Baiterek Holding is being transformed into an investment institution to implement Kazakhstan’s proactive economic growth policy
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A meeting chaired by Deputy Prime Minister - Minister of National Economy Serik Zhumangarin was held in the Government, where the draft of the new structure of the Baiterek holding was reviewed, primeminister.kz reports.
The purpose of the transformation is to turn the holding into the main driver of investment attraction and the key instrument for implementing a proactive economic growth policy aimed at doubling Kazakhstan’s GDP by 2029.
The difference of the new national economic growth policy lies in its targeted investment approach - through a "project order" mechanism, based on the real needs of the state.
The main role in implementing this model has been assigned to the Baiterek holding. Over the next four years, the government will annually increase the holding’s capitalization by 1 trillion tenge, while Baiterek will attract external loans of up to 8 trillion tenge per year to finance priority projects.
The current structure of Baiterek as a management holding will be transformed to align with the scale and objectives of its new investment mission.
It requires strengthening of the organizational model, focusing on investment, sectoral specialization, and market analytics.
An analysis of the economy’s structure over the past 30 years has shown that the highest added value is generated by metallurgy, mechanical engineering, chemical industry, agro-industrial complex, and food industry.
These will remain among the key priority areas. In addition, trade, finance, and construction will be added to the list.
Thus, based on these key sectors - where Kazakhstan’s main business activity is already concentrated - seven Investment Boards will be created within the investment holding. These will serve as growth points for the real sector of the economy. The main tasks of the investment boards will include developing and directly participating in organizing new projects capable of generating high added value in high-productivity industries. They will also analyze business project applications to assess their compliance with economic growth objectives.
The main development vectors of Baiterek as an investment holding:
- Regional expansion - strengthening the positions of domestic producers and developing interregional trade;
- Cross-border expansion - exporting investment activities jointly with Kazakhstani businesses;
- Sectoral development - expanding the holding’s mandate to increase the income of the national economy.
The future of investment projects lies in exports. We are already seeing the effect of supporting the agricultural sector: thanks to higher productivity and investments in agriculture, more international companies are paying attention to Kazakhstan’s agricultural investment potential and bringing their technologies. Baiterek will consolidate businesses to create an ecosystem of export-oriented enterprises, help them expand sales, form value chains, and promote their products in foreign markets," Chairman of the Holding’s Management Board Rustam Karagoishin said.
To saturate the domestic market with consumer goods - most of which are currently imported - the Investment Order program is being launched.
Within its framework, the government itself identifies priority projects and the regions where they should be located, and offers them to businesses.
The program has already been launched in the agricultural sector, and similar approaches are now being developed for household chemicals, food products, and other areas.
The Board of Directors will be strengthened by increasing the number of independent members - international investment consultants from leading industries and regions of the world will be invited to these positions. This will ensure transparency and objectivity of decisions, comprehensive risk assessment, and consideration of all factors affecting project success.
All necessary transformation procedures are planned to be completed by the end of the current year so that the active implementation of Kazakhstan’s proactive economic growth program can begin early next year.
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