Kazakhstan’s export of IT services may reach $500 million in 2023
The export revenue of the entire IT industry in Kazakhstan may reach $500 million by the end of 2023, in particular, due to the opening of joint ventures with major foreign companies, as noted by Astana Hub CEO Magzhan Madiyev. There are now over 300 of these projects operating in the international technopark, which is almost a quarter of all registered residents. According to Madiyev, all conditions have been created to support and scale their IT products to bring them to foreign markets.
“We offer educational programs, talent support, and startup acceleration programs across the country. For example, we are partners of the Google for Startups program in Central Asia. Also, startups from Mongolia, Azerbaijan, and Georgia are now participating in this accelerator program. We also fast-track their development here in Astana. Moreover, we provide them an opportunity to participate in a six-month program in Silicon Valley in the U.S., the capital of the world’s IT business, where we facilitated the establishment of our own Central Asian IT hub,” he said.
Last year, Kazakhstan’s IT exports grew fivefold to over $300 million, with nearly half of the sales coming from Astana Hub’s IT products. In the first half of 2023, the revenues of the technopark participants exceeded 161 billion tenge, while the volume of attracted investments surpassed 31 billion tenge. Madiyev spoke about the priority areas of Astana Hub’s work as part of the implementation of the tasks outlined by the Head of State.
“The first goal is to increase the volume of venture capital funding by creating new venture capital investment mechanisms. Thus, we will work to attract funds and financial institutions to invest more in our startups and companies. The second is to increase human capital,” he shared.