ASTANA, Kazakhstan, September 2. Kazakhstan’s government has been tasked with a critical goal: to increase the share of medium-sized businesses in the economy by 15 percent by 2029, Kazakhstan’s President Kassym-Jomart Tokayev announced during a joint session of the parliament chambers with his annual address to the nation, TurkicWorld reports.
"Currently, this indicator is about 7 percent. At the beginning of the year, I instructed the adoption of specific measures aimed at supporting medium-sized businesses. It was expected that a comprehensive package would be developed. However, none have been introduced so far.
Every business entity should be able to easily understand and know what types of support are available and how to access them. Only then will small businesses be more inclined to transition to the medium category. Right now, we have over a hundred support measures, which even a skilled specialist might find confusing. Therefore, a review of these measures for effectiveness should be conducted, and a single, clear list of preferences and benefits for businesses should be established," he said.
The President also highlighted the potential of fintech tools for developing small and medium-sized businesses.
"Relevant proposals on this issue are available.
A crucial task is attracting investment into the agro-industrial complex. Despite the impact of floods, our farmers completed the sowing campaign on time, for which I extend my sincere gratitude.
This year, funding for spring field work was doubled. However, overall funding for the agro-industrial complex is still 70 percent state-funded. It is necessary to attract commercial bank funds to the sector. Work has been done to subsidize state financial institutions for issuing loans to farmers at reduced rates. This experience needs to be extended to banks. It will help promptly provide farmers with necessary working capital, reduce corruption risks, and simplify the loan application process," the President added.
