In late September 2025, the SBL Club business club paid its first visit to Kazakhstan. The delegation included eight founders of Cyprus-based companies representing investment funds, corporate and legal services, consulting, international business, and the manufacturing sector. The programme was focused on assessing opportunities for systematic cooperation between club members and a new partner country for Cyprus. Below is a report from the SBL Club trip to Astana and Almaty.
THE CAPITAL OF KAZAKHSTAN AS A CITY OF THE FUTURE
The working programme in Astana was intensive and largely centred on engagement with public institutions. The capital of Kazakhstan is expanding at a remarkable pace. Over the past 25 years, Astana has transformed from a small city into a metropolis with a population exceeding 1.5 million. Major infrastructure projects are underway across the city. Particular emphasis is placed on digitalisation and smart technologies, including e-government, fintech initiatives, IT start-ups at Astana Hub, and the implementation of Smart City solutions in transport, healthcare, and public services.
BAITEREK HOLDING AND CO-FINANCING OF PROMISING PROJECTS
During a meeting with Almas Agibayev, Director of the Project Management Department at Baiterek Holding, the discussion focused on the holding’s role in financing businesses and start-ups. Baiterek is a unique national management holding that centrally oversees state development institutions and assets transferred to the state. Its structure includes the Development Bank of Kazakhstan, the Damu Entrepreneurship Development Fund, KazakhExport, the Housing Construction Guarantee Fund, and the Agrarian Credit Corporation. The holding’s assets are currently estimated at approximately USD 26 billion.
For the Cypriot delegation, Baiterek is of particular interest. Cooperation with the holding opens opportunities not only for Kazakh companies seeking access to the EU market via Cyprus, but also for Cypriot businesses, especially in consulting, financial and legal services, as well as in joint investment projects.
KAZAKH INVEST – STRATEGIC COOPERATION
At Kazakhstan’s principal investment institution, the delegation met with Madiyar Sultanbek, Deputy Chairman of the Management Board responsible for foreign investment and joint projects. The parties discussed priority areas of cooperation, shared interests, and agreed on an action plan to establish regular interaction.
The meeting with Kazakh Invest was pivotal, as this national company supports all major foreign investments in Kazakhstan and can serve as a strategic partner for Cypriot businesses entering the local market. It was also Kazakh Invest that organised the core programme of meetings for the Cypriot delegation, delivering the agenda to a very high professional standard.
ASTANA INTERNATIONAL FINANCIAL CENTRE (AIFC) – COMPANY FORMATION FOR REGIONAL OPERATIONS
This meeting was among the most important for members of the Cypriot delegation, as several are considering establishing new companies at the AIFC to operate across Central Asia. For Cypriot businesses, the AIFC offers opportunities for fund structuring, financing, identifying new ventures, and entering the Kazakh market. The discussion also covered how Kazakh companies can use Cyprus as a gateway to international markets.
During the meeting with Baurzhan Kankin, Head of Client Relations, an agreement was reached to prepare his visit to Cyprus. As a result, all members of the SBL Club business club in Cyprus will be able to attend an AIFC presentation in person. The delegation was highly impressed by the concept and day-to-day operations of the centre.
ASTANA INVEST – OPPORTUNITIES TO DEVELOP MANUFACTURING FACILITIES
In discussions with Ashkat Bekeev, Chairman of the Management Board, who oversees two free economic zones in the capital of Kazakhstan, the focus was on existing projects and the investment conditions offered by Astana. The incentives are extensive, including free land leases for construction, the option to purchase land at cadastral value, reduced taxes and customs duties, and comprehensive administrative support.
Members of the delegation explored with Astana Invest the potential construction of two industrial facilities and a medical centre, moving swiftly to practical details and a concrete action plan.
