A.Issekeshev denoted the reasons of delaying the transition from dependence on raw materials
Minister of Investment and Development of Kazakhstan Asset Issekeshev said there are three main reasons that slow down the process of diversification of Kazakhstan’s economy, during an online conference in BNews.kz studio, the agency reports.
"Firstly, as it was noted by the President, we have a very high level of state involvement in the economy. It is not only the large national companies; it is at the level of regional and municipal enterprises: all kinds of RSE, LLP of the state, joint-stock companies. All this, of course, affects the activity of the private sector. Secondly, it is a high level of monopoly in different sectors. Thirdly, it is a high level of credit in the economy and the complex procedure of bankruptcy," he said.
According to him, a number of these and other reasons prevented active attraction of investments and investment activity of domestic producers. Therefore, several priority areas within the five institutional reforms announced by President Nursultan Nazarbayev were highlighted to solve the existing problems.
Minister noted a large-scale privatization program and the introduction of a new model of bankruptcy, which will allow to make the process a lot easier.