Measures to improve economy's self-sufficiency to be taken in Kazakhstan

Measures to improve economy's self-sufficiency to be taken in Kazakhstan

BAKU, Azerbaijan, May 11

By Nargiz Sadikhova - Trend:

Improving the self-sufficiency of the Kazakhstan’s economy is among top priorities at the moment, Kazakhstan’s President Kassym Jomart Tokayev said, Trend reports with reference to the president’s press office.

Tokayev said that various redistributions in industry should be made on the basis of the existing raw material base.

“We will have to take a fresh look at the future structure of the Kazakh economy and define the role of each of its main sectors: industrial, energy, agricultural, service. In other words, there is an urgent need to build a new economic structure. Apparently, significant reforms will be required in the energy sector. Nothing will be the same after the crisis. In the medium term, a move towards green energy is very important,” Tokayev said.

He said that country’s approach to industrialization will also require a revision as it is necessary to identify real opportunities in the export and domestic markets, outline achievable goals, instruments and move forward.

“The competent use of public procurement and the procurement of the quasi-public sector should be considered as a means of restoring economic activity. A special public procurement procedure aimed at supporting domestic producers will be continued till August of this year. The maximal use of domestic materials and equipment will be a priority for business development,” Tokayev said.

The head of state added that infrastructure programs require that it is necessary to increase the current level of localization from 40 to 60-70 percent.

“The current situation has clearly confirmed the well-known truth: food security is a key element of the security of the state as a whole. Therefore, we will continue to provide maximum support to farmers. In addition to the forward purchases already underway, financing mechanisms will be expanded through the introduction of off-take contracts and restructuring of debts on loans from KazAgro company,” the president said.

Currently, he said, about 1.7 million personal farms operate in Kazakhstan. However, their goods are not sold through retail outlets and do not go to processing enterprises. The state does not receive taxes from them and those employed on such farms are not socially protected. In this regard, Tokayev ordered to launch a pilot project in several regions on the development of a ‘from field to the market’ cooperation chain.

He said a scaling up of the project can be started and the full-fledged program can be developed by the middle of 2021.

“During the implementation of this program, preferential microcrediting will be applied at a rate of 6 percent per annum through the KazAgro line using the guarantee instruments of the Damu Fund. It is also necessary to establish a system of constant procurement and marketing, launch training and increase the agro-competencies of participants. All this will increase the income of about 2 million villagers, increase the load of domestic agricultural enterprises from 53 to 70 percent and reduce the import of socially significant products,” the president said.

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