«Social and Entrepreneurial Corporations (SEC) are sustainable business structures that operate to generate profits from the production and sale of goods and services.
The main difference between SEC and commercial corporations is that the profit generated is reinvested for social, economic or cultural purposes of the population of the region for which SEC was established.
In Kazakhstan, it is possible to form SECs in different regions by transferring communal property, land, unprofitable but working enterprises to them, which can be used to create a new business.
Each SEC should become a kind of regional development institution and can be a holding company that manages state assets in the relevant region of the country.
In the future, with the accumulation of managerial experience and an increase in the level of capitalization of SECs, we can talk about expanding and diversifying their «sphere of responsibility», including access to regional and international markets».
The first President of the Republic of Kazakhstan N.A. Nazarbayev