Kazakhstan’s business climate reforms highlighted at World Economic Forum

ASTANA (TCA) — On the sidelines of the World Economic Forum in Davos, Switzerland, on January 21 the Government of Kazakhstan, jointly with the World Bank, held a round table to discuss the ongoing reforms to improve the business climate in Kazakhstan, the World Bank reported.

According to World Bank’s ‘Doing Business’ Report, Kazakhstan, with a global ranking of 41 out of 189 economies, was one of the top 10 improvers in 2015. The report noted that the country implemented the most reforms globally in the following areas: Starting a Business, Dealing with Construction Permits, Registering Property, Getting Credit, Protecting Minority Investors, Enforcing Contracts, and Resolving Insolvency.

During the roundtable, Erbolat Dossaev, Minister of National Economy of Kazakhstan, said: “Kazakhstan, in collaboration with our international partners and experts, is making every effort to improve our business climate in order to ensure that the country joins the top 30 nations in the ‘Doing Business’ ranking – an objective set by the President of Kazakhstan, Nursultan Nazarbayev.”

“Kazakhstan’s performance in the 2015 Doing Business was truly impressive. It is important to build on this and promote inclusive growth. Kazakhstan has growing strength in ICT based governance. It can use these advantages to diversify its production and capitalize on its advantage as a natural trade corridor. These are difficult times for all economies but Kazakhstan has shown a determination that augurs well,” said Kaushik Basu, the Chief Economist of the World Bank.