Oligarchic Capitalism Era in Kazakhstan is Ending, Says President Tokayev During His Visit to Karagandy Region

ASTANA –  The era of oligarchic capitalism in Kazakhstan is ending as the country is entering an era of greater social responsibility to its citizens, said President Kassym-Jomart Tokayev during an Oct. 5 meeting with the public in Karagandy, reported the Akorda press service.

President Tokayev said that partnership with large industrial enterprises will be terminated, if they will not comply with the requirements. Photo credit: Akorda press service. Click on the picture to see the map.

According to the President, the Karagandy Region, with its lucrative mining and metallurgical corporations, is the driving force behind the country’s economic development. 

Tokayev emphasized that large enterprises must demonstrate awareness of their responsibility to the region, by making social contributions, reducing their environmental impact, and prioritizing safety concerns.

“Our citizens need an efficient and socially responsible business that occupies a leading position in the country’s economy,” Tokayev said.

The President underlined that the region produces one-third of the country’s coal and half of its copper, more than 85 percent of steel, and 100 percent of flat-rolled products.

The Karagandy Region also has vast investment potential, according to Tokayev. Saryarka special economic zone and Saran industrial zone include many industrial projects and will soon become platforms for foreign company relocation.

As the country’s geographical center connecting the north and south, the President left instructions to repair and build several roads to facilitate investment and tourism flow to the Karagandy Region and the newly formed Ulytau Region.

The President also spoke about the social sector, setting plans down to expand the scope of mortgage programs to include young families and professionals, who should be encouraged to stay and develop the region.

“Karagandy, as an industrial locomotive of the country and one of Kazakhstan’s leading scientific, educational and cultural centers, should become a more comfortable city to live in,” Tokayev stated.

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