Kazakhstan is continuing its course towards reducing the state's presence in the economy. As part of the programme running to 2030, 475 state-owned enterprises are due to undergo privatisation, consolidation or liquidation.
WHY PRIVATISATION HAS BECOME A KEY ECONOMIC TASK
As South China Morning Post reports, the programme was announced in May 2025 by Prime Minister Oljas Bektenov. The country's state sector is largely tied to two major structures — the Samruk-Kazyna sovereign wealth fund and the Baiterek development institution.
According to estimates by the International Monetary Fund (IMF), their combined economic influence in 2024 amounted to around 40% of Kazakhstan's GDP. Samruk-Kazyna holds assets in the gas sector, electric power industry, aviation and extractive industries, while Baiterek focuses on lending to small and medium-sized businesses, as well as housing and infrastructure projects.
WHAT DIFFICULTIES HAVE ARISEN IN THE PAST
Previous privatisation programmes have not always achieved their stated results. In particular, an initiative launched in 2016 following the economic downturn encountered difficulties in implementation.
In the early 2010s, the "People's IPO" programme also failed to fully deliver on its original plans: by the end of 2014, only 21 of the 106 planned assets had been put up for trading. The article notes that experts attribute the problems of earlier campaigns to the implementation of reforms, the transparency of individual deals, and the preparation of large companies for market listings.
WHY HONG KONG IS ATTRACTING ATTENTION
The article examines the possibility of raising capital through Hong Kong's financial market. In June 2025, the Astana International Exchange (AIX) signed a memorandum of understanding with Hong Kong Exchanges and Clearing (HKEX) for cooperation in cross-border listings.
Kazakhstan has two stock exchanges — the Kazakhstan Stock Exchange (KASE) in Almaty and the Astana International Exchange (AIX). AIX is part of the ecosystem of the Astana International Financial Centre (AIFC) and is partly owned by the Shanghai Stock Exchange and Nasdaq.
Financial market representatives and experts surveyed by the publication believe that Hong Kong's experience in listing large state-owned companies could be of interest to Kazakhstani issuers.
WHAT WILL DETERMINE THE PROGRAMME'S OUTCOMES
According to the publication's sources, the prospects for Kazakhstani companies listing on international markets will depend on the reform strategy and the readiness of individual enterprises.
Among the factors that experts say investors pay attention to are the transparency of financial results, corporate governance, the logic of company valuations and liquidity. The articles also mention the need for further development of competition policy and antitrust regulation.
At the same time, the presented material does not specify which 475 enterprises will be included in the programme, nor the timeline for implementing each specific decision.
WHAT THE NEW PROGRAMME MEANS FOR THE ECONOMY
If successfully implemented, the programme could, according to experts, open access for private and foreign investors to state assets in energy, logistics, infrastructure and telecommunications.
