Kazakhstan protecting investors’ rights

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ASTANA (TCA) — An international business forum “Investment Climate in Kazakhstan: Institute of the Investment Ombudsman and Mechanisms for Combating Corruption” was held in Astana on April 11, the official website of the Prime Minister of Kazakhstan reported.

Chairman of the Agency for Civil Service Affairs and Anti-Corruption, Alik Shpekbayev; Minister of Foreign Affairs, Kairat Abdrakhmanov; Minister for Investments and Development, Zhenis Kassymbek; Commissioner for the Protection of Entrepreneurs’ Rights, Bolat Palymbetov; deputies of the Senate and Majilis of the Kazakh Parliament, representatives of diplomatic missions in Kazakhstan, foreign and Kazakh business circles, and international financial institutions took part in the forum.

The forum discussed issues of improving the investment climate, creating favorable conditions for attracting investments, protecting investors’ rights, countering corruption, reducing costs for business, and the work of the investment ombudsman in Kazakhstan.

At the forum, the Agency for Civil Service Affairs and Anti-Corruption, the Ministry of Foreign Affairs and Ministry for Investments and Development signed a memorandum on cooperation, providing for the creation of a special Project Office “Protecting Investments”, joint monitoring of compliance with legislation during inspections of investors, rapid exchange of information, and holding joint meetings on a regular basis.

In 2017, more than 43 appeals were addressed to the investment ombudsman, of which 11 actions were taken to ensure compliance with and protection of the rights of investors (issues were resolved in favor of investors), on 18 appeals, recommendations were made for their resolution (clarifications were given, consultations held), 14 applications were not within the competence of the ombudsman (subject of a dispute between business entities, litigation, etc.). Investors in Kazakhstan mainly face difficulties in the spheres of taxation, customs and labor legislation, licensing and land relations.

Sergey Kwan

TCA