Kazakh Sovereign Wealth Fund develops strategy for 10 years
Kazakhstan, Astana, April 4 / Trend D.Mukhtarov /
Kazakh Sovereign Wealth Fund Samruk-Kazyna has worked out a new development strategy for the next 10 years, the deputy chairman of the Fund, Kuandyk Bishimbayev, said on Wednesday during a round table discussion .
"The new strategy is planned to be submitted for approval of the Government of Kazakhstan," said Bishimbayev.
The scope of activity of Samruk-Kazyna covers virtually the entire spectrum of the economy ranging from finance, production of minerals, transport infrastructure and to pharmaceuticals and telecommunications. The Fund's share accounts for more than 40 per cent of the GDP. The Fund also brings together a key government stake of more than 400 companies.
Bishimbaev said Samruk-Kazyna has set itself three strategic directions of development for the coming decade.
These are the formation of 'national champions' among companies of the Fund, promotion of diversification and modernisation of the national economy and social responsibility.
"Implementation of the Fund's development strategy on three stated strategic directions will allow it to create and modernise existing production assets, improve competitiveness and the cost of companies. By 2022, the Fund should become a strategic holding company that plays a key role in the economy of Kazakhstan and which formed 'national champions', with a competitive edge on world markets by the Fund's companies," said Bishimbayev.
The main objective of the Samruk-Kazyna Fund is the management of shares (stakes) of the national development institutions, companies and other legal entities belonging to it, to maximise their long term value and increase competitiveness in world markets.