The 2024 Economic Freedom Holding Corp. Conference in Kazakhstan represents a new era in regional development.
Astana, which convened the Kazakhstan Economic Freedom Holding Corp. High-Level Conference in September 2024, emerged as the epicenter of economic discourse. This historic event, which brought together the most prominent global policymakers and business leaders, represented a critical juncture in Kazakhstan’s economic growth. The discussions were centered on the country’s aspirations to establish itself as a central economic center in Central Asia and its changing position in the global economy that is becoming more interconnected.
This conference could not have occurred at a more critical juncture. The global economy is currently confronted with various obstacles, including inflationary pressures, geopolitical tensions, and the ongoing repercussions of the pandemic. These challenges present Kazakhstan, a nation strategically situated between Europe and Asia, with risks and distinctive prospects. The conference’s discussions elucidated Kazakhstan’s potential to establish itself as a critical regional center while simultaneously addressing global complexities by capitalizing on its economic strengths and geographical location.
Location Advantages
One of the most eagerly anticipated sessions was a panel discussion moderated by Timur Turlov, CEO of Freedom Holding Corp. Turlov articulated an enticing vision for Kazakhstan’s future as a regional economic authority. He emphasized that Kazakhstan is well-positioned to capitalize on its location advantages and establish itself as a significant factor in Central Asia by strategically investing in technology, fintech, and artificial intelligence (AI).
Timur Turlov also underscored President Kassym-Jomart Tokayev’s ambition to double Kazakhstan’s GDP by 2029. Turlov asserts that this objective is feasible but necessitates substantial human capital investments and a sturdy financial ecosystem. To achieve this objective, Kazakhstan must prioritize financial inclusion and guarantee that capital is accessible to businesses and entrepreneurs throughout the region.
Timur Turlov’s emphasis on human capital development underscored the significance of equipping Kazakhstan’s youth with the necessary skills to prosper in a technology-driven economy. By promoting entrepreneurship and technological expertise, Kazakhstan could expedite its transition to a more diversified and knowledge-based economy.
The Role of Digital Infrastructure
The conference’s recurring theme was the role of digital infrastructure. Kazakhstan’s government has made substantial progress in the development of digital finance systems and telecommunication networks over the past decade. These endeavors are transforming the nation into a regional leader in fintech innovation, as digital tools enhance access to financial markets and attract foreign investment.
Timur Turlov underscored the increasing allure of Kazakhstan’s financial markets, which are garnering the attention of global investors. He emphasized that the nation is well-positioned to compete on a global scale as a result of its progress in digital finance and artificial intelligence. Innovations in fintech are enhancing the efficacy of the domestic market and enabling a more comprehensive integration with the global economy, according to Turlov.
Substantial investments in digital ecosystems, data centers, and fiber-optic networks facilitate all of these technological advancements essential for business development in an increasingly interconnected world. Kazakhstan is in a position to enhance its influence in the global financial sector as these digital initiatives continue to develop.
The EBRD’s Investment
Huseyin Ozhan, the Acting Managing Director for Central Asia at the European Bank for Reconstruction and Development (EBRD), made a noteworthy announcement at the conference. Ozhan disclosed that the EBRD has agreed to invest USD 17 billion in Central Asia, with USD 10 billion specifically designated for Kazakhstan. This dedication underscores the international community’s belief in Kazakhstan’s capacity to lead the region. Ozhan emphasized that Kazakhstan’s strategic position in influencing the global economic environment is a result of its access to both Eastern and Western markets. As the conference concluded, there was a tangible sense of optimism regarding Kazakhstan’s economic outlook.
The country’s 2025-2029 national budget indicates its aspirations for economic stability and sustainable development, with an estimated revenue of 21.7 trillion tenge (USD 45.2 billion). The budget will be stabilized by a guaranteed transfer of 2 trillion tenge (USD 4.2 billion) from the National Fund. Investments in small and medium-sized enterprises (SMEs) are also top priorities. Entrepreneurial development is allocated 204 billion tenge (USD 424.7 million) in the budget. Furthermore, Kazakhstan’s status as a logistical center connecting Europe and Asia is further bolstered by allocating 568 billion tenges (USD 1.2 billion) to transport infrastructure.
Kazakhstan’s leadership in digital finance, telecommunications, and regional integration is a model of resilience as the globe confronts geopolitical fragmentation and other economic challenges. The Kazakhstan Economic Freedom Conference results indicate that the nation is on a direct course to becoming a global economic participant and regional leader.
