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Kazakhstan to strictly fulfill all investment obligations - President Tokayev

Economy News 21 January 2022 22:19
TurkicWorld Mustafa Askerbeyli
Kazakhstan to strictly fulfill all investment obligations - President Tokayev

President of the Republic of Kazakhstan Kassym-Jomart Tokayev elaborated on the key principles of the country's new economic policy in his address at the meeting with largescale domestic business representatives, TurkicWorld reports referring to Akorda (Presidential Palace of Kazakhstan).

The first principle, in his view, is the inviolability of private property. He noted that a transparent and fair trial should become the guarantor in this regard.

"The most important issue is the renewal of the justice system. We have already adopted some measures, including legislation. New specialists in various branches of law, including the corporate sector are called up to the courts. On this basis, a new Judicial Chamber of the Supreme Court for administrative affairs has been formed. I think that the influx of strong corporate lawyers into the judiciary will significantly improve the quality of protecting investors and businessmen’s interests. I request the High Judicial Council and the Supreme Court to considerably intensify work on updating the judiciary," Tokayev said.

According to the President, the second component of the new economic course is the investment climate.

Tokayev reiterated that the state would strictly fulfill all investment commitments. At the same time, he encouraged businessmen to invest in their country.

"If you link your future specifically with Kazakhstan, you must reinvest your funds in our country. Therein lies your social and political responsibility to Kazakhstan. The principle “we earn here but spend there” no longer has the right to exist. That is why the work will be carried out in two directions - stimulating the capital flow reversal to the country, as well as setting up barriers for the financial outflow to offshores," the president stated.

In his words, the third principle is fair competition.

"First of all, it is necessary to analyze artificially created monopolies. Operators, especially private ones, should become a thing of the past. If you remember, we used to have such a term - “farmers”. A private company bought out a number of economic functions of the state for a fee. This did not do any good. I instruct the government to ensure a legal ban on such activities. All the niches should be open to the competition. Numerous artificially created intermediary chains in the markets should be eliminated. We need a strict policy to oligopolize the economy," Tokayev said.

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