BTW that rifle is a further development of the AK-107, with a picatinny rail added and a rear peep iron sight as shown more clearly in this photo:
I would think that repeating the selector on the right side of the rifle and perhaps adding a large vertical bar to the end of the cocking handle to make it easier to reach over and operate plus low profile rails over the front and top of the rifle and of course the 60 round mag and new rear mounted iron sights might make a cheap and simple AK-12.
As an alternative you could make a more complex upgrade with the bolt carrier having cocking handles on both sides and a push button safety that can be near your thumb so you can have the rifle set to fire full auto but with the push button safety on.
I would cover the front and top of the rifle in low profile rails, and keep the AK-107s rear mounted iron sight and balanced recoil mechanism and add a 3 round burst as well as full auto.
I would also design the barrel so that it can be removed and with the bolt replaced can change calibre.
This more complex upgrade will be ideal for special forces as it means you can have one rifle in 5.45 x 39mm, or if you prefer you can have it in 7.62 x 39mm... depending on where you are operating, and for sneaky stuff you can fit the 9 x 39mm barrel for quiet ops without needing 3 separate rifles.
You can also have models of different barrel length, so you could have a short barrel SMG like model, a mid calibre carbine like the AK-105, a rifle length version, a marksman/LMG length barrel model for longer range shooting.
The magazines for these three calibres are all basically the same size, and the actions are similar.
You would want the barrel and bolt carrier and bolt to be designed in a way so that the wrong bolt, bolt carrier, barrel, and magazine combination is not possible... a 5.45 x 39mm round in a 9 x 39mm probably just wouldn't fire because the firing pin will not contact the primer, or if you have 5.45mm bolts, bolt carriers, and magazines but a 9 x 39mm barrel then you will find accuracy and muzzle velocity to be very poor, but trying to fire a 9 x 39mm down a 5.45 x 39mm or even a 7.62 x 39mm barrel might be a problem.
So obviously the weapon would need to be designed to prevent the wrong ammo being used.
New Mags could potentially add the option of last shot hold open device like on the SKS.