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Meeting of the Samruk-Kazyna Fund Management Council

Head of State Nursultan Nazarbayev chaired a meeting of the Management Council of the Samruk-Kazyna National Welfare Fund.

The meeting was attended by Prime Minister B. Sagintayev, Head of the Presidential Administration A. Dzhaksybekov, Chairman of the National Bank D. Akishev, Chairman of the Board of Samruk-Kazyna JSC A. Yesimov, Deputy Prime Ministers A. Mamin and A. Zhumagaliev, assistant President A. Smailov, Minister for Investments and Development J. Kassymbek, Minister of National Economy T. Suleimenov, Minister of Finance B. Sultanov, Minister of Energy K. Bozumbayev, independent director of Samruk-Kazyna JSC R. Evans, heads of national companies and enterprises .

During the meeting, issues related to the adoption of the updated Development Strategy of Samruk-Kazyna and the Fund Transformation Program were discussed.

Opening the meeting, the President of Kazakhstan noted the strategic importance of the NWF "Samruk-Kazyna" in strengthening and further development of the national economy.

- "Samruk-Kazyna" plays an important role in the economy of our country. The first long-term development strategy of the Fund was adopted in 2012. It was designed to counter the effects of the global financial crisis. The situation has changed in recent years. Having resisted external factors, our economy has embarked on the path of stable development. A lot of work has been done, - said Nursultan Nazarbayev.

The head of state positively assessed the measures aimed at the development of the Fund and pointed out the need to update the previously adopted programs in accordance with modern conditions.

- We have started the Third Modernization of the Economy, active work on digitalization has begun. The country's development strategy until 2025 was adopted. In these conditions, there is a need to adopt a new Development Strategy for Samruk-Kazyna. An update of the Fund's Transformation Program is also required. The results of this program should be reflected in the activities of the Fund's companies, the President of Kazakhstan said.

During the meeting, reports were heard from the Chairman of the Board of Directors of Samruk-Kazyna JSC - Prime Minister B. Sagintayev, Chairman of the Board of Samruk-Kazyna JSC A. Yesimov, independent director of Samruk-Kazyna JSC R. Evans. The updated Development Strategy of Samruk-Kazyna JSC for 2018-2028 and the Transformation Program were presented to the meeting participants. Special attention was paid to issues of human capital development and effective use of the Fund's human resources.

After listening to the speakers, Nursultan Nazarbayev drew the attention of those present to a number of issues requiring appropriate measures.

- Regarding improving the efficiency of the Fund's management. The multi-level management system of the Fund's companies continues to operate. This complicates decision-making, requires significant financial resources for the maintenance of numerous administrative and management personnel. It is necessary to reduce the levels of management, - said the Head of State.

The President of Kazakhstan also focused on the importance of continuing work on the privatization of the Fund's assets, noting the high interest of foreign investors in participating in this program.

Nursultan Nazarbayev dwelled on the process of digitalization of the Fund's companies, emphasizing the relevance and timeliness of this program in the context of the fourth industrial revolution.

In addition, the Head of State pointed out the need to make systemic decisions regarding major investment projects of the Fund.

Following the meeting, the President of Kazakhstan approved the updated Development Strategy of Samruk-Kazyna JSC for 2018-2028 and the Fund's Transformation Program and instructed to provide special control over their further implementation.

- The work of the National Welfare Fund should be aimed at improving the life of Kazakhstanis and strengthening the country's economy. The new Development Strategy and Transformation Program will not only increase the efficiency of the Fund, but will also have a positive effect on the further development of the national economy. In this regard, the Government, together with the leadership of the Fund, should actively work to implement these programs, - concluded Nursultan Nazarbayev.