Kazakhstan Boosts State Funding For Science

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, March 31. State funding for science in Kazakhstan has increased sixfold over the past six years, Prime Minister Olzhas Bektenov said at a government meeting, Trend reports via the Kazakh government.

The Prime Minister stressed that the state is creating favorable conditions for the development of science and innovation. In particular, starting January 1 this year, tax incentives of up to 300% of research and development (R&D) expenditures have been introduced to stimulate private investment in scientific research.

According to him, the Budget Code obliges subsoil users to allocate 1% of their extraction costs to finance science and innovation through centralized mechanisms.

Bektenov also pointed out that the tools for venture financing have broadened, while the backing for technology brokerage and business acceleration has been bolstered. Simultaneously, a range of financial instruments is being rolled out to turn research outcomes into viable ventures.

Within grant funding programs for commercialization projects, a minimum business co-financing requirement of at least 25% of the total grant amount has been established.

The Prime Minister emphasized that the development of science and innovation is enshrined in the new Constitution as a strategic priority of the state. He added that innovation is a key driver of productivity growth and the creation of high-tech jobs, directly influencing economic breakthroughs and competitiveness.

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