On 18 September 2025, the Kazakhstan Stock Exchange (KASE) joined the United Nations Sustainable Stock Exchanges (UN SSE) initiative by hosting its first-ever "Ring the Bell for SMEs" ceremony in Almaty. This landmark event highlights the pivotal role of capital markets in expanding access to finance for small and medium-sized enterprises (SMEs), which represent the backbone of Kazakhstan’s economy and play a central role in advancing sustainable development.
The ceremony brought together development partners, investors, and the private sector to emphasize how well-functioning financial markets can help unlock growth opportunities for SMEs. In particular, the event focused on investment in sustainable projects within the SME sector, supporting innovation and resilience across the country.
At the opening ceremony of the trading session Ring the Bell for SMEs: Unlocking Capital Markets Potential, Chairperson of the Management Board of KASE, Adil Mukhamejanov, emphasized that small and medium-sized enterprises today account for nearly half of employment in the country and serve as one of the key drivers of the economy.
“We see enormous potential in this sector. It is important to harness it not only for-profit growth, but also to promote sustainable development practices and implement socio-economic and environmental initiatives. The KASE can also play a key role—not only as a trading platform, but as a mediator in the dialogue between the state, issuers, and investors.”
— Adil Mukhamejanov
As part of the ceremony, a panel discussion was held on “Does Impact Investing Work in Kazakhstan: A View Through the Lens of SMEs”, where experts shared their experiences and perspectives.
SMEs in Focus
SMEs account for a significant share of employment and GDP in Kazakhstan. However, access to long-term financing remains one of the most pressing challenges for their growth. By opening the trading day with this symbolic "Ring the Bell" ceremony, KASE reaffirms its commitment to creating enabling conditions for SMEs to tap into public markets and attract sustainable capital.
A Platform for Sustainable Investment
The event featured a panel discussion on the importance of channeling investment into SME-driven projects. This debut ceremony underscores Kazakhstan’s determination to leverage its capital market infrastructure to support SMEs and strengthen financial resilience. It also served as a platform for open exchange of ideas and practical experience, where key challenges and prospects for SME development—along with the role of the stock market in fostering sustainable growth—were discussed.
UN SSE SME Guidance
The UN SSE continues to support exchanges worldwide in strengthening their role in sustainable development through SME-focused initiatives. Earlier this year, the UN SSE and the International Finance Corporation (IFC) launched the Action Plan to Support Small and Medium-Sized Enterprises and Model Guidance on SME Access to Markets. These resources provide practical steps and global best practices for exchanges and regulators to expand access to finance for SMEs, helping them adopt sustainable business practices and unlock their potential as engines of inclusive growth.