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Strong private sector to deliver prosperity in Kazakhstan - American expert

9 October 2018 18:23
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Strong private sector to deliver prosperity in Kazakhstan - American expert

ASTANA. KAZINFORM - President of the International Tax and Investment Center Daniel A. Witt believes that recent State of the Nation Address by President of Kazakhstan Nursultan Nazarbayev draws attention to the need of strong private sector, Kazinform reports.

"President Nazarbayev's State of the Nation Address reaffirmed the importance of a strong private sector to deliver growth and prosperity in Kazakhstan. The Address provided further reinforcement of the "Business Roadmap 2020" and the "100 Key Steps" - particularly the economic and public sector reforms," Witt told Kazinform correspondent.

"Since independence, Kazakhstan has grown stronger and more prosperous by continuously improving its investment climate, most importantly, strongly supporting property rights and reducing the role of the state in the economy," he noted.

He emphasized that he is concerned by the numerous calls by the President for more Government programs in the economic sphere. " Kazakhstan needs less Government, not more," the expert stressed.

According to Witt, more initiatives like the AIFC will generate new investment. The AIFC has created a special economic zone that should be gradually rolled out to the entire country.

He spoke in favor of further reforms needed to reduce corruption and modernize the justice system so Kazakhstan will soon have a fully independent judiciary. Reliable rule of law, in his words, is a cornerstone to Kazakhstan's investment climate.

"The President's comments about the people's dissatisfaction with the education system reinforced that the Nazarbayev University-essentially a foreign-like university operating in Kazakhstan is the model for the future. Like the AIFC, this model should be rolled out nation-wide," he said.

"While I strongly argue for a lesser role for the state in the Kazakhstan economy, there is a necessity for more state spending in the social sphere: education and health care," Witt pointed out.

"It's not enough, it's not as simple as throwing money at these issues. The reform plans must be carefully managed, executed well, and evaluated with international benchmarks," he said in conclusion.

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