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Central Asian Startups

Kyrgyz Startup Designs ‘Growave’, an E-Commerce Tool to Retain Customers on Shopify

Eldar Galiev is the CEO and Co-Founder of Growave, a Kyrgyz startup that helps companies retain customers on the retail platform Shopify. “There were times in my life when I seriously thought about moving abroad. The deciding factor [in staying] was the realisation that many people close to me live in the Kyrgyz Republic. That is something to be cherished. That is why I stayed here”, explained Galiev in 2020. Success after several failures Galiev started his career early. During his sophomore year, he started working for the software company Skalfa. Like many talented founders, he left university during his senior year to focus on building his own products. Growave was not the first company Galiev started. “My first serious project, Hire-Experts, came after three years of working at a product company. At that point, I decided to start my own business and found a startup. The first two attempts failed. The third one, Hire-Experts, turned out to be more or less successful — it later became a company that develops software solutions for online communities,” Galiev said in 2021. This experience helped Galiev when he decided to build Growave in 2014. Growave is a family startup; Galiev created the company with his wife, Munara, and brother Ermek. Their skillsets complement each other, with Galiev overtaking business development, Munara handling HR and finance, and Ermek leading on the tech side. Galiev and his co-founders saw an opportunity when they couldn’t find products focusing on relationships between brands and their customers. Galiev understood that the local markets were too small and went straight to building a global product from scratch. The team did not have experience of being sellers themselves, so the first iterations of the product did not perform very well. Soon, they came up with a free plan for customers, which helped them gain their first 500 clients. And with feedback collected from them, they managed to build something that customers actually needed. Now, Growave is a marketing platform for e-commerce, helping companies to retain their customers with an all-in-one solution including loyalty, referrals, wishlists, reviews, and Instagram UGC. Galiev believes that it is not only advertising that is important, but also building long-term relationships with customers. This, in turn, prompts customers to stay loyal to certain Shopify sellers. [caption id="attachment_38510" align="aligncenter" width="1280"] Image: Growave[/caption] 'Bootstrapping' ninjas Unlike many global startups, Growave has not raised any external funding from VCs to date, making the company an amazing example of bootstrapping -- growing a business without external funding. In 2017, three years after its launch, Growave became profitable. Before that, Growave had gone through a turbulent time when the co-founders had to invest their income from other projects. This great example of bootstrapping now has 60+ employees. Still, Galiev is talking to VCs to get their feedback about the startup and to pitch Growave as a solution for their portfolio companies. Now Growave can boast a customer base of over 15,000 companies from more than 150 countries. Over half of...

Labor Market

More Kazakhs Working in Their Chosen Fields as Job Satisfaction Varies

A growing number of Kazakhstan’s citizens are working in their chosen professions, yet satisfaction with their jobs remains uneven across demographics and regions, according to a recent study by Finprom.kz based on survey data from the National Statistics Bureau (NSB). In a nationwide NSB survey conducted in March among nearly 12,000 respondents aged 15 and older, 50.7 percent reported being completely satisfied with their jobs, up slightly from 49.9 percent a year earlier. Another 29.9 percent said they were partially satisfied. The share of those dissatisfied with their jobs declined sharply from 3 percent to just 0.9 percent. However, 18.5 percent of respondents either found the question difficult to answer or considered it inappropriate, a sharp increase from 1.6 percent the previous year. Rural residents reported higher job satisfaction than their urban counterparts, with 53.9 percent compared to 49.4 percent. Dissatisfaction was also more common in cities (1.2 percent) than in rural areas (0.7 percent). Gender differences also appeared. Men were more likely to report being satisfied with their work (55 percent) than women (48.1 percent). Women were slightly more likely to say they were only partially satisfied or entirely dissatisfied (1 percent versus 0.6 percent among men). Satisfaction levels varied significantly by age. Among respondents under 17, only 30.2 percent were fully satisfied with their profession. Satisfaction peaked in the 29–38 age group at 62.5 percent but fell to 29.5 percent among those over 60. As expected, financial status played a major role. Among high-income individuals, 82.6 percent were content with their professional choice, compared to just 14.8 percent among low-income respondents. In the second quarter of 2025, Kazakhstan had 9.3 million employed people, an increase of 1.2 percent year over year. Of these, 7.1 million worked in their field of study, 1.7 million in unrelated professions, and 531,700 had not received formal professional training. Urban residents were more likely to work in their trained field, with 4.9 million people, or 83.3 percent of the urban workforce, compared to 2.2 million rural workers (63.7 percent). In rural areas, 24.8 percent worked outside their area of study and 11.5 percent lacked professional training. By gender, 3.6 million men and 3.5 million women reported working in their field. A higher percentage of women (77.6 percent) than men (74.8 percent) were employed in jobs matching their qualifications. The leading employment sector remained trade and auto repair, employing 1.6 million people, a 3.3 percent increase over the past year. It was followed by education (1.2 million, +2.5 percent), agriculture (1 million, –5.2 percent), transport and warehousing (676,900, +1 percent), and construction (638,300, –1 percent). The least represented sectors were water supply, real estate, and energy supply.

