ASTANA, Kazakhstan, May 10. President of Kazakhstan Kassym-Jomart Tokayev has signed a decree “On measures to economic liberalization," Trend reports via Akorda.
The decree promotes competition, reduces governmental involvement in the economy, and lowers company costs to promote entrepreneurship freedom, per the President of Kazakhstan's February 7, 2024 directive.
Key provisions include the creation of the National Office for Privatization under Kazakhstan's Agency for Protection and Development of Competition, which defines and compiles a list of state assets for privatization.
Furthermore, the article outlines steps to improve the autonomy, quality, and governance of Samruk Kazyna Wealth Fund and its subsidiaries, as well as streamline their procurement procedures.
Furthermore, specific measures are outlined to enhance competition in commodity markets.
Proposed measures include regulatory reform and business liberalization. Technical conditions and utility connections can be simplified and digitized, as can customer access to quasi-governmental organization services.
Furthermore, it directs the use of projects that adhere to advanced international construction standards without requiring compliance with Kazakhstani documentation standards.
Another provision of the decree protects business rights and legitimate interests. These steps include decriminalizing economic offenses and harmonizing government restrictions with prosecutors.
Implementing the decree will accelerate the significant reduction of the public sector's share in the economy, thereby creating more economic opportunities for private entrepreneurship.
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