Kazakhstan's SMB Growth: A 40% GDP Target and the Challenges Ahead

Kazakhstan Aims for 40% GDP from SMBs: Progress and Challenges Kazakhstan has set an ambitious goal: to increase the contribution of small and medium-sized businesses (SMBs) to 40% of its Gross Domestic Product (GDP). While the country has made significant strides, reaching nearly 39% last year, challenges persist for many SMBs. Government support is substantial. Over 29,000 projects have received funding totaling 1.7 trillion tenge, supporting equipment purchases, construction, and modernization. This has led to the creation of almost 10,000 jobs. The government is prioritizing industry, logistics, and education sectors. First Vice Minister of National Economy, Azamat Amrin, acknowledged a discrepancy: "We have a significant number of medium-sized businesses, their share is much larger de facto than de jure. Many are formally registered as small businesses to maintain tax benefits." This means that support measures intended for small businesses also benefit medium-sized ones. The 40% target is realistic, but the question remains: when will SMBs see real, tangible benefits, not just on paper?