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Monday, 10 September 2018

The Forge of the Kazakhstan’s Business Elite: How Bulat Utemuratov Develops Alma Mater

The Forge of the Kazakhstan’s Business Elite: How Bulat Utemuratov Develops Alma Mater

Kazakhstan entrepreneur Bulat Utemuratov graduated from the Narkhoz University (at that time – Almaty Institute of National Economy) in 1981. Years later, he returned to his alma mater in a new capacity – the main shareholder. To date, more than $40 million has been invested in this university, and the project has become an excellent example of investment with a large return potential in society.

What has been achieved since 2005?

It is exactly 13 years ago when Utemuratov decided to invest his funds in the former Almaty Institute of National Economy. Over the past ten years, the income from the university work has been reinvested in improving the technical, sports and pedagogical bases. Thanks to these investments, investors managed to achieve the key goal – to turn the university into the largest center for training specialists in the field of economic and business education. Changes in the educational process, the introduction of advanced technologies and the constant involvement of foreign specialists allowed Bulat Utemuratov to overcome corruption at the university and reclaim the title of one of the best in the country.

What are the goals set by investors today?

Mr. Utemuratov is sure: during the time of crisis, the state desperately needs its own experts-economists. It is exactly this task – the education of a new Kazakhstani business elite – that is carried out by the Narkhoz. In addition to several dozen training programs (including joint projects with European universities and the National Bank of the Republic of Kazakhstan), students are offered unique scholarship programs here. The investment group, which is managed by Utemuratov, allocates considerable funds for training future businessmen who are able to positively influence the economic development of the Republic.

Higher education regardless of income!

According to Bulat Utemuratov, the scholarship initiative of the Verny Capital holding company and ForteBank JSC will help to equalize the chances of students who belong to different social strata. Low financial income will no longer impede the provision of a good education – talented students from low-income families will be able to apply for one of 5 scholarships that cover the payment of 4 years of study and all accommodation costs.

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