Kazakh Government adopted updated concept of Socio-Entrepreneurial Corporations

ASTANA. April 23. KAZINFORM The Cabinet of Ministers of Kazakhstan at the session of the Government has adopted amendments to the concept of socio-entrepreneurial corporations (SEC).

The document has been presented by Kairbek Uskenbaev, the first Vice-Minister of the Regional Development of Kazakhstan.

He said that beginning from now the SEC would focus on supporting business initiatives and stimulating economic activity in the growing points of the region. In addition, in order to enhance the SEC investment activity it was proposed to charge it with new challenges. In particularly, attracting into the regions domestic and foreign investors for promising projects, the development of infrastructure to support business establishment of clusters in the priority sectors, as well as coordination of partner programs around large companies, providing investors with assistance in the implementation of the projects through shared financing and under the governmental programs.

"Today the SEC is engaged in a large range of tasks and programs without any particular specialization, and that leads to a confusion of commercial and non-commercial objectives", concluded the Vice-Minister.