Central Asia’s largest economy Kazakhstan is looking to boost its startup ecosystem seeking support from the world’s third-largest startup ecosystem — India. Kazakhstan’s brand ambassador to India Bulat Sarsenbayev is looking to implement the startup listing platform and support offered by the Bombay Stock Exchange (BSE) to startups and small businesses at the Kazakhstan Stock Exchange (KASE) based in the country’s financial hub Almaty.
BSE has three platforms for startups — first, an incubator in collaboration with Ryerson University and the Simon Fraser University of Canada; second, SME platform with close to 300 companies listed; and third, startup platform for young hi-tech companies to get listed, BSE MD and CEO Ashishkumar Chauhan told Financial Express Online.
“Kazak ambassador recently visited BSE on a few occasions and expressed his interest in taking these models to implement them at Kazak stock exchange. BSE will be delighted to provide necessary support, training and technology in consultation with the ministry of external affairs (MEA),” said Chauhan.
In addition to BSE Startup platforms, Sarsenbayev also evinced interest in BSE promoted India International Exchange based in Gift City Gandhinagar and hence, “BSE will provide necessary support in this regard too in consultation with Gift authorities and MEA,” Chauhan added.
BSE would not involve any charges for rendering support to KASE.
“Currently, the preliminary discussions are on. Usually, BSE does provide training and other help to exchanges from other countries on a friendly basis,” Chauhan said.
Cumulative investments from India into Kazakhstan and from Kazakhstan into India from 2005 -2016 amount to USD 244 million and USD 83.09 million respectively. As on March 1, 2017, there were 520 Indian companies registered in Kazakhstan, out of which 259 are operational, The Indian Express had reported earlier.
Kazakhstan is ranked at number 69 out of 100 top startup ecosystems globally as per mapping and research center for startup environment of countries globally StartupBlink.
“Kazakhstan ranks low due to poor logistics and infrastructure but the government is taking steps to attract startups by creating innovation technology parks, hubs, and accelerator programs,” said a report by StartupBlink.