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Tuesday, September 17th, 2019

Suleimenov: Kazakhstan chooses open dialogue and liberal approaches to stimulate economic growth

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The Minister of National Economy took part in the Summit of financial block top-managers – CFO IDEA EXCHANGE & NETWORKING EVENT in Almaty. In his speech, the Minister spoke about the aspects of Kazakhstan’s economic development.

Suleimenov noted that “many countries are reviewing the priorities of economic policy and trying to protect the domestic market through protectionist administrative measures; these measures only restrain growth, contributing to increasing isolation.”

“Kazakhstan, on the contrary, chooses open dialogue and liberal approaches to stimulate economic growth. The main focus of our macro policy involves transitioning to a new growth model based on developing healthy competition, improving the investment climate, and deep technological modernization of the economic sectors, � the Minister said.

He stressed that the implementation of the Third Modernization of Kazakhstan will be the basis for a new growth model.

“Last year, internal and external investments were the driver of our growth. We need a quantitative and qualitative increase in export supplies for a more stable and diversified growth. Thus, we will prepare the Unified Export Strategy of Kazakhstan, � Suleimenov said.

He also noted that tax legislation will aim at stimulating the transition to new economic realities, supporting sectors of the New Economy, attracting new investments in subsoil use, optimizing tax benefits, further simplification of tax administration.

“In order to increase the share of SMEs in the economy, support for entrepreneurship will continue within the framework of the Roadmap-2020. It is important to note that in addition to budget funds, credit lines of international financial organizations will be attracted, � Suleimenov said.

The minister also reminded that according to the results of 2016, Kazakhstan’s economic growth amounted to 1%.

“2017 is expected to be the year of moderate growth rates recovery in the economic sectors, which is facilitated by both stabilization of external conditions and the revival of consumer activity. According to our base forecast, in the absence of unforeseen external shocks, we expect that in 2017 economic growth will exceed 2%, � Suleimenov concluded.

After the speech, the minister partook in the panel discussion “New Global Reload. Risks and Opportunities for Kazakhstan “.

The annual Summit of the financial block top managers – CFO IDEA EXCHANGE & NETWORKING EVENT is taking place in Almaty. The event traditionally discusses the prospects for Kazakhstan’s financial system development, latest trends and innovations. Also participating in the event are Chairman of the Board of JSC Centras Insurance Insurance Company, Director of the Risk Assessment Group Dosym Satpayev, Halyk Bank CEO Umut Shayakhmetova, Visor Holding CEO Aidan Karibzhanov, BI Group Chairman Amangeldy Omarov and others.

Source: Government of the Republic of Kazakhstan

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