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ACSAC, Foreign Ministry, Investment Ministry sign memorandum on cooperation on protecting the rights of investors

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The international business forum on the topic Investment Climate in the Republic of Kazakhstan: the Investment Ombudsman Institution and Mechanisms for Combating Corruption was held in Astana today.

The forum saw participation of Chairman of the Agency of the Republic of Kazakhstan for Civil Service Affairs and AntiCorruption Alik Shpekbayev, Minister of Foreign Affairs Kairat Abdrakhmanov, Minister of Investments and Development Zhenis Kassymbek, Commissioner for the Protection of Entrepreneurs’ Rights Bolat Palymbetov, Deputies of the Senate and Majilis of the Parliament, representatives of diplomatic missions in Kazakhstan , local executive bodies, AIFC, foreign and Kazakh business circles, international financial institutions and representatives of the public.

The forum focused on issues of improving the investment climate, creating favorable conditions for attracting investments, protecting investors’ rights, the work of the Investment Ombudsman, countering corruption, reducing costs for business, and others.

In 2017, more than 43 appeals were addressed to the Investment Ombudsman, on which 11 appropriate actions were taken to ensure adherence and protection of rights of legitimate investors (issues were resolved in favor of investors), and recommendations for 18 of them to facilitate resolution (clarifications were given, meeting were held), 14 applications were not within the competence of the Ombudsman (subject of a dispute between business entities, litigation, etc.).

More often than not, investors face difficulties arising in the sphere of tax, customs and labor legislation, as well as in the sphere of licensing and land relations. In this connection, within the framework of the business forum, a memorandum on cooperation between ACSAC, the Ministry of Foreign Affairs and the Ministry of Investments and Development was signed. The document provides for the creation of a special Project Office “Protecting Investments”, joint monitoring of compliance with legislation during inspections of those involved in investment activities, and prevention of violation of legislation by state bodies, rapid exchange of information, holding joint meetings on a regular basis.

For reference: In 2017, more than 43 appeals were addressed to the Investment Ombudsman, on which 11 appropriate actions were taken to ensure adherence and protection of rights of legitimate investors (issues were resolved in favor of investors), and recommendations for 18 of them to facilitate resolution (clarifications were given, meeting were held), 14 applications were not within the competence of the Ombudsman (subject of a dispute between business entities, litigation, etc.). More often than not, investors face difficulties arising in the sphere of tax, customs and labor legislation, as well as in the sphere of licensing and land relations.

Source: Government of the Republic of Kazakhstan

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