurship in Kazakhstan’s regions and to
create conditions for enhancing the skills of our specialists through regional
IT hubs,» said Bektenov.
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