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Kazakhstan approves lending rate for industrial and innovative projects

Kazakhstan Materials 6 October 2021 13:02 (UTC +04:00)
Kazakhstan approves lending rate for industrial and innovative projects

BAKU, Azerbaijan, Oct. 6

Trend:

Kazakhstan has approved lending rate for industrial and innovative projects approved, Trend reports with reference to Kazinform.

The issue was discussed during the first reading of the draft Law "On Industrial Policy" at the plenary session of the Mazhilis (Parliament’s Lower Chamber) of the Parliament of Kazakhstan.

According to the Minister of Industry and Infrastructure Development of Kazakhstan Beibut Atamkulov, the purpose of the bill is to ensure sustainable development of the manufacturing industry by increasing production of competitive, high-tech, export-oriented products and moving away from the raw-material development model.

Talking about the key points of the draft law, the minister noted that the document contains definitions for more than 30 concepts. The key ones include industry, manufacturing industry, industrial policy, Industry 4.0, non-resource exports and others. It is noted that government incentives will be focused on efficient manufacturing enterprises. In total, about 20 incentive measures will be available for businesses.

"The draft law also regulates the functioning of the Industrial Development Fund. The Fund will become the operator of incentive measures such as leasing financing for the purchase of equipment, as well as concessional lending for industrial and innovative projects at a rate of no more than three percent.

In general, the implementation of industrial policy will be monitored through a unified industrialization map, which is a list of industrial and innovative projects. This map is a new type of combined republican and regional industrialization map projects. The map will allow centralized monitoring of the project implementation process and timely response to emerging problems," Atamkulov said.

Atamkulov noted that the necessary set of tools has been built to make the process of formation and implementation of industrial policy systematic and comprehensive.

"In particular, this is the assessment of the industrial climate - a new tool that provides for the assessment of legal, economic, administrative and other factors affecting the development of industry. Evaluating the effectiveness of the implementation of incentive measures will identify ineffective and less effective incentive measures that will either be revised or eliminated altogether. Work was carried out to develop a mechanism for providing raw materials and to agree with all interested parties," he said.

Within the framework of the bill, the authorized body (Ministry of Industry and Infrastructure Development) is empowered to approve the rules for the provision of raw materials to manufacturing enterprises.

The minister also said that the bill provides for the creation of an Interdepartmental Commission on Industrial Policy, which will become a platform for open discussion of problems and finding mutually acceptable solutions.

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