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Business Climate of Kazakhstan highly evaluated at the World Economic Forum

At the Davos Forum, a delegation of the Kazakh Government headed by PM Karim Massimov discussed the progress and prospects of improvement of the business climate in Kazakhstan with representatives of the World Bank and international investors.

According to World Bank’s Reporters, Kazakhstan, with a global ranking of 41 out of 189 economies, was one of the top 10 improvers in 2015. The report noted that the country implemented the most reforms globally in the following areas: Starting a Business, Dealing with Construction Permits, Registering Property, Getting Credit, Protecting Minority Investors, Enforcing Contracts, and Resolving Insolvency.

During the roundtable at the Forum, Erbolat Dossaev, Kazakh Minister of National Economy, said: «Kazakhstan, in collaboration with our international partners and experts, is making every effort to improve our business climate in order to ensure that the country joins the top 30 nations in the ‘Doing Business’ ranking – an objective set by the President of Kazakhstan, .”

“Kazakhstan’s performance in Doing Business Rating for 2015 was truly impressive. It is important to build on this and promote inclusive growth. Kazakhstan has growing strength in ICT based governance. It can use these advantages to diversifying its production and capitalize on its advantage as a natural trade corridor. These are difficult times for all economies but Kazakhstan has shown a determination that augurs well,” said Kaushik Basu, the Chief Economist of the World Bank.

Continuous improvement of the regulatory environment in order to improve the investment climate is an important component of the public policy aimed at developing the private sector, diversification and enhancement of the economy’s global competitiveness. Kazakhstan’s experience shows how constructive interaction between the government and the private sector can help lead to the implementation of effective reforms.

Photo: www.cnbc.com

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