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Kazakhstan failed to create diversified economy – President Tokayev

Oil&Gas 21 January 2022 11:15
Kazakhstan failed to create diversified economy – President Tokayev

BAKU, Azerbaijan, Jan. 21

Trend:

The diversified economy has never been created in Kazakhstan, President of the Republic of Kazakhstan Kassym-Jomart Tokayev said during a meeting with businessmen, Trend reports with reference to Kazakh media.

"It is possible to conditionally single out two economic turning points,” President Tokayev said. "The first is the transition from the planned economy to the market economy. While experiencing major shocks and suffering losses, Kazakhstan was able to rise and adapt by carrying out hard but necessary reforms."

President Tokayev added that these reforms were financed through the privatization of state property from the Soviet period.

“A new class of domestic business was created on this foundation,” the President said. “The second turning point was associated with the commodity supercycle of the 2000s.”

President Tokayev said that the economy was able to integrate into global processes.

“The conditions were created for foreign investors,” the President added. “Big funds were attracted to the country, primarily, in the mining industry and the banking sector.”

“The Kazakh economy was provided with these funds, it became stable and there was an opportunity to create a socially-oriented state,” President Tokayev said. “But amid the external well-being, we did not notice that the external good turned into a curse in the form of raw materials.”

“We have become less mobile in transformation, qualitative reforms encountered the interests of various groups that opposed such reforms,” President Tokayev said. “As a result, we have not created the diversified economy.”

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