The right of ownership and use of the state's shareholding in the Joint-Stock Company will be transferred to the Ministry of Industry and Infrastructure Development of Kazakhstan.
The authorized capital of the future Defense Industry Fund is set at 265 million Tenge. This is outlined in the draft government resolution on the establishment of a joint-stock company for this fund, as reported by Sarbaz.kz.
The document states, "Establish a joint-stock company 'Defense Industry Development Fund' with one hundred percent state participation in its authorised capital."
The primary purpose of the fund is to provide financial support for domestic scientific and technical developments and the modernization of organizations within the defense industry complex.
The document also specifies that the right of ownership and use of the state's shareholding in the Joint-Stock Company will be transferred to the Ministry of Industry and Infrastructure Development of Kazakhstan.
The draft resolution is currently available for open discussion on the "Open Regulatory Acts" website until October 26th of this year.
The proposal to create the Defense Industry Development Fund was put forth by the President of Kazakhstan, Kassym-Jomart Tokayev, in his address to the nation in September of this year. He emphasized that the critical task is to establish a production cycle with a high degree of localization, reducing dependence on imports.
