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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of October 17, 2018 No. 656

About approval of the Development strategy of joint-stock company "National welfare fund "Samruk-Kazyna" for 2018 - 2028

According to the subitem 3) of Item 2 of article 7 of the Law of the Republic of Kazakhstan of February 1, 2012 "About National welfare fund" the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Development strategy of joint-stock company "National welfare fund "Samruk-Kazyna" for 2018 - 2028.

2. Recognize invalid:

1) the order of the Government of the Republic of Kazakhstan of September 14, 2012 No. 1202 "About approval of the Development strategy of National Welfare Fund Samruk-Kazyna for 2012-2022 joint-stock company;

2) Item of 9 changes and additions which are made to some decisions of the Government of the Republic of Kazakhstan, approved by the order of the Government of the Republic of Kazakhstan of May 25, 2013 No. 516 "About measures for implementation of the Presidential decree of the Republic of Kazakhstan of May 22, 2013 No. 571 "About some measures for optimization of management system by institutes of development, financial institutions and developments of national economy" (SAPP of the Republic of Kazakhstan, 2013, No. 35, the Art. 514).

3. This resolution becomes effective from the date of its signing.

Prime Minister of the Republic of Kazakhstan

B. Sagintayev

Approved by the Order of the Government of the Republic of Kazakhstan of October 17, 2018 No. 656

The development strategy of joint-stock company "National welfare fund "Samruk-Kazyna" for 2018 - 2028

Introduction

The development strategy of joint-stock company "National welfare fund "Samruk-Kazyna" (further - Fund, JSC Samruk-Kazyna) is the long-term strategic document in which the mission of Fund for goal achievement, designated by the Single shareholder is determined. Strategy will fundamentally be approved with national development, the purposes, key economic tasks and emphasizes importance of Fund as sovereign fund in goal achievement of development of the Republic of Kazakhstan.

In 2012 the Fund developed the first Development strategy for 2012 - 2022 which was directed to permission of effects of the global financial crisis, realization of the state initiatives and state programs, and also for support of social initiatives of the Government of the Republic of Kazakhstan. Thanks to effective management of asset portfolio, the Fund promoted contribution to economic growth and development of national economy.

At the moment the Fund is at important stage of the development. For the last six years from the moment of approval of the first development strategy of Fund in external macroeconomic environment there were changes which had significant effect on realization of strategic objectives of Fund. Therefore forming of further trajectory of development of Fund shall be determined taking into account strategic directions of development of the Republic of Kazakhstan, global and regional trends of economic development and performance indicators and development of similar sovereign funds.

Three factors have significant effect on forming of strategic objectives of Fund:

1. New national initiatives of the economic growth of Kazakhstan. The head of state set for the nation ambitious goal on entry into thirty of developed countries within "Strategy Kazakhstan-2050, the Strategic plan of development of the Republic of Kazakhstan till 2025 is determined, the State program "Digital Kazakhstan" is approved, the message of the Head of state "The third upgrade of Kazakhstan is announced: global competitiveness". In strategic documents of the country the main criteria for economic transformation of Kazakhstan - economic feasibility of the made decisions, investment incomes, diversification of economy and improvement of quality of life of Kazakhstan citizens are determined.

2. Global trends of development of sovereign funds regarding portfolio diversification. Globally sovereign funds of national welfare (further - SFNB) are created for realization of different strategic tasks for the purpose of ensuring stability in economy, capital preservations and accumulatings of welfare for future generations, optimizations of national assets, economic diversification, and also ensuring sustainable development.

SFNB, such as Temasek, Khazanah, Mubadala, ADIA (Abu Dhabi Investment Authority), KIA (Kuwait Investment Authority) whose operating activities and strategic objectives are comparable to Fund, and have outstanding performance regarding ensuring long-term yield of portfolio for the shareholder, are used for comparison as similar funds. Besides, roles of SFNB are concentrated on diversification of sectors in economy, and also on geographical asset diversification for minimization of concentration risks of portfolio of investments and ensuring enhancement of the capital for future generations

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