PRESIDENT TOKAYEV OUTLINES KAZAKHSTAN’S NEW ECONOMIC COURSE

Nur-Sultan, January 21, 2022 – The President of Kazakhstan, Kassym-Jomart Tokayev, met with the representatives of large domestic businesses, during which he stressed that the country is facing a significant strategic task of substantially transforming the entire social structure.

The Head of State outlined seven specific areas that should form the basis of the country's New Economic Course. They include inviolability of private property, the state’s fulfillment of investment obligations while businesses invest in the country, fair competition, a new tax policy, reform of procurement,  reduction of the participation of the state in the economy, which especially involves reforming the Samruk-Kazyna fund, and finally reduction of administrative barriers, which entails resolving the issue of many complaints by businesses against authorities such as the anti-corruption service and the police.

Clarifying the relationship between government and business, President Tokayev stated that the reforms in question do not aim to “take away and redistribute”. The task is to involve large enterprises in the transformation of the socio-economic model of the country. He said: “In response to investments in production, the creation of high-quality jobs and the growth of export potential, the state is ready to increase guarantees for the protection of private property, ensure stability and predictability of state regulation, protect competition from interference, corruption and favoritism.”

President Tokayev also once again stressed that the issue of inequality must be urgently resolved, as the growing influence of specific elite groups and the decline in the incomes of most of the population have become a serious threat to security. He said: “There is a clear imbalance and an obvious problem of fairness in the distribution of national income. This situation must be urgently changed.”

The Head of State expressed gratitude to businesses that have supported the initiative to establish the “For the People of Kazakhstan Fund”. He informed that all major companies will annually contribute a government-determined percentage of taxable income to the fund, which will engage in supporting the public and in beneficial charitable activities.

Statements at the meeting were also made by Prime Minister Alikhan Smailov, Chairman of the National Bank Yerbolat Dossayev, co-owner of Eurasian Resources Group Alexander Mashkevich, Chairman of the Board of Directors of Freedom Finance Timur Turlov, founder of the Altyn Kyran group of companies Islambek Salzhanov, and other participants.