Kazakh president outlines new economic policy measures in meeting with business executives

Nur-Sultan – President Kassim-Jomart Tokayev acknowledged the role of entrepreneurship in economic growth during a meeting with business executives in Akorda on September 9. 9.

On September 9, Tokayev met with business executives in Akorda. 9. Image credit: Arkoda

“In my address to the people, I pointed to the fundamental goals of economic policy: the qualitative and inclusive growth of the people’s well-being. This can be achieved through a free and efficient market economy. The dominant role of government and its intervention in business will become a thing of the past. The government will promote law-abiding businesses in local and international markets,” Tokayev said.

The government will continue to work on de-monopoly measures. The field of competition is fair to everyone. Doing business in Kazakhstan should be “profitable and safe” regardless of the individual’s contact with the state apparatus.

“We will develop small and medium-sized enterprises, train a new generation of entrepreneurs, and encourage new ideas. The government will continue to support large enterprises. We look forward to your participation in building a fair Kazakhstan,” the president said.

Tokayev urged business leaders to take an active part in addressing societal challenges. Image credit: Arkoda

Tokayev also talked about reforms in tax policy and administration, as the new tax law will come into effect in 2024. This will prevent businesses from taking on too much administrative burden. Approaches to public procurement and public-private partnerships will be revised. Legislation on subsoil use will also be improved.

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

The President noted that all these measures require the joint efforts of the authorities, society and businesses. Fair competition, transparency and predictability of national policies, honest taxation and social responsibility will be key elements of the New Economic Policy.

Tokayev urged business leaders to take an active part in addressing societal challenges. “Investment in human capital is important. This includes the construction of kindergartens, schools, hospitals, universities, as well as the development of tourism. We welcome charitable activities. We observe a shortage of schools, campuses and sports facilities for young people. The country is very important.”

Constructive dialogue between government and business will continue to be a solid foundation for social stability statement Presented by the president at a January meeting.

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