The invited experts included Ilya Strebulaev, a professor at Stanford University and a recognized expert in venture investments, Malika Aubakirova from Andreessen Horowitz, Galyim Imanbaev from Lightspeed Venture Partners, and Anna Fokina, the Director of Investments at DCVC. They shared their insights and experiences on innovation development. The experts emphasized that to achieve significant progress, Kazakhstan must strengthen its collaboration with leading global venture capital funds, ensuring access to cutting-edge technologies and best practices in investment management. They also stressed that attracting global capital requires strengthening the legal infrastructure and creating conditions to support startups at later stages of their development.

Zhaslan Madiyev, Minister of Digital Development, Innovations, and Aerospace Industry, noted that Kazakhstan is already a leader in Central Asia, accounting for more than 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 of Funds 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 Venture Capital Fund of Funds is targeting the attraction of $1 billion in private investments in the medium term. These funds will be directed to leading global, regional, and Kazakh venture funds, ensuring effective diversification, maximum access to global competencies, and critical technologies necessary for economic transformation. To date, applications for over $100 million have been gathered from large Kazakh businesses to form the fund's initial capital.

The fund will focus on promising areas, including artificial intelligence, digital healthcare, and other key technological sectors. It is projected that by 2030, the global artificial intelligence market will grow to $827 billion, making it one of the priority areas for investment.

Prime Minister Olzhas Bektenov emphasized that the creation of the Venture Capital Fund of Funds will not only provide access to advanced technologies but also strengthen Kazakhstan's position as an international startup and technology hub.

"As President Kassym-Jomart Tokayev has noted, we are building an economy based on knowledge and innovation. Today, Kazakhstan’s IT sector is rapidly developing, digital services exports are growing, and young professionals are in demand both within the country and abroad. Our key task is to create conditions to retain our own talents and attract new ones, support startups at all stages of their development, and bring global competencies to Kazakhstan," said Olzhas Bektenov.

Source: Official Information Resource of the Prime Minister of the Republic of Kazakhstan