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The Damu Fund held an online CICA forum on the digitalization of the economy

The Damu Fund held an online CICA forum on the digitalization of the economy

Baiterek Holding took part in the online international Conference on Interaction and Confidence-Building Measures in Asia (CICA) focused primarily on the digitalization of the economy.

The forum was organized by the Damu Entrepreneurship Development Fund (Baiterek Holding’s subsidiary) and was held under Kazakhstan’s chairmanship in the CICA.

Digitalization is becoming a priority area for the expansion of production and a driving force for sustainable development. The introduction of the digital economy in all sectors and at all levels of production allows for significant economic benefits, including an increase in labor productivity in both the public and private sectors, – said Ulan Oraztaev, Managing Director of Baiterek Holding.

He also noted the importance of discussing the impact of these processes on the development of small and medium-sized businesses and the economy in general. The establishment of cooperation between the CICA countries is crucial.

Digitalization and automation of business processes will help make government support for small and medium-sized businesses as accessible, convenient and fast as possible. This work began several years ago, and during the pandemic, the Damu Fund started to accept applications on and websites, – stated Bakhytzhan Makazhanov, the Deputy Chairman of the Damu Fund.

In 2021, the Damu Fund plans to automatize 100% of its main business processes. By the end of 2020, 94% of the business processes have already been automatized.

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During the forum, speeches were made by the representatives of state bodies, institutions, and organizations of the CICA countries working on the development of the national economies, trade, small and medium-sized businesses. Independent experts on the digitalization and transformation of economic processes also delivered speeches.

The first CICA summit was initiated by Kazakhstan and announced by Nursultan Nazarbayev, the First President of Kazakhstan, at the 47th session of the UN General Assembly on October 5, 1992. The forum aims at enhancing cooperation towards promoting peace, security, and stability in Asia

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