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Monday, November 18th, 2019

DOING BUSINESS RANKINGS: KAZAKHSTAN JOINS TOP 25, TWO YEARS AHEAD OF SCHEDULE

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by October 28, 2019 Business

Kazakhstan climbed 3 spots up in the Doing Business rankings and entered the top-25 countries in terms of running business, Zhaslan Madiyev, vice minister of national economy, said at a press conference on the development of entrepreneurship and the ways to improve a business climate of Kazakhstan, Strategy2050.kz informs.

Such an improvement was possible thanks to the government measures aimed at creating favorable conditions to develop business every year. The measures allow realizing the entrepreneurial potential, forming a better business climate, thus contributing to an increase in SMEs, the country’s economic growth and the peoples’ wellbeing, he said.

Official statistics indicate the share of SMEs in the GDP was 28.5% in January-June of 2019 in Kazakhstan.

The vice minister said that the figure needs to reach 30% by 2025, and 50% by 2050, thus reaching the level of developed countries.

January-June 2019 saw SMEs’ overall output standing at 12.7 trillion tenge, up by 10.8% compared to the same period of 2018.

The number of registered SMEs was 1.6 million as of 1 October 2019, while that of employed in SMEs was around 3.3 million people as of 1 July 2019.

Now businesses are inspected by government bodies within 15 days instead of 30 days, he said.

Thanks to the systemic reforms, the overall number of inspections of entrepreneurial facilities has fallen by 4.3-fold since 2010.

Permit documents have reduced by over 70% from 1200 to 316.

The laws adopted allowed for the reduced pressure on businesses, the decreased number of administrative barriers, as well as freeing the government bodies of unnecessary functions.

Now entrepreneurs have an opportunity to receive various instruments of support, including grants and credit guarantees from second-tier banks, to implement business ideas and industrial and innovational projects through business incubation, training, internships, service support, the vice minister said.

With a score of 79.6 out of 100, Kazakhstan was slightly behind Germany (79.7 scores), and ahead of Austria, Japan, Spain, France, Switzerland and CIS countries.

The country shared 79.6 scores with Canada and Ireland, placed 23rd and 24th respectively.

The task to enter top 25 countries in the Doing Business rankings by 2021 was announced at the 17th Congress of the Nur Otan Party in 2016. Today, that task is accomplished, the vice minister said.

The past two years saw Kazakhstan climb by 11 positions up (36th spot in 2017, 28th � in 2018).

Significant improvements have been seen in the following pillars: Access to credit (up by 35 positions), registration of enterprises (up by 14 positions) and Access to electricity (up by 9 positions).

We are not satisfied with that alone, our ambitious goal is to create the best conditions for businesses in Kazakhstan and join top 20 countries according to the Doing Business rankings, the vice minister said.

Source: Kazakhtan 2050

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