FOREIGN TRADE CHAMBER – SUPPORT FOR INTERNATIONAL COMPANIES
The meeting with representatives of the Foreign Trade Chamber was highly practical in nature. The discussion focused on specific projects, cooperation between private companies, and pre-arranged negotiations. The parties agreed to consider the formation of reciprocal delegations – from Cyprus to Kazakhstan and from Kazakhstan to Cyprus. Diana Zhakutova, Director of the Department of International Cooperation, on behalf of the organisation, offered support to all Cypriot companies that decide to enter negotiations on potential cooperation with Kazakh businesses. Her five colleagues present at the meeting also contributed actively, explaining how they could be helpful in specific situations. The club intends to make full use of this support.
QAZEXPORT AND QAZTRADE – KAZAKHSTAN’S EXPORT OPERATIONS AND THEIR RELEVANCE FOR CYPRIOT BUSINESS
Members of the delegation held talks with Nurbek Oryngazy, Chief Executive Officer of QazExport, and Arystanbek Iskakov, Chief Manager of the Export Acceleration Department at QazTrade. The primary objective was to understand Kazakhstan’s export potential, obtain a list of key export products, and discuss priorities, constraints, and challenges. Further analysis of this information will help identify areas where Cyprus can add value to Kazakhstan’s export strategy.
EMBASSY OF CYPRUS IN ASTANA – A WELCOMING OFFICE AND A SUPPORTIVE AMBASSADOR
The meeting with the Ambassador of the Republic of Cyprus to Kazakhstan, Petros Nakouzís, took place in a warm and friendly atmosphere. The delegation was among the first to visit the new embassy premises and spoke with the ambassador about his impressions from the first months of work in Astana. The opening of a Cypriot embassy in this rapidly developing region of Central Asia is considered to be of great importance.
MEETINGS IN ALMATY – BUSINESS COMMUNITY AND JOINT PROJECTS
Although Astana was the primary focus of the delegation’s programme, the visit to Almaty proved to be extremely valuable. The city is widely regarded as the business capital of Kazakhstan.
A particularly strong impression was made by the Alatau Special Economic Zone project. The legal and investment opportunities of this new city were discussed with Kuantay Kurmashev, Director of the Legal Department, and Serik Usenov, Chief Investment Manager. Covering an area of 880 square kilometres, which is larger than the city of Almaty itself, the project envisages the creation of a city that will be home to two million people within the next few years.
ATAMEKEN – NATIONAL CHAMBER OF ENTREPRENEURS
Atameken functions as a national chamber of commerce and industry, with a somewhat expanded mandate. In Almaty, the delegation met with Zharmukhamet Sultanov, Head of the Investment Project Support Division, and Oleg Rudenko, Head of the International Department. An interesting fact is that, unlike in Cyprus, membership in the Chamber of Entrepreneurs in Kazakhstan is automatic for all registered companies. As a result, Atameken has 450,000 members in Almaty alone.
The parties agreed to organise a series of online seminars for Atameken members to present opportunities offered by Cyprus across various sectors. By the end of 2025, two cooperation agreements were signed, one between SBL Club and Atameken Almaty, and another between SBL Club and the Atameken Investment Club. The next SBL Club visit is being planned in a way that will allow club members to meet in person with Atameken members who are interested in working with Cyprus.
EUROBAK (EUROPEAN BUSINESS ASSOCIATION OF KAZAKHSTAN)
This meeting took place in an informal setting. Members of the association and the club had the opportunity to hold one-to-one discussions. Several new partnerships emerged during the meeting, with a number of companies identifying shared interests and continuing their discussions the following day, while the Cypriot delegation was still in Kazakhstan, in order to explore potential cooperation in greater detail.
Participants included representatives of BPO Kazakhstan, EAS Strategies, EMG Kazakhstan, Globalink, Grata International, Intermark, Medservice, Quenberger, Red Bull, and Terminal Logistics Services.
