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Nazarbayev speaks of Samruk Kazyna transformation 06 октября 2014, 18:57

President of Kazakhstan stressed the importance of transforming the country's welfare fund.
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President Nursultan Nazarbayev has spoken at Samruk Kazyna Transformation forum, Tengrinews correspondent reports.

Samruk Kazyna welfare fund owns largest strategic national companies of Kazakhstan totally worth around $100 billion. They include KazMunayGas oil and gas company, Kazatomprom nuclear company and Air Astana airlines. It also owns a number of financial groups.

Now the country’s leaders decided it was time to transform the Fund.

The Transformation Forum took place on October 6 and gathered famous experts from all over the world, such as Nouriel Roubini and Ichak Adizes, and representatives of international financial institutions, such as the EBRD and OECD, the press service of the Fund informed.

Modernization of the Welfare Fund in the framework of the Transformation Program aims to improve its investment attractiveness, optimize business processes and portfolio structure and rid its structure of bureaucratization in a large-scale reorganization.

The Fund's leaders announced the plan to implement the Transformation program at the end of February this year. Nazarbayev instructed finalizing the document by September 2014. The program was approved on September 5, 2014 at a meeting chaired by Kazakhstan's Prime Minister Karim Massimov.

The document was developed in collaboration with international consultants. Its goal is to serve as a key tool for bringing Kazakhstan onto the list of top 30 developed countries of the world, Samruk Kazyna said.

"Today we see a completely different Kazakhstan, a completely different generation, a completely different level of prosperity. And even by outward signs: who goes for vacations to the best resorts of the world? There are Kazakhstanies everywhere,” Nazarbayev said summarizing the forum on transformation of Samruk-Kazyna.

“Who studies around the world, not only through "Bolashak" [state-sponsored financial assistance program to study abroad] but also being able to afford foreign education for their children on their own? There are by far more than 10 thousand such people. Let me tell you, this was not easy to achieve," the President said.

He continued by saying that Kazakhstan had to overcome the Asian financial crisis and then the global economic and financial crisis to achieve good results and increase the welfare of citizens by 16 times.

Now, he said, a new challenge was awaiting Kazakhstan – to transform Samruk-Kazyna, the fund where the country's wealth was concentrated.

"It is a source of well-being of our people in the present and the future. And the way we are to transform it, this is how the country is to develop," Nazarbayev said.

Reporting by Renat Tashkinbayev, writing by Dinara Urazova



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