Kazakh businesses competitiveness in international rankings

Improving the competitiveness of Kazakh business is the main priority of Kazakhstan’s economic policy. It’s especially important due to Kazakhstan’s accession to the World Trade Organization (WTO) and the Eurasian Economic Union (EAEU). In Astana, Kazakh entrepreneurs and the Government officials discussed competitiveness of Kazakh businesses in international rankings. They also discussed the establishment of a favourable business environment, access to infrastructure, professional education, financing and advanced technologies. The meeting participants mentioned that the Kazakh Government provides support for small and medium-sized businesses. Development of education, healthcare and science can also positively affect Kazakhstan’s rankings in the Global Competitiveness Index of the World Economic Forum. Kazakhstan was ranked 57th among 137 countries in the 2017-2018 Global Competitiveness Report.   

BAUYRZHAN TURLUBEKOV, DEPUTY DEPARTMENT DIRECTOR, MINISTRY OF NATIONAL ECONOMY OF KAZAKHSTAN:

 - This year, we introduced major changes to the law as new codes came into force, such as Customs Code and Tax Code and a set of amendments for businesses. We are also working on infrastructural developments as we launched the second port of Kuryk. We are set to introduce changes to the financial support and benefits as well.

BAKYT SMEKENOV, SENIOR STAFF, NATIONAL BANK OF KAZAKHSTAN:

 - The National Bank provided support to banks worth 654 billion Tenge. We provided additional capitalization based on the parity with stockholders. They committed to increasing the issue of new loans. We can see that they are fulfilling their commitments. The issue of new loans increased by 27 per cent in seven months of this year compared to last year. I think it’s a good growth rate.