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Kazakhstan should adapt to a new reality - expert

16 February 2017 07:53
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Kazakhstan should adapt to a new reality - expert

BRUSSELS. KAZINFORM - Managerial Advisor for Central Asia at European Investment Bank Umberto Del Panta believes that the Republic of Kazakhstan should adapt to a new global reality.

"Kazakhstan should adapt to a new global reality. The Address to the Nation of the Kazakh President is a very good initiative since implementation of the goals highlighted in the document will consolidate Kazakhstan's position both from the economic and political point of view," said Mr. Del Panta commenting on the state-of-the-nation address of President Nursultan Nazarbayev "The Third Modernization: Global Competitiveness".

"I believe that Kazakhstan over the past 25 years has become a very respectable country. Of course it is blessed by number of factors like that richness of commodities. The fact that it has gas and oil, the fact it has potential, let's say well educated population. All of that now needs to be tackled probably with a view of making more balance for the future," said EIB Managerial Advisor for Central Asia.

According to him, in current conditions Kazakhstan needs to create new points of economic growth that will ensure global competitiveness of the country. Utmost attention should be paid to the plans on privatization of state and quasi-public assets.

"I believe it is important for Kazakhstan to diversify its economy in the future. Also Kazakhstan may be affected, if there is a turbulence, for example, in the oil-gas market prices. So I think now that Kazakhstan has population of 17 million it should continue to diversify its economy and should go ahead with privatization," the expert said.

He admitted that privatization is often harshly criticized by the public.

"Of course privatization is not easy sometimes, because some social rigidities need to be solved to attract investors," Mr. Del Panta noted.
Nonetheless, it can be avoided if the country introduces the effective mechanism of income distribution.

"I am confident that if someone in the country is able to make the mechanism of income distribution, Kazakhstan can take step ahead and privatize effectively. In my mind, the Denmark's model is the brightest example in that respect," he pointed out.

The expert says that Kazakhstan also needs to make its legislation more attractive for investors and continue uncompromising fight on corruption.

"Kazakhstan needs more favorable juridical system. Improvement in legislative environment would clearly benefit further development and diversification of the country," Mr. Del Panta said in conclusion.


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