ADB to discuss lessons of economic crisis at Astana meeting

Photo: ADB to discuss lessons of economic crisis at Astana meeting / Business News

Astana, Kazakhstan, April 30
By Daniyar Mukhtarov - Trend:

Astana will host the 47 Annual Meeting of the Asian Development Bank Board of Governors on May 2-4. The general theme of the meeting "The Silk Road: Connecting Asia with a Changing World", but the experts will not only discuss the displacement vector towards economic development in Asia, but also a number of other topical issues in the world economy.

"Thus, a separate workshop for Governors of ADB will be dedicated to the theme "Reducing Vulnerability: Learning From Past Crises". Indeed, the global financial crisis clearly demonstrated that the economy is not immutable, not only did it fluctuate, but most sharply reacted to the crisis," the statement of the Organizing Committee's press-service reported.

Many countries, especially those directly dependent on natural resource exports today are looking for ways to reduce this dependence and strengthen national economies. Kazakhstan is no exception. Namely, global crisis forced the government to intensify efforts to diversify the economy.

An industrial revolution was declared in the country where the main contribution to GDP has been given by raw materials since the years of independence. Government attracts both domestic and foreign investment, investing budget funds in modern innovative projects, trying to penetrate foreign markets not only as a supplier of raw materials, but also as a manufacturer of the finished product. "

"At present, some $ 25.5 billion out of the $ 92 billion of total exports accounted for the exports of processed goods. Among the finished goods are not only ore concentrates and semi-finished products, but also "finished products": accumulators, transformers, flour, pasta, ready-made clothes. Such result has been achieved thanks to the implementation of the first phase of the state program of forced industrial -innovative development. If in 2009-2010 prior to the adoption of the program, the republic exported products only at $ 1.2 billion, during program's implementation, it was able to increase this amount several times - up to $ 25.5 billion.

It is remarkable that all the industrial projects are the initiatives of private business. The goverment for its part provides maximum support to entrepreneurial initiative beginning from the creation of the legal framework through eliminating bureaucratic barriers to financial assitance. Today all the supporting measures within the framework of the program covered 77,763 entrepreneurs.

Translated by S.I.
Edited by C.N.

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