New investment cycle

Addressing a government session today, the Kazakh National Economy Minister called for rapid steps to increase the effectiveness of public expenditures and better tax and customs administration so as to ensure macroeconomic stability. According to him, formation of a new investment cycle is the basis for future quality development and recovery of economy.

The minister said that the central and local executive bodies as well as national holdings needed to work jointly on internal and external investments attraction. In his words, the recent trends showed the need for reduced base import-dependency and tapping into the potential of internal demand to ensure economic stability.

He called for active development of quality infrastructure as part of the ongoing countercyclical macroeconomic policy so as to create new jobs, stimulate business activity as well as to the groundwork for potential economic growth development.

"We see great potential in the development of small and medium-sized businesses in such sectors of the economy as the processing industry, agro-industrial complex, tourism, IT, construction, trade and transport. Realization of this potential will be ensured through a new regulatory policy and a set of interrelated sectoral policies. This will also be facilitated by a decrease in the state's share in the economy to 14%, the development of competition, and a decrease in the shadow economy to 15%. All this will be systematized in the new Concept for the development of entrepreneurship until 2025. This document is already being formed by the Ministry of National Economy in close collaboration with business, ” the minister said at an expanded meeting of the Nur Otan faction.

Asset Irgaliev also said that the ministry is developing a digital map of entrepreneurship, which will allow dynamic monitoring of indicators that affect the growth of the share of SMEs in the structure of the economy.