Institutional Transformation as the Foundation of Investment Growth

The article by the Prime Minister of the Republic of Kazakhstan, Olzhas Bektenov, titled “Seven Years of Confident Creative Leadership,” published in the newspaper Kazakhstanskaya Pravda, presents a systematic analysis of the implementation of the strategic course of the Head of State.

It is within this logic that at the end of 2025 Baiterek was transformed into a national investment holding.

Investment Policy: From Financing to Investment Architecture

The article emphasizes that investment in fixed capital has almost doubled.
The transformation of Baiterek into a national investment holding has become a practical instrument for implementing the task set by the President to transition to a proactive investment model. We are moving from the distribution of individual support instruments to the formation of an investment pipeline.

As of today:

• together with the regions and ministries, a pool has been formed that includes more than 1,500 projects with a total value of 85 trillion tenge;
• for 2026, the Holding also has a pipeline of 449 projects totaling 3.4 trillion tenge;
• the financing plan for the real sector amounts to 8 trillion tenge with the group’s capitalization of 1 trillion tenge.

This means that investments are becoming a managed process rather than a reaction to individual applications.

SMEs as the Foundation of Internal Resilience

The achievement of an SME share in GDP of more than 40%, noted by the Prime Minister, indicates structural changes in the economy. The Holding, through the instruments of the Damu Entrepreneurship Development Fund, consistently introduces market-based support mechanisms.

In 2025, SME support within the group amounted to 2.2 trillion tenge. In 2026, it is planned to attract up to 3 trillion tenge of bank financing through guarantees and subsidization.

The launch of two Guarantee Funds (up to 7 billion tenge and over 7 billion tenge) makes it possible to address the issue of insufficient collateral and shifts the emphasis from direct budget financing to market mechanisms.

Technological Modernization of the Agro-Industrial Complex

Food security issues highlighted in the article are considered by the Holding not only through the volume of financing, but also through the qualitative modernization of the sector.

It should be noted that through the Holding’s instruments in 2025, the volume of support for the agro-industrial complex exceeded 1 trillion tenge: 7,900 agricultural producers received support, and 11,400 units of machinery were provided through leasing.

However, the key vector is the transition to deep processing, modernization, and increasing the export orientation of the sector. The agro-industrial complex is becoming an investment area with added value.

Energy Modernization and Infrastructure Development

The Prime Minister’s article separately highlights the issue of the deterioration of energy infrastructure and the need for systemic modernization.

The Holding has been designated as the financial operator of the National Project “Modernization of the Energy and Utilities Sectors.”

This concerns the structuring and financing of projects aimed at upgrading combined heat and power plants, heating networks, and municipal infrastructure.

Without addressing infrastructure constraints, it is impossible to ensure either industrial growth or the country’s investment attractiveness. Energy resilience is the foundation of long-term economic stability.

Digital Transformation of the Holding

The article emphasizes that digitalization goes beyond the automation of services. The declaration by the Head of State of 2026 as the Year of Digitalization and Artificial Intelligence Development further strengthens the strategic significance of this area and provides additional impetus for the accelerated introduction of technologies in key sectors of the economy.

Within the Holding, the Digitalization Strategy for 2024–2026 is being implemented.

The Unified Business Support Portal BGOV is being developed as a single access point to the services of the group.

A unified analytical center has been introduced, where data on clients, projects, and borrowings are consolidated.

This makes it possible to:

• automate reporting,
• conduct in-depth analytics,
• make managerial decisions based on data from the entire group of companies.

Based on the accumulated data, AI tools are being actively introduced. For example, an AI chatbot has been implemented to provide businesses with consultations on state support measures offered by the Holding’s group of companies.

Digitalization is becoming an instrument for improving the quality of investment selection.

Synchronization of Strategic Priorities

The article by the Head of Government demonstrates the transition from addressing anti-crisis challenges to a stage of qualitative institutional strengthening.

Today, our key task is to create a sustainable ecosystem where state strategy, private initiative, and financial instruments operate within a single vector. I am convinced that such synergy will become a reliable foundation for ensuring the long-term economic sovereignty and prosperity of Kazakhstan.

Usen Galym
Deputy Chairman of the Management Board
Baiterek National Investment Holding Joint Stock Company