Baiterek National Investment Holding Expands Investment Cooperation with Malaysia

On March 9–11, 2026, Chairman of the Management Board of Baiterek National Investment Holding Rustam Karagoyshin paid a working visit to Kuala Lumpur, where he held a series of negotiations with the leadership of leading financial institutions and industrial companies of Malaysia.

The Kazakh delegation included Deputy Chairman of the Management Board of Baiterek Holding Timur Onzhanov, Chairman of the Management Board of the Entrepreneurship Development Fund Damu Farkhat Sarsekeyev, Chairman of the Management Board of the Industrial Development Fund Rinat Gapparov, Managing Director of the Holding Aidyn Akan, as well as Chairman of the Board of Directors of the Kazakh automobile company Allur Andrey Lavrentyev.

The central theme of the visit was attracting Malaysian institutional capital to the economy of Kazakhstan. Rustam Karagoyshin held negotiations with Managing Director of the sovereign investment fund Khazanah Nasional Dato Amirul Feisal Wan Zahir. The parties discussed prospects for joint investment, the possibility of Khazanah joining the Kazakh Adal fund as an institutional investor, as well as cooperation in the field of critical minerals.

Continuing the investment agenda, a meeting was held with Chief Executive Officer of the Employees Provident Fund (EPF) Ahmad Zulqarnain Onn. EPF is one of the largest pension funds in the world. During the meeting, the parties discussed opportunities for co-investment in infrastructure and industrial projects in Kazakhstan, as well as the prospects of Central Asia as a destination for long-term institutional investments.

“Malaysia is an important partner of Kazakhstan in Southeast Asia. The visit made it possible to substantively discuss specific projects with the country’s leading financial institutions. We see significant potential for cooperation in attracting investments, developing the automotive industry, modernizing municipal infrastructure, and supporting entrepreneurship,” noted Rustam Karagoyshin.

During the visit, the delegation toured the production complex of the national automaker Proton in Tanjung Malim (Perak state) and the high-tech automotive cluster Automotive High-Tech Valley. The Kazakh side became acquainted with the production facilities, the electric vehicle manufacturing plant for the e.MAS line, and the supply chain of component manufacturers. During negotiations with Proton Chief Executive Officer Dr. Li Chunrong, the parties discussed prospects for localizing automobile production in Kazakhstan and using the country as an investment hub for further access to the markets of the Eurasian Economic Union with a population of more than 180 million people. Issues related to the practical implementation of the vehicle production localization project were also discussed jointly with Chairman of the Board of Directors of Allur Andrey Lavrentyev.

In the state of Selangor, the Holding’s delegation held negotiations on infrastructure cooperation during a meeting with Selangor State Executive Councillor for Investment Ng Sze Han and the leadership of the state corporation MBI Selangor. The Malaysian side was invited to consider participation in Kazakhstan’s National Project for the Modernization of the Energy and Utilities Sectors, taking into account MBI’s experience in managing municipal infrastructure in a region with a population of about 10 million people.

The development of cooperation in supporting entrepreneurship was discussed during a meeting with President of SME Bank Malaysia Samad Majid Zain Abdul Majid. The parties discussed the exchange of experience in developing SME ecosystems and halal financing, and also agreed to sign a Memorandum of Understanding between SME Bank Malaysia and the Damu Fund.

The final event of the program was a meeting with Malaysia’s Minister of Investment, Trade and Industry Johari bin Abdul Ghani, during which Rustam Karagoyshin presented Kazakhstan’s investment opportunities and the role of Baiterek Holding as a financial partner for the implementation of joint projects.

Reference:

Khazanah Nasional Berhad — the sovereign investment fund of the Government of Malaysia with assets of about USD 27 billion.

Employees Provident Fund (EPF) — one of the largest pension funds in the world, managing the savings of more than 16 million participants.

Proton Holdings Berhad — Malaysia’s national automobile manufacturer. Investments in the development of the Automotive High-Tech Valley automotive cluster are estimated at USD 7 billion.