Economic news in brief

At the Boao Forum for Asia 2014 (BFA) held from April 8-11, Kazakhstan’s G-Global information and communications platform and the Astana Economic Forum (AEF) were presented. The BFA, which promotes economic cooperation in Asia, has become a platform for the presentation of Kazakhstan’s initiatives. Over four days, delegates from 150 countries discussed current issues in the world economy and politics and the process of jointly building the future of Asia. Documents on the seventh AEF, the second World Anti-Crisis Conference (WAC), the Draft Concept of the World Anti-Crisis Plan and G-Global were among the BFA’s official documents. A number of meetings with representatives of Chinese media, such as the Boao Review, Economic Daily and China Economic Net were held as part of Kazakhstan’s presentations, which resulted in an agreement to hold joint debates during the upcoming seventh AEF. In addition, following the results of negotiations, programmes for the upcoming events were given to BFA participants and will be posted in Chinese media. During the BFA, high-ranked Chinese and international delegates were invited to the AEF and WAC. The BFA is a nongovernmental and nonprofit international organisation established in 2001.

Member of the Board of Directors of the Baiterek Holding Klaus Mangold believes that financing business projects undergoing difficulties through second-tier banks and the Damu Fund is a good way to promote industrial development. He shared his view on this measure after the government approved the joint action plan on supporting small and medium-sized business. “I believe that financing business projects, both new ones and projects undergoing difficulties, by dispersing funds in second-tier banks through the Damu Fund is a good approach to further promote industrial development. Certainly, to successfully fulfil the plan, it is necessary to focus on finding viable projects and avoiding mistakes in the process of restructuring and refinancing,” he said. Mangold also added, “I am confident that the emphasis on agriculture development is a priority, especially taking into account the growing demand in regional and domestic markets as well as subsidiary benefits for related sectors of the economy. It is important that Kazakhstan develops a strategy that embraces the entire chain of increasing the value of agrarian business, including food production. Certainly, this initiative has great potential and can fundamentally boost the development of the Kazakh economy. It is an honour for me and my colleagues, as independent directors at the Baiterek Holding, to render our support in realisation of these activities,” he said.

“Kazakhstan is humanising criminal legislation in the economic sphere,” member of the Mazhilis (lower chamber of the Parliament) Ramazan Sarpekov noted at an April 17 Central Communications Service briefing. He added that the new version of the Criminal Procedure Code of Kazakhstan will not place excessive pressure on business. “Kazakhstan has been humanising its criminal legislation over the past 5-6 years. Over the last 2-3 years, it’s been a process targeted at the economic sphere. The new version of the Criminal Procedure Code of Kazakhstan already includes all recommendations and revisions,” Sarpekov noted. “Therefore, registration [and] holding of inspections should be approved by the Prosecutor’s Office. Moreover, an inspector must inform the prosecutor before auditing any business. This mechanism will be working in favour of businesses,” he concluded.

Integrating, expanding and strengthening mutually beneficial external economic relations with foreign countries is the most important development priority of the East Kazakhstan region, Regional Akim (Governor) Berdybek Saparbayev told a Central Communications Service (CCS) media briefing on April 17. “In 2013, trade turnover between Russia and the East Kazakhstan region increased by 27 percent. In terms of money, it reached about 268 billion tenge [US$1.47 billion]. Similar growth is registered with Belarus, which equalled 62 billion tenge [US$340.5 million]. We have good relations with other neighbouring countries along with the countries of Europe and Asia. Generally, the relations we have are concentrated in the industrial sphere,” the head of the region noted. During the briefing, Saparbayev used a local company as an example. “We have a valve plant producing equipment for the oil and gas sector and exporting its products to Russia. In 2013, the trade turnover of this plant with Russia reached about 3 billion tenge [US$16.4 million],” he said.

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