World Monitor Magazine #1 WM march 2018 (1) | Page 10

DESTINATION KAZAKHSTAN
future investment
possibilities in Kazakhstan
The Ministry for Investment and Development is constantly implementing a
variety of projects to attract investments to Kazakhstan. We addressed some
questions to the minister and asked him to share about the accomplished
work, perspectives and plans for the future.
The ministry is actively working within
the committee for investment and
development of OECD. Could you, please
share more details of this cooperation?
Zhenis Kassymbek,
Minister of investment
and development of
Kazakhstan
To improve the investment climate we are
looking at how to meet the standards of
the member countries of the Organization
for Economic Cooperation and Development
(OECD). In 2011 the experts from OECD
held the first investment policy review
and presented recommendations for its
improvement. A significant number of change
have occurred during the past six years: the
judicial system was reviewed, taxation and
customs administration were improved, the
licensing system was optimized, conditions
for conducting business were majorly
developed and improved, protection for
intellectual property rights was enhanced
under the Nation’s Plan to implement five
institutional reforms by N. Nazarbayev, the
President of Kazakhstan. These are only a
few of the changes that took place, since
many were done in a variety of fields.
In 2016 OECD reviewed the investment
policy in Kazakhstan again and noted that
significant progress in implementing
recommendations was accomplished in
2011. In accordance with the results
of OECD’s second review in June 2017,
Kazakhstan joined OECD’s Declaration for
International Investment and Multinational
Companies and received the status of
the OECD Investment Committee’s (IC)
associate member, which is a huge success
for Kazakhstan.
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This is an important sign for investors since
it demonstrates that the Kazakhstani climate
complies with OECD’s high standards. The state
(Kazakhstan) takes responsibility for following
the best practices and recommendations
from OECD and will continue working to
better improve conditions for business and
investment.
We became proactive, approaching the
investor first, rather than waiting for him
or her show interest in Kazakhstan. The
national investment strategy defined
priority directions: from where to attract
investment, as well as where and how
to contribute. We will concentrate on
specific countries, and companies, will be
carrying out particular work and activity
to attract transnational companies (TNCs)
and big investors into the priority fields of
Kazakhstan’s economy.
This is important to outline that participation
with the OECD Investment Committee is a
sign of significant trust with Kazakhstan.
Being an associate member of the OECD IC,
Kazakhstan received the opportunity to learn