Hydropower

A Cascade of Opportunity: How Hydropower Is Driving Growth in Eastern Kazakhstan

Eastern Kazakhstan is harnessing its hydropower potential to transform water into economic strength. In a region that holds over 40% of the country’s water resources, local authorities are positioning hydropower as a cornerstone of sustainable development and energy independence. At the recent Altai Invest-2025 international investment forum in Ust-Kamenogorsk, the regional capital of East Kazakhstan, officials signed memorandums for the construction of multiple hydroelectric power plants on the Ubi and Little Ulba rivers. The planned facilities are expected to deliver tens of megawatts of clean energy, generate hundreds of jobs, and reduce dependence on external electricity supplies. Regional Potential and Water Strategy East Kazakhstan has long been regarded as the country’s renewable energy hub. The region already hosts seven operating hydroelectric power plants, including the Bukhtarma, Ust-Kamenogorsk, and Turgusun stations. With its climate less suited to solar and wind energy, hydropower remains the region’s most viable renewable resource. Local authorities have identified 95 potential sites for small-scale hydropower projects, with a combined capacity of approximately 2 gigawatts. These facilities aim to supply rural areas with electricity, regulate water balances, and support irrigation and flood prevention efforts. One of the largest agreements signed at the forum involves the construction of two hydropower plants on the Ubi River. According to a memorandum with Global Turbo Compressors, the projects will produce 150 MW and 50 MW, respectively. Small Stations, Big Returns CAPITAL DVP plans to construct two mini-hydropower plants with a combined capacity of 45 MW in the Altai region, near the village of Lesnaya Pristan. These projects will utilize modular technologies to accelerate construction timelines and reduce environmental impact. Another project, spearheaded by Kazakh firm Zhel Kuat, involves a 15 MW station on the Little Ulba River. Developed in partnership with the regional energy administration, the facility aims to enhance energy supply stability and create local employment. [caption id="attachment_38407" align="aligncenter" width="300"] @TCA[/caption] The project also includes provisions for environmental impact assessments, fish protection systems, and technical adaptations suited to local conditions. For East Kazakhstan, hydropower serves not only as a renewable energy source but also as a catalyst for broader regional development. These facilities help regulate floodwaters, support agricultural irrigation, and sustain ecosystems. The Ubi River, a major tributary of the Irtysh, runs through the Shemonaikha district and flows into the Shulbinskoye reservoir. Planned hydropower sites along its course will leverage natural elevation differences, avoiding the need to flood large areas. The Turgusinskaya hydropower plant, launched in 2021, is frequently cited as a successful model. The 24.9 MW station has increased energy output, raised tax revenues, and created jobs, all while maintaining environmental standards. A Broader Development Vision At Altai Invest-2025, East Kazakhstan region head Nurymbet Saktaganov outlined a regional development strategy through 2030. Key goals include increasing the population to one million, revitalizing border areas, expanding gas infrastructure, and fostering job creation. “These are ambitious but realistic goals that combine economic growth and social development in the region,” Saktaganov emphasized.

Gold

Kyrgyzstan Unveils New Gold Storage Facility Built to International Standards

Kyrgyzstan has launched its own gold storage facility, built to international standards and capable of holding up to 1,000 tons of gold. Until now, the country stored its gold reserves abroad. President Sadyr Japarov announced the development during the October 28 inauguration of the new National Bank of the Kyrgyz Republic (NBKR) building in Bishkek. Japarov stated that Kyrgyzstan can now not only securely store its gold domestically but also offer storage services to foreign partners. According to the National Bank, Kyrgyzstan’s international reserves, comprising gold and foreign currency, have reached a historic high of $7.55 billion. Data from the World Gold Council shows that Kyrgyzstan's gold reserves rose by 4.68 tons in the second quarter of this year, totaling 38.95 tons. Japarov reaffirmed that maintaining the stability of the national currency, the som, remains the National Bank’s top priority. “This is a responsible mission that directly affects the lives of every citizen and the well-being of every family. Public trust in the som is an indicator of the state's strength,” he said, noting that the currency is now regarded as one of the most stable in Central Asia. During the ceremony, officials announced that domestic printing of 20- and 50-som banknotes will begin on November 17, with production of all other denominations scheduled to start by mid-2026 Currently, Kyrgyzstan circulates banknotes in denominations of 20, 50, 100, 200, 500, 1,000, 2,000, and 5,000 som. Previously, the country’s banknotes were produced in several European countries. The new series will be printed by the Bishkek-based company Uchkun (Open Joint Stock Company) and will meet international standards for security and counterfeit protection.

