ASTANA – Kazakhstan is set to create a Venture Capital Fund of Funds, targeting $1 billion in private investment in the medium term. This was revealed during a meeting on December 19 between Prime Minister Oljas Bektenov and prominent venture capital experts, representatives of the Kazakh business community and international partners.

Oljas Bektenov chairs a meeting with leading venture capital experts, 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 skills and critical technologies needed to transform the economy . To date, applications from major Kazakh companies have already pledged more than $100 million as start-up capital.

Kazakh Minister of Digital Development, Innovation and Aerospace Industry Zhaslan Madiyev highlighted Kazakhstan’s leadership in Central Asia. The country accounts for more than 70% of the region’s venture capital deals. Over the past five years, the country’s venture capital volume has increased sixfold, to $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 reach $827 billion by 2030, making this area a priority for investment.

“Our main task is to create the necessary conditions to retain our own and attract new talents, supporting startups at all stages of their development and attracting global skills to Kazakhstan,” Bektenov said.