ASTANA, Kazakhstan, September 12. The number of small business entities increased by 46 percent in Kazakhstan over the past seven years, said President of Kazakhstan Kassym-Jomart Tokayev during a meeting with representatives of local businesses, Trend reports.
As Tokayev noted, the average entrepreneur has less inertia, is more mobile, and adapts faster to changing market conditions.
According to him, over the past 7 years, there has been an increase in the share of small and medium business entities in GDP. But the main drivers of this dynamic are small business entities.
"Against this background, average entrepreneurship grew by only 0.5 percent, increasing its share in the economy from 5 percent to 6.2 percent. Moreover, in OECD countries, its share is on average 18 percent, and in some countries, it is even higher—up to 26 percent. We have not yet created any special conditions to support medium-sized businesses, especially in the manufacturing industry," he said.
According to him, in the existing regulatory environment, even with expansion, it is more profitable to formally remain a small business.
In this regard, Tokayev instructed the government and Atameken to make proposals on this issue and begin practical actions.
At the end of 2021, the share of small and medium-sized business entities in GDP was 33.5 percent. The main contribution to the indicator came from small businesses; their share in GDP amounted to 26.8 percent. From 2015 to 2020, the share of SMEs in the country's GDP increased from 24.9 percent to 32.8 percent.