Average amount of venture deals doubled in 2022 - President

President Kassym-Jomart Tokayev calls to develop venture capital market as an important driving force of innovations and technological progress. He said it addressing the Digital Bridge 2023 Forum in Astana today, Kazinform Agency reports.

As Kassym-Jomart Tokayev noted, Kazakhstan consistently develops institutional and legislative base for boosting investments in startups.

“With satisfaction we record doubling of the average amount of venture deals last year. Meanwhile, our regulatory base needs to be brought into compliance with the advanced practices applied in the U.S., Singapore and Hong Kong. It is also important to attract international players to our venture market,” said the President.

The use of AI, according to the President, opens new horizons of opportunities for inclusive and sustainable development. "Global competition in this sphere gains new paces. Kazakhstan must not stand aside these tendencies. This is the imperative of our time. For this reason, development of new technologies is given a special attention," he noted.

To ensure sustainable development of the sector, we need to unite the efforts of domestic IT specialists, experts, scholars and international partners, said the President.