EBRD Director in Kazakhstan advises Kazakhstan's venture market to cooperate with China and Russia

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12 October, 2018, 15:04 373
EBRD Director in Kazakhstan advises Kazakhstan's venture market to cooperate with China and Russia

According to him, the creation of contacts and the joining of Kazakhstan's venture capital to China. Russia's ones and others should be a priority. 

 

Director of the European Bank for Reconstruction and Development (EBRD) in Kazakhstan Agris Preimanis told about the necessity to develop an ecosystem of Kazakhstan's venture market and cooperation with other states at a panel session within the framework of the Qazaqstan Technology Forum, BNews.kz correspondent reports.  

According to Agris Preimanis, Kazakhstan needs digitalization and innovations as these spheres are demanded by the time. Owing to the trends emerging as a result of such initiatives as 'One Belt - One Road' Kazakhstan becomes more integrated. 

"This potential is very important for Kazakhstan's companies that export to Europe, China, and other states a lot easier. At the same time, the number of foreign companies in the country increases. We cannot escape it - here one can see a typical practical situation, it is whether we become stronger or there will be no place for us," said Preimanis. 

He notes that in the recent Address of the Kazakh President, many tasks were set to develop financial resources that would be directed to develop the industry. At the same time, the work held by the National Agency for Technological Development to develop an ecosystem is also important the same as financing. 

"It is not a problem to find investors or donors willing to provide 100 million dollars for investment in funds of venture capital. But the problem is to find the funds and venture companies which are ready to absorb. To this end, an ecosystem must be developed. Creation of contacts and joining of Kazakhstan's venture capital to China, Russia ones and others should be a priority. China is close, it is the country with the largest venture capital in terms of investment, innovations, and green economy. The most number of electronic cars are sold in China, more than in the USA following the past year. For instance, in the Baltic area, such an ecosystem has been established giving opportunities to quality funds and companies to appear. We are to do the same things in Kazakhstan," said the expert.  

He adds the present time the market is not big and its development is a great task in Kazakhstan.

"But, there are successful examples. In Ust-Kamenogorst there are the companies extracting polymetallic ores, a gold mine. They closely cooperate with local companies and are more ready to procure innovative products and services from these companies," said the head of the Bank.