Kazakhstan should be prepared for the global economy changes to maintain the economic growth paces, President Nursultan Nazarbayev told at a joint session of the Kazakh Government.
Concluding the session, the Government, the National Bank, the Mayors, and Governors did extensive work. One can say that there are achievements in each sector of the economy. The minimum wage increased by 1.5 times, over 500 thousand citizens were employed, 113 thousand families were rehoused, that is all main economic sectors did well.
Let’s move onto the current year. You’re well-educated persons and understand that the global economy slows down, the trade weakens, the sanction trade wars go on. This will definitely affect us as we are part of the global economy. Therefore, our task is to be prepared for different scenarios not lose momentum in economic growth. So, we could defend the well-being of Kazakh citizens. Last year I initiated a systematic review of the social policy. Today not every country can afford such growing social expenditures and work. Therefore, these public resources should be used effectively and controlled. I announce the two indicators – income and life standard – as the main criteria of the country’s effectiveness. Basically, the entire economy is for people in the long run. Work of either minister or mayor and governor should be evaluated under these indicators," said the Head of State.
Nursultan Nazarbayev has mentioned the task to increase the share of small- and medium-sized businesses in the economy to 30% by 2025.
The National Plan set the task to form a new economic model based on the reduction of the State’s role, private businesses development, competitiveness and the rule of law. GDP should grow through improving labor efficiency and productivity, strengthening small- and medium-sized businesses. Over the last years, the share of SMEs in the economy amounts for 25-27%, and our task is to increase it to 35% by 2025. These days barriers have been considerably reduced, the business climate has been improved," said the President.
The Head of State has underlined that it is necessary to create a comprehensive ecosystem to attract investment focusing on investors from developed countries.
The world witnesses the growing competition for investments, raising the task to create a comprehensive ecosystem for attracting investments, especially focusing on investors from developed countries. The newly appointed Foreign Minister was entrusted to synchronize work of all levels from overseas agencies to Mayor’s and Governor’s Offices. This is the common task of the entire Government as an instrument making use of its capacity in embassies and personnel. Everyone should work. Each year I meet with business captains, they tell: we will do this and that, and then there is no control. They come then leave as there is nobody who can receive them. How many companies from Japan, the USA, Germany have come and left? Each sectoral ministry, mayor’s or governor’s office, national company should have a deputy responsible for investment work. Therefore, Askar Mamin, Atamkulov, Kassymbek should establish cooperation so there is planned teamwork instead of blaming each other," said Nursultan Nazarbayev.
The President has noted that exports of products of higher degrees of processing remain the same – US $3 billion per year of total exports - 90.
We manufacture over 500 new types of products, with total 110 exporter-countries. This is highly commendable, however, there are few projects that can have a real impact on the economy. Exports of products of higher degrees of processing remain the same – US $3 billion per year of total exports - 90. The task is to ambitiously promote our processed products to external markets. Mamin and Shukeyev, it is essential to boost this work and to organize work of all subordinates as advancing investments and exports is one of the main tasks of the Government. I instruct the Prime Minister to conduct this regular work in person and report to me.
Over the years of independence, around 400 billion dollars of direct foreign investments have been attracted allowing to raise Kazakhstan.
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