Natural Gas

Turkmenistan Halts Gas Exports to Turkey Amid Contract Talks

Turkmenistan has temporarily suspended natural gas exports to Turkey, according to an October 24 report by the Chronicles of Turkmenistan, which cited Maksat Babaev, chairman of the state concern Turkmengaz. Babaev made the announcement during a press conference following the Oil and Gas of Turkmenistan 2025 international conference. Gas deliveries began in March 2025 under a short-term contract for 2 billion cubic meters per year. The project was framed as a pilot initiative to assess technical and logistical challenges. Murad Archaev, Deputy Chairman of Turkmengaz, stated that the company is fully prepared to resume supplies. “The Turkish side was very pleased with the start of deliveries. We also support it, and once the existing issues are resolved, supplies will continue under the signed contract,” Archaev said, as quoted by MK Turkey. Babaev added that Turkmenistan has other potential buyers if an agreement on price or volume cannot be reached. “This is the market,” he said, according to Oilcapital, citing Reuters. As previously reported by The Times of Central Asia, Turkey began importing Turkmen gas via Iran under a swap agreement, with deliveries totaling about 1.3 billion cubic meters by year-end. In May, President Recep Tayyip Erdoğan announced Ankara's intention to extend the deal for another five years. Meanwhile, Turkey’s Ministry of Energy said in October that it seeks to increase gas imports from Turkmenistan via the Caspian Sea. The ministry emphasized that the Turkish market could serve as a gateway for Turkmen gas to reach other countries, including European Union members. Earlier this year, both sides hailed the launch of deliveries as a milestone in regional energy cooperation.

Uranium Supply

Kazakhstan Explores Uranium Supply Deal with Finland

During Finnish President Alexander Stubb’s official visit to Kazakhstan, the two countries took a step toward deepening cooperation in the peaceful use of nuclear energy. In Astana, a memorandum of understanding was signed between Kazakhstan’s Atomic Energy Agency and Finland’s Radiation and Nuclear Safety Authority (STUK), laying the groundwork for potential uranium supplies to Finland. According to Almasadam Satkaliev, head of the Kazakh agency, the agreement establishes a legal framework for future deliveries of Kazakh uranium to Finnish nuclear power plants. “The possibility of supplying Kazakh uranium to Finnish nuclear power plants is currently under discussion,” Satkaliev told reporters. “We’ve made such offers before, and the Finnish side has shown serious interest. This visit is an opportunity to move toward practical negotiations on supply volumes.” The memorandum also includes provisions for sharing expertise and experience in the nuclear energy sector. Satkaliev praised Finland’s regulatory framework, describing it as a model recognized by the International Atomic Energy Agency (IAEA). “We have agreed to exchange knowledge and jointly review legislation to align our standards with international best practices,” he said. Kazakhstan, the world’s largest uranium producer, is also advancing its own nuclear power ambitions. The country plans to commission its first nuclear power plant by 2035. In 2024, a nationwide referendum showed over 71% support for nuclear energy development. As a result, the government selected Russia’s Rosatom to construct the first plant near the village of Ulken on the shores of Lake Balkhash. Two additional nuclear projects are planned in cooperation with China’s state-owned China National Nuclear Corporation (CNNC). Satkaliev said CNNC is currently assessing potential sites in the Almaty and Zhambyl regions. “A memorandum has been signed to study Chinese participation. Specific decisions will follow once site surveys are complete,” he explained. Despite its plans to develop domestic nuclear capacity, Kazakhstan remains committed to expanding uranium exports. In 2024, the state-owned company Kazatomprom sold 16,600 tons of uranium, generating a record $3.3 billion in revenue and capturing 21% of global market share. In the first half of 2025, the company sold 7,625 tons, down 2% from the same period the previous year. Kazakhstan currently exports uranium to China, Canada, the U.S., Switzerland, France, India, the Czech Republic, and Bulgaria. China remains the largest customer, accounting for approximately 60% of total shipments. In summer 2025, Kazatomprom signed a memorandum with Slovenské elektrárne (SEAS), Slovakia’s largest energy producer, potentially expanding its export geography even further.