Kazakhstan has launched a new investment cycle for 2026–2028. The country aims at attracting over $25.5 billion in annual foreign direct investment. At the same time, almost 54 billion EUR of fixed capital should be put to use in diversifying, from resources to high-value manufacturing and technology. Domestic wealth and investment funds have a critical role to play in boosting key projects but also reinforcing government's plans to develop the social services in the country. To better understand how this symbiosis of state needs and profit-driven investment works in Kazakhstan we sat down with the Chairman of the Management Board of Samruk Kazyna, Kazakstan's sovereign wealth fund, Mr. Nurlan Zhakupov.
Mr. Zhakupov, Samruk Kazyna has joined the group of the 30 biggest sovereign funds in the world. It does what such funds normally do, develop projects which are then either available for purchase by other investors or maintained. However, you often stress that yours is a unique concept. Why? What is it that differentiates it from the similar funds in Singapore, Norway, or the Middle East?
