Almaty's Small and Medium Enterprises (SMEs) generate a staggering 24.9 trillion tenge in 2024.
Small and Medium Enterprises (SMEs) in Almaty: A Hotbed of Economic Activity
In the bustling cityscape of Almaty, SMEs are reigning supreme, driving the growth and sparking a vibrant ecosystem of entrepreneurship. As of 2024, these dynamic businesses tallied an impressive 24.9 trillion tenge in output, marking a 13.9% leap over the previous year. This fantastic surge in SMEs' market share is not just a city-level phenomenon; it mirrors the broader growth trend sweeping across Kazakhstan.
No surprise, then, that SMEs are the mainstay of employment in Almaty. With a staggering 972,100 individuals employed in this sector, SMEs account for a mammoth 90% of the total employment in the city. Come May 1, 2025, the number of operational business entities in Almaty galloped to an impressive 378,900, a 7.4% increase from the beginning of the year.
Business activity in Almaty peaked in April 2025, with an index of 57.9%, making it the busiest month in the republic.
The city administration is leaving no stone unturned to further bolster the enterprise scene. In the current year, a whopping 70 billion tenge has been earmarked to lend a helping hand to SMEs. Of that, a staggering 52.8 billion tenge comes from the local budget - more than double the allocation from 2024. This generous support lays the groundwork for SMEs to grow, thrive, and cement Almaty's status as a hub of business initiatives and sustainable economic growth.
But what are the factors that set the stage for SME success in Almaty?
First, the government has introduced programs like the "Business Roadmap 2025" (BRM 2025) to support SMEs. This initiative provides interest rate subsidies, loan guarantees, grants, and training assistance, fostering SMEs' growth across various sectors and rural areas.
Second, the Damu Entrepreneurship Development Fund serves as the backbone for financial support. This essential entity offers concessional lending, microfinance, and subsidized interest rates, empowering entrepreneurs to launch and expand their businesses.
Third, Kazakhstan's booming economy, fueled by resources like oil, metals, and grain, presents ample growth opportunities for SMEs.
Fourth, the burgeoning fintech sector in Kazakhstan plays a pivotal role in the rise of small and medium businesses. As financial literacy increases and digital banking services develop, SMEs can take advantage of updated financial tools and services.
Finally, regional cooperation initiatives and migration trends aid SME growth by expanding customer bases and asset access. Kazakhstan's efforts to build a more integrated market can lead to increased opportunities for local SMEs.
In summary, the thriving SME sector in Almaty benefits from a combination of government support programs, financial mechanisms, economic growth, digitalization, and regional cooperation. Armed with cutting-edge financial tools and expanding economic opportunities, Almaty's SMEs are poised to dominate the city's economic landscape and become a cornerstone of sustainable growth.
I, as an entrepreneur in the thriving SME sector of Almaty, am increasingly optimistic about the future of my business, given the generous financial support from both the city and national governments. The allocation of 70 billion tenge in 2025, with a significant portion coming from the local budget, provides a solid foundation for growth and further development.
With such substantial funding available, I plan to invest in my venture wisely, focusing on strategic growth and expansion, aiming to solidify my role in the vibrant ecosystem of entrepreneurship that Almaty offers.
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