Kazakh President chairs meeting of Supreme Council for Reforms

Kazakh President chairs meeting of Supreme Council for Reforms

A meeting of the Supreme Council for Reforms chaired by President Kassym-Jomart Tokayev took place. The event began with the discussion of the Financial Sector Development Concept.

Approving the approaches presented, the Head of State focused on the opportunities once blockchain technologies and Central Banks' digital currencies are introduced and are in use.

“This area is not just a «futuristic» perspective on the future of financial systems but the ongoing projects. Many countries have already begun testing their digital currencies. Eco-systems for their operation are being developed and created. We need to be ready to adapt our institutions to new realities,” said Tokayev.

In addition, the President spoke of the objectives aimed at combating financial pyramids, which, according to the data presented, took possession of over KZT27bn worth of properties in the first five months of this year.

One of the focuses of the meeting was the issue of the adoption of concrete measures aimed at more active crediting of the real sector of the economy.

Great attention was attached to the measures to develop safe atomic and hydrogen energy in the country.

Referring to the IAEA data, the President informed that atomic energy accounts for around 10% of global electricity generating capacity - the fourth largest energy generating source after coal (36.7%), gas (23.5%), and hydro-energy (16%).

“Atomic energy generates over a third of low carbon electricity cutting CO2 emissions by 2bn tons, equal to emissions of 400mln vehicles. Despite that, uncertainty around future atomic energy is very high due to different factors. However, it is certain that during the current energy crisis and volatility of energy prices the use of atomic energy is on the agenda of many countries. So, amid the geopolitical tensions, the International Energy Agency urged all EU countries to postpone the closure of all atomic plants,” said the Kazakh President.

He pointed out that there are over 440 nuclear reactors in 32 countries and around 20 countries are considerating the construction of atomic plants, including Kazakhstan alongside Chile, Indonesia, Algeria, the Philippines, Ethiopia, Senegal, and others.

The Kazakh President believes it important to have a short list of technology suppliers with a focus on the reliability of technologies not only on prices. He also highlighted prioritizing the raising of educational and occupational competence in the field.

“In other words, we need to ensure the training of future generations of qualified physicists, nuclear scientists, engineers, and technical specialists, creation of a brand new educational and occupational base,” said the Head of State.

With the improvement of migration policy in focus, Tokayev stressed the importance to attract labor migrants contributing to added value in terms of the development of the economy and intellectual capacity of the nation.

Reported by Kazinform.