KAZAKHSTAN LEGAL FORUM 2025
The final highlight of the visit was the delegation’s participation in the Kazakhstan Legal Forum 2025, the country’s leading legal event. The forum brought together more than 500 lawyers and consultants. Cypriot entrepreneurs established contacts with leading Kazakh and international law firms, laying the groundwork for future professional cooperation.
On behalf of all members of the delegation, I would like to express our sincere appreciation to Nikolay Zhumakanov and the Embassy of Kazakhstan for organising such a comprehensive and well-structured programme for our visit to Kazakhstan. The high level of preparation, attention to detail, and genuine openness to dialogue made the trip both productive and memorable, and laid a strong foundation for future cooperation.
Natalia Kardash
ANDREAS ATHINODOROU
Founder, CEO,
ATG Fund Services
Kazakhstan is very attractive for direct investment due to the Government Fund co- Investments via BAITEREK /QIC. This should be promoted as some of the regions of investment in KZ are interesting.
Cyprus should be presented more than just a tourist destination but as a jurisdiction that can be used to structure / source investment / projects into Kazakhstan. Also the possibility of KZ Tech companies scaling up into EU / US via Cyprus should highlighted.
NICOS KYRIAKIDES
Founder, Director, Gravity Advisory
I think Cypriots should cooperate with both organisations – Baiterek and Kazakh Invest. Baiterek is providing finance through various schemes in the forms of equity and loans, provided certain conditions are satisfied, but it is not their main responsibility to make introductions to local businessmen. They usually finance up to 30% of the Project expenditure although in certain cases it can be more. Kazakh Invest is more involved into the projects and the sectors which according to the National Strategy are requiring or are seeking to attract foreign investment and they can make introductions. These are Energy and Renewable Energy, Agriculture, Mining and Metallurgy, Chemical and Petrochemical, Pharmaceutical and Healthcare, Education and Tourism. In the Agriculture and the mining sectors they seek to find investments, which are adding value in the processing and packaging of the products to facilitate and add value to their exports.
ROKSOLIANA MELNYK
Founder, CEO, Emerald Group
Grateful to Natalia Kardash for organizing an outstanding business delegation to Kazakhstan. The program was very well structured, the meetings were high quality, and the connections made were invaluable. I learned a great deal about the market and see clear potential for future business in Kazakhstan.
The political track also advanced, with ambassadorial appointments between our countries, which further strengthens the foundation for collaboration.
ALEXEY RUDENKO
Managing Partner,
A.Rudenko & Co LLC
Our visit to Kazakhstan confirmed that the country has made substantial progress in creating a predictable and investor-oriented legal environment. What is particularly important for foreign businesses is the clear separation between regulatory authorities and commercial activity, as well as the growing role of international standards in corporate governance, arbitration, and dispute resolution.
What matters most is proper planning and an understanding of local legal specifics – this is not a market for improvised decisions, but for well-prepared, long-term strategies.
NATALIA GEORGIOU
Founder, CEO/Managing Director, SKINLAV cosmetics
What impressed me most during this visit was the sheer scale of the Kazakh market and its strategic position as a gateway to Central Asia and China. Kazakhstan is not just a standalone country – it is a regional hub with established trade routes, distribution infrastructure, and strong connections to neighbouring markets.
During the meetings organised as part of the delegation, I identified several potential partners. This gives me strong confidence that in 2026 SKINLAV products will be present in Kazakhstan. I believe this could become one of the first examples of a Cypriot cosmetics brand entering the Kazakh market in a structured and professional way.
ELIA NICOLAOU
Managing Director of Amicorp (Cyprus)
For Amicorp, Kazakhstan is not an abstract market but a jurisdiction where we are already actively operating. Our presence at the Astana International Financial Centre allows us to support international clients with structuring, administration, and governance solutions aligned with global standards.
This visit clearly demonstrated how Cyprus and Kazakhstan complement each other. Cyprus brings long-standing expertise in international structuring and EU-oriented solutions, while Kazakhstan, and particularly the AIFC, offers a forward-looking legal framework designed to attract global business.
