Kazakhstan: legislative amendments liberalize business regulation

ASTANA (TCA) — Kazakhstan President Nursultan Nazarbayev has signed the Law “On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Improving Regulation of Entrepreneurial Activity”.

Speaking at the signing ceremony on May 24, Nazarbayev said that over the years of independence, strong institutional foundations of a market economy have been created in Kazakhstan, the president’s press service reported.

“The main goal of the amendments is the liberalization of legislation in the field of business regulation. The law provides for the reduction of state control functions by almost 30%. An important role is assigned to the institution of preventive control, which will prevent violations. The services of natural monopolies and the quasi-public sector are to be regulated,” the President said.

The President also spoke about the measures envisaged in the Law on measures to reduce the costs of business and to exclude the norms that impede competition.

“In total, the Law introduces about 1000 amendments to 14 codes and 109 laws. The logic of all these changes fully corresponds to the main strategic course of the state — to create the most favorable conditions for business development. Today it is extremely important to open all possible ‘locks’ to strengthen business activity and involve a wider range of people in entrepreneurship,” Nazarbayev emphasized.

He expressed confidence that the adoption of this Law will be a new serious stimulus for strengthening business activities in the country for the prosperity of the entire people.

“Private sector initiative and free entrepreneurship have become key factors in economic development and the growth of the country’s welfare,” the President said.

Sergey Kwan