In 25 years of independence, Kazakhstan has made significant progress, according to the World Bank’s vice president for Europe and Central Asia Cyril Muller. According to Muller, Kazakhstan has considerably improved its business environment. Improvements can be seen in legislation, where many administrative procedures have been simplified. Latest Doing Business report has ranked the country 35th out of 190 countries. Kazakhstan has outperformed the OECD member states such as Belgium, Italy, Israel and Turkey according to its favorable business climate. Since 2002, the GDP per capita has grown six-fold in Kazakhstan. The infrastructure has been improved, leading to a complete realization of Kazakhstan’s transit potential, Muller said.

CYRIL MULLER, VICE PRESIDENT FOR EUROPE AND CENTRAL ASIA, WORLD BANK:

In Kazakhstan there is a lot of tradition in the agriculture and food sector. I believe there are very significant opportunities going forward for your food sector. I also believe that Kazakhstan has had high achievements in education in the technical side, for instance, mathematics and science and there you can see that the world is moving towards what we call the new economy where digital matters more than physical in some ways. Therefore, Kazakhstan’s strength in education, the interest of its young population, I would hope that there is a strategy coming for Kazakhstan that is a part of a digital economy and successful into that.

Cyril Muller considers the current period in the world economy favorable for Kazakhstan. The current tenge rate makes Kazakhstani goods more competitive on the world market. It is possible that in the future the Kazakhstani products will be in demand on the European markets.

CYRIL MULLER, VICE PRESIDENT FOR EUROPE AND CENTRAL ASIA, WORLD BANK:

I believe for Kazakhstan this is a good time because oil prices have slightly rebounded, the currency is in a position in which it makes non-oil exports or non-oil products from Kazakhstan more competitive. So, I think it is a time when the economy needs both to benefit from oil and slightly higher oil prices but also and very importantly to really focus on new sources of growth in the economy.

This year, Kazakhstan and the World Bank mark 25 years of cooperation. Since 1992, the financial institution has supported 45 projects totaling $8 billion in various sectors of the economy. According to Muller, the World Bank will continue to support the Kazakh government’s efforts to improve the country’s competitiveness.

 

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