Kazakhstan’s Potential as a Global Business Hub: Insights from Timur Turlov
In the vast expanse of history, certain countries and cities have had their time to shine. Trade hubs like Samarkand in Central Asia and Amsterdam in Europe thrived due to their strategic locations and the flow of goods. As time passed, financial centers like Hong Kong, Singapore, New York, and London emerged as global business hubs. The question now arises, which regions will be the next big players in the digital age, and what factors besides geography will influence this shift?
Kazakhstan, with its prime location at the crossroads of East and West, North and South, coupled with the development of transparent business regulations and financial centers such as the Astana Financial Centre, holds immense potential to become a global business hub. Timur Turlov, the founder, CEO, and majority shareholder of Freedom Holding Corp (FRHC), believes that the key success factors for Kazakhstan will not only be robust infrastructure and political stability but also the nurturing of young talent and the creation of internationally competitive products.
According to Turlov, the focus should not solely be on profiting from natural resources. Instead, Kazakhstan should aim to develop products that can compete on a global scale and capitalize on the talents within the country. Turlov emphasizes the importance of talent, stating that a good education, bridging the digital divide, and a youthful population are crucial for Kazakhstan to emerge as a leader in the global market.
Turlov’s commitment to fostering talent is evident through his company’s support of educational and sporting initiatives in Kazakhstan. Freedom Holding Corp has established the IQanat High School in Burabay, Akmola region, providing 800 children from rural areas across Kazakhstan with access to quality education. Additionally, the company has launched a youth football league and promoted chess in the country.
Having started as a small investment firm in 2008, Turlov’s company has now expanded into an international financial group with a presence in 20 countries. In 2019, Freedom Holding Corp went public and was listed on the NASDAQ stock exchange, experiencing a fivefold increase in its value. Turlov’s vision extends beyond personal success, as he aims to see other Kazakh citizens achieve global recognition.
While Kazakhstan may not be as resource-rich as countries like Qatar, Turlov believes that the nation must diversify its economy beyond natural resources. Clean energy projects, including wind power initiatives and rare earth mineral development, are gaining traction with support from international investors.
In the era of digitalization and AI advancement, talent is a key driver of success. Turlov envisions a future where Kazakhstan’s young population leverages technology to create innovative products that cater to global demands. The rapid globalization and market evolution present both challenges and opportunities for businesses, with talent emerging as a pivotal asset.
Turlov’s Freedom Holding Corp has disrupted the traditional mortgage market by introducing a digital mortgage product, leading to a significant increase in mortgage issuances in Kazakhstan. As business landscapes evolve, the demand for skilled professionals capable of navigating complex challenges continues to grow, positioning Kazakhstan as an attractive destination for international business ventures.
