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Thursday, September 23rd, 2021

Message from Head of State is a timely response to global and domestic challenges – expert

by February 27, 2017 Key Issues

Chairman of the Board of “Economic Research Institute” JSC S.Madiyev believes that the message of the President, based on the construction of a new model of economic growth, of course, is a timely response to the global and domestic challenges.

“Indeed, the new economic reality requires modern and flexible approaches to the implementation of future policies of economic development and welfare of the citizens. During the period of high prices of resources has been a solid basis to overcome the difficulties, to ensure the stability and sure to continue further development,” S.Madiyev said.

According to him, the goal remains the same – to enter 30 most developed countries; the country’s economy should grow faster pace relative to other countries. In this competition, especially in foreign markets, only amplified, countries are active and adaptive approach to solving problems in the ever-changing conditions.

Chairman said that, if we look at new strategies for the most dynamically developing countries, common areas can be clearly identified; special attention is given to them. Firstly, almost all countries have focused on the development of quality human capital, and secondly, elements of technological breakthroughs and scientific research in virtually all fields of activity, ranging from governance, finishing small and medium-sized businesses, are widely introduced. Particular attention is paid to attracting direct, long-term foreign investment with simultaneous operation in the fight for export markets.

“It is gratifying to see that the tasks and goals for the near future in Kazakhstan is very well capture, current trends in the world, at the same time take into account internal factors specific to our country,” the head of the Institute said.

With regard to the activities of the Institute for Economic Research, then, according to Chairman of the Board, the organization has actively started to realize the objectives set in the Message. The plans are to play a role in providing clear and application information for the Government in general and the Ministry of National Economy in particular. All is on the basis of precise calculations and global best practices. The Institute believes that it will take a very high-quality economic decisions on the basis of applied calculations, advanced analysis and opinions of a wide pool of international and local experts.

Plans for research for the current year were revised for this; we formed the design group and have already started the implementation of new tasks.

The first direction

In order to radically improve the business environment, the Institute in cooperation with the Ministry of National Economy and SPE will focus efforts on a deep analysis of the business environment and making recommendations to the new conditions of the economy.

According to S.Madiyev, systematic measures to deregulate business will be developed with the introduction of the best standards and practices of developed countries.

“At the result of work, we see a reduction in the administrative burden on businesses by reforming the permit system. Work will focus on the optimization and reduction of business costs in monopolistic and quasi-public services,” the head of the Institute said.

In addition, it is planned to develop a set of measures to reduce business costs and conduct a full-scale “audit” legislation to eliminate legal barriers to the development of competition. This will reveal what kind of load is carried by business today and to develop proposals for the adoption of appropriate decisions.

“We plan to lay system basis for monitoring and measurement of successful achievements in the field of entrepreneurship across the regions. A local method of ranking on the ease of doing business, which is understandable and accessible, will be developed for this purpose,” said chairman about the planned innovations.

In the future, ranking of the regions on the ease of doing business will be formed using this method. It is expected that this rating will allow to qualitatively and objectively reflect the situation on the conduct of private business in each region, to stimulate healthy competition of local authorities to improve the business environment and attracting investment to the regions, to lay the long-term and systematic basis for evaluating the dynamics of private sector development in the country.

The second direction

As you know, work on the formation of a unified export strategy / program of Kazakhstan started today. The Institute has formed a project group with the participation of invited experts and proceeded to the fundamental study of this issue. As a result, the Institute is planning to provide analysis and practical recommendations for MNE of Kazakhstan for the successful implementation of this direction.

The first round table with representatives of KIDI, Kaznex Invest and other interested experts was held last week. According to S.Madiyev this will be done on a regular basis.

“We are very interested in establishing a dialogue with the expert community, so the work will use all possible tools and platforms to provide quality and professional dialogue with the best experts in the industry,” he said.

In general, the Institute’s work is based on close contact not only with the best think tanks and consultants of the world, but also with the local experts.

“We are absolutely sure that a stable pool of professionals is formed in Kazakhstan at this stage, the potential of which should be used to the full. They deeply understand our specificity, are well versed in international practice and take an active civic stance on economic development. This is – the new trend and we actively participate in it,” S.Madiyev said.

The third direction

It remains urgent the issue of improving regional policy. Basic approaches of realization of regional policy will be focused on solving a set of measures to expand and strengthen economic independence and responsibility of regions to achieve equivalent living and working conditions.

World experience shows that the economic development of the country depends on the competitiveness of its constituent regions. In this regard, the Institute will work out measures to improve the competitive advantages of macro-regions and metropolitan areas globally. The logical conclusion of the implementation of regional policy is to identify the strategic growth drivers to enable macro-economy and urban agglomerations in the global markets. This will develop a scenario of spatial development of the country until 2025.

The fourth direction

The main objective, voiced in the Address of the Head of State, is the development of the Strategic Plan of the country till 2025. As noted above, global challenges require a revision of the country’s development priorities for the medium term. Currently, the Institute carried out the preparatory work for the development of this document, together with the Ministry of National Economy.

“All of these initiatives will form the basis of this complex document, which will be the next stage of realization of the strategic goal of joining the 30-ku most developed countries of the world,” the head of the Institute said.

Thus, the Institute is to provide an effective platform for the collection of the best competencies and alternative opinions, constantly adapting and applying new approaches to research, widely introduces field visits of experts to the field, educates and invests in the development of its employees in their daily work uses data best primary sources (Bloomberg, Thomson Reuters Eikon, OECD data), is actively discussing the results of the analysis with the expert community. All this should be the basis for the development of high-quality solutions and instruments developed to implement the President’s Address.

In conclusion S.Madiyev noted that very right goals and objectives, all decisions will be provided with high-quality analytics and will be based on the best expert advice delivered to the Institute. Moreover, now worked out new mechanisms for the effective implementation of the objectives, on the basis of coordination of this concept will be announced later.


Source: The Prime Minister of Kazakhstan