Kazakhstan is set to establish a fund of funds for venture investments.

Astana. December 19. KAZAKHSTAN TODAY - A fund of funds for venture investments will be established in Kazakhstan, aimed at attracting global capital, developing the startup ecosystem, and strengthening the country's position as a regional center for technology and innovation, reports the press service of the Prime Minister of the country.

As President Kassym-Jomart Tokayev noted, we are building an economy based on knowledge and innovation. Today, Kazakhstan's IT sector is actively developing, the export of digital services is increasing, and young specialists are in demand both domestically and internationally. Our key task is to create conditions for retaining our own talents and attracting new ones, to support startups at all stages of their development, and to bring global competencies to Kazakhstan," emphasized Prime Minister Olzhas Bektenov during a meeting with leading experts in venture financing, representatives of the Kazakh business community, and international partners.

Olzhas Bektenov highlighted that the establishment of a 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 technologies.

The fund of funds for venture investments aims to attract $1 billion in private investments in the medium term, which will be directed to leading global, regional, and Kazakh venture funds," the press service informed.

It is emphasized that this will ensure effective diversification, maximum access to global competencies, and critically important technologies necessary for transforming the economy. To date, applications have been collected from representatives of large Kazakh businesses totaling over $100 million to form the fund's initial capital.

Special attention will be given to promising areas within the fund's work, including artificial intelligence, digital healthcare, and other key technological sectors. According to forecasts, by 2030, the global artificial intelligence market will grow to $827 billion, making this field one of the priorities for investment," the press service added.

Earlier, the government was tasked with taking measures to implement mechanisms for the widespread use of artificial intelligence by citizens.