Gaukhar KALKABAYEVA Aibota Rakhmetova Bayan Doskaliyeva Elena Borisova Lyazat Myltykbayeva


In this paper, the authors investigate the issue of the weak role of financial institutions in Kazakhstan in generating and introducing innovations in the real sector of the economy. In the process of preparing the paper, method of statistical comparative analysis, the method of economic and mathematical modelling, and the graphical method were used. Based on the analysis and modelling, the authors identified mainly negative tendencies of decreasing participation of financial institutions in the financing of innovation sector entities. It is also confirmed by international best practice that for the full development of real innovations, merely bank investments are insufficient. Along with banking resources, there is a huge investment potential for the development of the real sector, including innovation, long-term resources of insurance companies, and a pension fund. The paper offers promising directions and recommendations in enhancing the participation of all major participants in the financial market of Kazakhstan in the financial support of innovations so as to increase the competitiveness of the national economy and ensure its continued qualitative growth.