Timur Turlov's vision for Kazakhstan as a global economic centre
October 16, 2024 (Investorideas.com Newswire) According to Timur Turlov, the CEO and founder of Freedom Holding Corp., a diversified financial services company, listed on Nasdaq, artificial intelligence (AI) will be crucial in enhancing Kazakhstan's competitiveness on an international level. At a prominent conference in Astana that took place last week, Timur Turlov elucidated that emergent technologies provide countries such as Kazakhstan with the capacity to unleash the complete potential of their workforce in a more inclusive manner. Especially in a rapidly evolving world where automation is essential for enhancing productivity, Timur Turlov emphasised the importance of companies remaining technologically advanced.
The country of Kazakhstan has a distinct advantage in grasping these opportunities due to its demographic profile, which includes having half of the population under the age of 29. This young, technologically adept populace has already catapulted Kazakhstan into a burgeoning financial innovation ecosystem. The National Payment Corporation of Kazakhstan reported that contactless payments comprised 89% of all transactions in May 2024, further solidifying Kazakhstan's emerging position as a leader in fintech and technology-driven financial solutions.
A substantial factor contributing to this increase has been the government's emphasis on the advancement of AI and technology-related education. In order to offer training in AI and machine learning, Kazakhstan has established partnerships with global technology companies, including Microsoft Corp., Amazon.com, and NVIDIA Corp. By 2029, AI courses will be offered at half of Kazakhstan's universities, according to Zhaslan Madiev, the Minister of Digital Development, Innovation, and Aerospace Industry, who disclosed this during July 2024. By the same year, these initiatives will be in accordance with a more comprehensive national AI strategy, which is designed to create a national AI platform.
In his address, Timur Turlov underscored the significance of bolstering the youth of Kazakhstan, recognising it as a critical component of the country's digital transformation. The conference, which was co-hosted by Freedom Holding Corp. and the Bretton Woods Committee on Renewal, was held in Astana, the capital of Kazakhstan, and brought together prominent personalities from global enterprises, leading financial institutions, and central banks. The conversations were centred on the topic of "The International Financial System in a New World."
On the panel "The Global Economy Amidst Worldwide Disruptions," Timur Turlov expressed confidence in Kazakhstan's prospects, asserting that the country has a "unique opportunity" to establish itself as a regional authority in Central Asia. Turlov's ambitious outlook was emphasised by the conference, which attracted notable figures including Natia Turnava, Acting Head of the National Bank of Georgia, Nicolas Blancher, Head of the Central Asia Division at the International Monetary Fund, and Huseyin Ozhan, Acting Managing Director for Central Asia at the European Bank for Reconstruction and Development.
A subsidiary of Freedom Holding Corp., Freedom Finance, which is situated in Almaty, Kazakhstan's financial centre, has been making substantial investments in the nation's digital infrastructure. Recent announcements include a USD 37.5 million investment in an East-West data transmission system and a USD 198.8 million investment in two data centres. All of these initiatives are consistent with Kazakhstan's President, Kassym-Jomart Tokayev's, objective of transforming Kazakhstan into one of the most prominent digital centres in Eurasia. Kazakhtelecom, the state-owned company, has directed the development of a 370-kilometer fiber-optic communication connection beneath the Caspian Sea. Additionally, the government has made an investment in this initiative.
Timur Turlov concurs with President Tokayev's ambitious objectives, asserting during the conference that the objective of tripling Kazakhstan's GDP by 2029 is "completely feasible." A comparatively new event on the global financial calendar, the "Kazakhstan Economic Freedom" conference has already established the foundation for the country's economic trajectory. The attention of global investors seeking new development opportunities is likely to be drawn to Kazakhstan as it continues to emerge as a dynamic centre for financial and technological innovation.
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