During the speech at the Digital Bridge Forum in Astana, President Kassym-Jomart Tokayev addressed the need to develop the venture capital market as the most important driving force of innovation and technological progress, Akorda press service reports.
"We must develop the venture capital market as the most important driving force of innovation and technological progress. Kazakhstan is consistently improving the institutional and legislative framework to stimulate startup investment. We are pleased to have recorded a doubling of the average size of venture capital deals last year. At the same time, our regulatory framework needs to be aligned with best practices implemented in the US, Singapore, and Hong Kong. It is also important to attract international players to our venture capital market," the President said.
He emphasized that the use of artificial intelligence opens new horizons of opportunities for inclusive and sustainable development. Global competition in this area is gaining momentum.
"Kazakhstan should not remain aloof from these trends. This is the requirement of the time. Therefore, we are now paying special attention to the development of advanced technologies. To develop the industry progressively, it is necessary to combine the efforts of domestic IT specialists, experts, and scientists, as well as to involve the potential of international partners", added the Head of State.