Financial Technologies to Support Agricultural Innovations in Kazakhstan: Prospects for Digital Development

Abstract

In modern conditions, there is a growing need to solve problems in one of the priority sectors of the country's economy - agriculture - by increasing the role and ensuring the availability of financial technologies for agricultural producers, improving credit conditions, increasing the efficiency of monetary institutions that provide loans to agricultural enterprises, as well as developing forms of their support. In Kazakhstan, the government pays great attention to supporting the agricultural sector by providing subsidies and loans. However, at present, the products manufactured in the sector are not competitive with their foreign counterparts; the level of labour productivity and the material and technical base of enterprises often do not meet modern requirements, which necessitates the improvement of state support for lending, the development of the credit market infrastructure, and the improvement of lending conditions. Accordingly, there is a need to find new ways to finance the innovative development of agricultural producers in Kazakhstan. In this context, the purpose of the study is to substantiate possible directions of the introduction of innovations in the field of agriculture in Kazakhstan and to identify opportunities for attracting modern financial technologies to finance its innovative development. The research objective was achieved using general scientific (analysis, synthesis, induction, deduction, generalisation, systematisation) and special methods (trend method, analysis of statistical materials in dynamics), which allowed to obtain a reasonable and objective result. In the course of the study, the following results were obtained: an assessment of the current state of agriculture in Kazakhstan and identification of promising areas of its development; substantiation of the directions of the introduction of innovations in the field of agriculture in Kazakhstan; specification of the main areas of financing and application of financial technologies for financing the innovative development of the agro-industrial complex. As a result of the study, it can be concluded that the stimulation of agricultural development should be carried out through the introduction of innovative financial technologies, which can become a source of financial resources for the introduction of modern digital technologies into the activities of agricultural enterprises.