Samruk-Kazyna is a mythical entity in the Kazakhstani economic landscape, according to Nurlan Jakupov.
Lowdown on Samruk-Qazyna's Economic Clout
During a recent press conference, the bigwig at JSC "Samruk-Qazyna", Nurlan Zhakupov, spoke up against claims that the Fund operates as a colossal economic beast within Kazakhstan. Zhakupov set the record straight, stating that the Fund's actual impact on Kazakhstan's GDP is significantly less than frequently assumed. According to Vechernyaya Astana's reporting.
Here's the skinny on it all:
The dealio about GDP hinges on something called "added value." In 2024, the Fund hauled in a total income of 16.4 trillion tenge. But let's be real, they don't just keep that cash in their pockets. They fork over dough to their vendors for goods, services and works. That spending isn't part of the GDP contribution equation. Only the gap between income and expenses - their net added value - is considered.
That gap, in 2024, was a 10 trillion tenge net added value, equivalent to a meager 7.5% of the country's GDP (134 trillion tenge). For reference, small and medium-sized businesses (SMEs) contribute a whopping 38% to the GDP.
To add fuel to the fire, the Fund's payments to the government account for a mere 17% of the republican budget's overall income.
So, while some folks might see Samruk-Qazyna as a dog that wags the Kazakhstan economy's tail, Zhakupov paints a different picture. The Fund, according to him, simply fits snugly into the country's grand economic machine. They're all aboutlarge-scale infrastructure investment projects that catalyze SME growth. They're not the economic overlords, but intelligent integrators spurring economic development, not restricting it.
In a nutshell, the Fund's perceived dominance is just a mirage. They're more like beneficial partners, aiding the nation's economic evolution rather than ruling its economic destiny.
Despite contributing a significant 7.5% of Kazakhstan's GDP through net added value, JSC "Samruk-Qazyna" is not a dominant force in the country's economy. On the contrary, the Fund primarily focuses on large-scale infrastructure investment projects that stimulate growth among small and medium-sized businesses, acting as intelligently integrated partners rather than economic overlords.
