Olzhas Bektenov directs review of Baiterek Holding’s policy on supporting domestic manufacturers

Olzhas Bektenov directs review of Baiterek Holding’s policy on supporting domestic manufacturers

A session of the Baiterek Holding's Board of Directors was convened, presided over by Olzhas Bektenov, Prime Minister of Kazakhstan.

During the meeting, the Board reviewed the implementation of the Investment Policy for 2023. Baiterek Holding's subsidiaries provided substantial support to enterprises in non-resource sectors, totaling 2.8 trillion tenge, marking a 45% increase from the previous year. Over 71 thousand companies and organizations outside the quasi-public sector received support amounting to 2.5 trillion tenge. The agricultural sector received financing amounting to 665.2 billion tenge in 2023, resulting in the creation of over 6 thousand new jobs and the production of goods and services worth 3.8 trillion tenge.

Following the reports, Prime Minister Bektenov emphasized the need to swiftly revise Baiterek Holding's procurement rules to significantly boost the proportion of domestic goods.

Bektenov further stressed that enterprises benefiting from government support must continually enhance in-country value.

"Through Baiterek Holding and other development institutions, we allocate substantial funds to support promising enterprises and economic sectors. However, a key focus should be on increasing in-country value. Entrepreneurs receiving support should commit to establishing production in Kazakhstan for goods they currently import, raising labor productivity and wages, and engaging Kazakhstani enterprises as subcontractors and suppliers," Bektenov stated.

The Prime Minister highlighted ongoing governmental efforts to bolster in-country value and domestic production.

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