Kazakh President explains impact of political, economic reforms to entrepreneurs

Kazakh President explains impact of political, economic reforms to entrepreneurs

President Kassym-Jomart Tokayev recognized the role of entrepreneurship in economic growth during the meeting with the business executives at Akorda on Sept. 9.

“In my address to the people, I noted the basic goal of economic policy: qualitative and inclusive growth of the well-being of people. This can be achieved through a free and efficient market economy. The leading role of the government and its intervention in business will be becoming a thing of the past. The government will promote law abiding businesses both in the local and international markets,” said Tokayev. 

The government will continue to work on demonopolization measures. The competitive field will be fair for everyone. Doing business in Kazakhstan should be “profitable and safe” regardless of personal contacts with state apparatus. 

“We will develop small and medium-sized businesses, bring up a new generation of entrepreneurs, and encourage new ideas. The government will continue to support large businesses. We expect your participation in building a fair Kazakhstan,” said the President.

Tokayev also spoke about reforms in tax policy and administration as the new Tax Code will come into force in 2024. This will prevent businesses from excessive administrative burdens. Approaches to public procurement and the public-private partnership will be revised. Legislation on subsoil use will also be improved.

Approaches to managing agri-industrial, construction, transport, and logistics sectors will be reviewed. 

All these measures, noted by the President, require joint efforts of the authorities, society and business. Fair competition, transparency, and predictability of state policy, taxing honesty, and social responsibility are set to become the principal elements of the new economic policy.

Tokayev urged business leaders to take an active part in addressing social challenges. “Investments in human capital are important. This includes the construction of kindergartens, schools, hospitals, universities, and the development of tourism. We welcome charitable activities. We observe the shortage of schools, campuses, and sports facilities for young people. Your help is of great importance for the country.”

A constructive dialogue between government and business will continue to serve as a solid foundation for social stability as stated by the President in the January meeting. 

By Zhanna Shayakhmetova for the Astana Times.