The Government has announced a new stage of economic demonopolisation and the preparation of major state-owned assets for market entry. According to Prime Minister Olzhas Bektenov, a list of 500 companies with a total value exceeding KZT 2 trillion has been formed for potential privatisation, IPO/SPO, or optimisation.
Planned Measures
In recent years, the Government has already transferred 396 assets worth KZT 922 billion into a competitive environment as part of ongoing privatisation efforts. Currently, the state participates in the activities of around 6,000 organisations, from social institutions to major national holdings. Many of these enterprises operate in sectors where private companies are fully capable of ensuring effective competition.
The new list includes companies in the following sectors:
- fuel and energy complex;
- manufacturing and industry;
- agro-industrial sector;
- transport and communications;
- financial markets and others.
Several companies within the Samruk-Kazyna portfolio are being considered for potential IPOs, including Kazakhtelecom, Kcell and Qazaq Green Power. Earlier, large national companies such as KazMunayGas, KEGOC and Air Astana successfully entered the stock exchange.
Timeline and Reforms
The optimisation process will be carried out gradually between 2026 and 2030. In addition, Kazakhstan has introduced a moratorium on the establishment of quasi-public sector entities 2 until the end of 2026. The Parliament is also reviewing the sixth antimonopoly package, designed to accelerate market demonopolisation.
Why This Matters
This initiative is expected to reduce the state's dominant role in the economy, enhance the efficiency of asset management – particularly for underperforming state-owned enterprises, and attract additional investment through IPO/SPO mechanisms. It is also intended to create a more competitive business environment by supporting the development of the private sector.
President Kassym-Jomart Tokayev has repeatedly stressed the need to limit excessive state involvement, noting that the expansion of state entities hinders the growth of private business.
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