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Saturday, October 20th, 2018

The President signs the law on improving business regulation in Kazakhstan

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Private sector initiative and free entrepreneurship have become key factors in economic development and the growth of the country’s welfare. A bright symbol of the success and effectiveness of our reforms is Astana, the 20th anniversary of which is celebrated by the whole Kazakh nation,” the President of Kazakhstan said.

Nursultan Nazarbayev emphasized the particular importance of the Law “On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Improving Regulation of Entrepreneurial Activity,” to be signed today.

“The main goal of the amendments is the liberalization of legislation in the field of business regulation. The law provides for the reduction of state control functions by almost 30%. An important role is assigned to the institution of preventive control, which will prevent violations. The services of natural monopolies and the quasi-public sector are to be regulated,” the Head of State said.

In addition, the President of Kazakhstan told about the measures envisaged in the Law on measures to reduce the costs of business and to exclude the norms that impede competition.

“In total, the Law introduces about 1000 amendments to 14 codes and 109 laws. The logic of all these changes fully corresponds to the main strategic course of the state � to create the most favorable conditions for business development. Today it is extremely important to open all possible “locks” to strengthen business activity and involve a wider range of people in entrepreneurship,” Nursultan Nazarbayev emphasized.

At the end of the speech, the Head of State noted that the Five Social Initiatives implemented today open wide opportunities for small and medium businesses, and expressed confidence that the adoption of this Law will be a new serious stimulus for strengthening business activities in the country for the prosperity of the entire people .

Source: The Prime Minister of Kazakhstan

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