From Eurasianet, June 13:
A Eurasianet Q & A with Didar Karimsakov, the head of the Qazaqstan Investment Corporation.
The private equity market in Kazakhstan is starting to gain some traction, helping to spur growth in non-resource areas of the country’s economy. The Qazaqstan InvestmentCorporation is the leading state entity charged with identifying and nurturing small- and medium-sized entities and projects in the manufacturing, agriculture, green energy, transport and digital technology sectors, able to draw on 20 private equity funds with a target capitalization of $2.8 billion. Since its formation in 2007, QIC has helped fund more than 120 projects, roughly 60 of which are currently in progress. As part of its efforts to develop the private equity market in Kazakhstan, QIC works with regulators to increase market transparency.
On the sidelines of the recent Astana International Forum, Eurasianet had the opportunity to pose questions about private equity’s place in Kazakhstan’s overall investment picture to Didar Karimsakov, QIC’s board chair. Karimsakov’s responses have been edited for brevity and clarity.
Eurasianet: What is a recent success story for QIC, and what projects are you working on right now?
Karimsakov: One of the most important investment projects that QIC is currently engaged in is the expansion and modernization of Almaty International Airport, Kazakhstan’s largest air gateway. As a strategic infrastructure asset, the airport plays a pivotal role in regional connectivity and economic development. QIC is partnering with international investors to enhance capacity, improve operational efficiency, and bring the airport up to the highest global standards. A brand-new international terminal was constructed and opened in 2024, increasing the airport’s annual passenger capacity. Passenger traffic continues to grow steadily, reaching over 11.4 million in 2024 — a 20 percent increase from the previous year’s total of 9.5 million. The airport plays a vital role in enhancing Kazakhstan’s position as a regional transport and tourism hub. Another important project that QIC is working on is the construction of a combined-cycle power plant with a capacity of 160 megawatts (MW) in the Mangistau region in Western Kazakhstan. This project will increase the volume of electricity produced to cover the deficit in the region.
Eurasianet: What sectors of the Kazakh economy are foreign investors and private equity showing the most interest in?
Karimsakov: Foreign investors and private equity firms are increasingly focusing on several sectors that align with Kazakhstan's strategic goals. The sectors in which QIC is most active are:
Agriculture and Food Security: Kazakhstan views agriculture and food security as strategic sectors for economic diversification, social stability, and long-term sustainability. We have over 200 million hectares of agricultural land, including approximately 24 million hectares of arable land. But currently the country uses only a fraction of its land efficiently, leaving significant room for expansion through technological modernization, climate-smart practices, and irrigation development. Kazakhstan already ranks among the top 10 wheat exporters globally, with annual exports reaching about 6-8 million tons, primarily to Central Asia, the Middle East, and China. With appropriate investment, modernization, and international cooperation, Kazakhstan has the potential to produce crops sufficient to feed up to 500 million people worldwide, particularly in water-stressed or import-dependent countries across Eurasia, the Middle East, and parts of Africa....
....MUCH MORE
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