Kazakhstan Economic Freedom Holding Corp.conference 2024: Bridging East and West With Technology and Innovation
Oct. 11 2024, Published 3:00 a.m. ET
In September 2024, the inaugural Kazakhstan Economic Freedom Conference was held in Astana, marking a pivotal moment in the nation's economic journey. The event brought together top international policymakers, academics and business leaders, focusing on Kazakhstan's rising status as a regional economic force in Central Asia and its expanding role in the global economic landscape. The conference explored how Kazakhstan, strategically positioned between East and West, could leverage its geographic and economic strengths to navigate these complexities and emerge as a critical regional and global economic hub.
One of the highlights of the event was a keynote address by Timur Turlov, CEO of Freedom Holding Corp. Turlov emphasized Kazakhstan’s potential to become the leading economic centre in Central Asia, driven not only by its geographic advantage but also by its rapid adoption of advanced technologies like fintech and artificial intelligence (AI). He reiterated Kazakhstan’s President, Kassym-Jomart Tokayev’s, ambitious goal of doubling the country’s GDP by 2029, describing it as both achievable and vital for Kazakhstan’s long-term prosperity.
Timur Turlov stressed the importance of investing heavily in human capital and developing a strong financial ecosystem to support entrepreneurs, innovators, and businesses. These investments, he argued, would be critical to achieving sustained economic growth and enabling Kazakhstan to compete globally.
A major theme throughout the conference was the ongoing digital transformation in Kazakhstan. The country has made significant strides in telecommunications and digital finance, laying the foundation for regional leadership in these sectors. Participants highlighted how innovations in fintech, powered by AI, are unlocking new opportunities for growth, especially in Kazakhstan’s financial markets.
Timur Turlov discussed the expanding appeal of Kazakhstan’s financial markets to international investors, noting that the country is well-positioned to compete globally thanks to its technological advancements. The rapid development of Kazakhstan’s digital infrastructure—including investments in fiber-optic networks, data centers, and the broader digital ecosystem—is also facilitating deeper integration with global financial systems.
One of the most significant announcements came from Huseyin Ozhan, Deputy Managing Director for Central Asia at the European Bank for Reconstruction and Development (EBRD). Ozhan revealed that the EBRD has committed $17 billion in investments to the Central Asia region, with $10 billion allocated specifically for Kazakhstan. These investments underscore Kazakhstan’s growing importance as a key player in both regional and global markets.
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Ozhan praised Kazakhstan’s strategic role in shaping the global economic landscape, emphasizing its unique position as a bridge between Eastern and Western markets. He predicted that 2024 would see record-breaking levels of investment in the region, underscoring Kazakhstan’s vital role in linking diverse economic sectors.
As the conference concluded, optimism about Kazakhstan’s economic future was palpable. Government projections for the 2025-2029 period show a strong focus on economic stability and sustainable growth. The national budget for this period estimates revenues of 21.7 trillion KZT (approximately USD 45.2 billion), with a guaranteed transfer of 2 trillion KZT (USD 4.2 billion) from the National Fund to stabilize the budget. In addition to these plans, significant investments are earmarked for the development of small and medium-sized enterprises (SMEs), with 204 billion KZT (USD 424.7 million) allocated for entrepreneurship. Another 568 billion KZT (USD 1.2 billion) is set aside for improving transport infrastructure, further cementing Kazakhstan’s position as a crucial logistics hub between Europe and Asia.
As the world grapples with increasing economic fragmentation, Kazakhstan’s leadership in digital finance, telecommunications, and regional integration sets it apart as a model of resilience. The outcomes of the 2024 Kazakhstan Economic Freedom Conference point toward a future where the country not only consolidates its role as a regional power but also rises as a global economic player capable of thriving in an uncertain international landscape.