ASTANA, Kazakhstan, September 8. The president of Kazakhstan has thrown down the gauntlet, urging the government to roll up their sleeves and whip up an action plan for a complete overhaul of the investment attraction system, on his annual Address to the Nation of Kazakhstan, Trend reports.
According to President Tokayev, even though the competition is heating up around the globe, it's crucial to reel in significant investments.
“We need to launch a new investment cycle. The current policy in this area cannot be considered effective. A significant portion of funds goes into extractive industries. Overall, that’s not bad—we need such investments. But now we face a different task—to direct investments into the manufacturing industry,” he said.
The president underscored the necessity for the administration
to recalibrate its capital allocation strategy. Should the
situation warrant, strategic incentives may be deployed to attract
capital influx from stakeholders engaged in advanced technological
domains.
“Concurrently, it is imperative that we provide balanced backing
for both governmental capital allocations and substantial private
sector ventures.” It is imperative that we engage comprehensively
across the spectrum of investor categories, encompassing
institutional, retail, and micro-investors in our strategic
initiatives. It is imperative to delineate the specific parameters
regarding the locus, rationale, and quantum of financial resources
required. The 'capital allocation' must be calibrated in alignment
with the exigencies of the manufacturing domain,” the president
articulated.
President Tokayev also highlighted that Kazakhstan presently
operates within a convoluted and disjointed framework for engaging
with investors.
“This invariably culminates in administrative overhead and
redundancy of operational roles.” In the current challenging
landscape, securing capital infusion is paramount and necessitates
innovative methodologies on our part,” he stated.
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