During the meeting, measures to support domestic producers during the pandemic and the transformation of the Samruk-Kazyna SWF into an investment holding were considered.

“The conditions under which we are holding today's meeting are very difficult. Competition and confrontation between the largest countries is growing. Kazakhstan's economy will be under great pressure. At the same time, this is an opportunity to carry out the necessary reforms to build a new economic model, " Elbasy said.

During the discussion on the transformation of the Fund, Nursultan Nazarbayev pointed out the importance of reducing inefficient investments and replacing them with more profitable ones.

“We have defined the key goals in the updated development Strategy of the Fund until 2028. The main one is the transition of the Samruk-Kazyna Fund in the medium term to a new format of work as an investment holding similar to the leading sovereign welfare funds. It is important for us to diversify the Fund's portfolio by geography and asset sectors. We need to get rid of inefficient investments and replace them with more profitable ones. This will increase budget revenues due to the growth of dividends from the Fund, - said the Chairman of the management Council of "Samruk-Kazyna".

The First President of Kazakhstan also stressed that in the crisis, the Government has to take unprecedented measures to protect domestic business.

“During the state of emergency, three packages of anti-crisis measures were taken to support the population and business, and to preserve economic stability. But the pandemic is not receding. It is projected to the second phase. In these conditions, as I noted earlier, it is important to support our entrepreneurs, " Elbasy said.

Having listened to the information of Samruk-Kazyna CEO A. Yessimov on measures to support domestic producers, Nursultan Nazarbayev noted that in the conditions of a sharp reduction in business activity, state orders and purchases of the quasi-public sector are becoming effective measures to help manufacturing enterprises.

“For 2018-2020, 93% of the Fund's purchases, which is 4200 positions worth more than one trillion tenge, were transferred to the competitive environment. Almost 23 thousand business entities received direct access to purchases. During the same period, the grounds for single-source purchases were reduced by 60%. This resulted in savings of more than KZT400 bln in purchases. This work needs to be continued, " said The Chairman of the Fund's management Board.

The meeting also heard reports of management of JSC "NC "KazMunaiGas", JSC "NC "Kazakhstan Temir Zholy", JSC "NC "Kazatomprom", "Kazakhtelecom" JSC, "Samruk-Energo" JSC "Air Astana".

The first President of Kazakhstan emphasized the effectiveness of the implementation of the development Strategy of the Fund, which has allowed to keep positive dynamics, without significant downtime and cuts.

“It is important that all companies maintain social stability, take care of their employees and ensure the sustainable operation of enterprises in strategically key industries. It is necessary to preserve the production staff as much as possible, which is 300 thousand people and 340 companies. Work has been done to reduce import dependence. On the example of the Fund, we have learned to actively support domestic business, " the Head of State said.

Nursultan Nazarbayev noted that the changes proposed by the Fund correspond to the world experience in the development of sovereign funds.

The first President of Kazakhstan gave a positive assessment of the activities of the Fund's management represented by the CEO of the JSC A. Yessimov in implementing the development Strategy.

Following the meeting, the Council members approved the proposed concept of transforming the Fund into an investment holding, and also instructed the management Board of Samruk-Kazyna JSC to continue implementing measures aimed at supporting domestic producers during the pandemic.

Source: Official website of the First President of Kazakhstan - Elbasy Nursultan Nazarbayev