Eurasia Business Forum

Eurasia Business Forum Summary
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Eurasia Business Forum Summary
The government of Kazakhstan has demonstrated its commitment towards ensuring its developmental program, Nurly Zhol, becomes a reality. It acknowledges the considerable contribution foreign investors and international financial bodies impact in the country’s development agenda. The country’s president, Nazarbayev, has placed much emphasis on the need for the country to achieve structural reforms and corporate with the international community. For the Nurly Zhol to be successful, it is necessary for the country to have joint projects with international finance organizations such as the World Bank, IBD, EBRD, and the ADB. This is because, over the last twenty years of the nation’s independence, foreign direct investments and working with overseas partners have been crucial to the country’s development process. Accordingly, a continuous corporation with the international investors is vital if Kazakhstan is to experience a meaningful development pace. As the country is still recuperating from the consequences of the global financial and economic downturn, there is need for continuous partnership between countries and international investors who share a similar dream of transforming the world economy for improved welfare of the people. In this regard, increased efforts are needed to ensure that such partnerships remain bi-laterally successful in the constantly shifting sands of today’s global economy.
Kazakhstan has the obligation to reform its business environment to continue being positioned as an attractive destination for substantial foreign direct investments (FDI). To achieve this, reforms need to be directed towards continuing developing a strong rule of law, improved regulatory framework, and a high quality infrastructure. Besides, the country needs to sensitive on increased transparency, a clear and equitable taxation system and further focus on reducing trade barriers. Through such initiatives, a more welcoming business environment will be created to attract more FDi in the country.
To ensure a strong rule of law, the Kazakhstan’s government needs to institute legal frameworks that will safeguard the rule of law. The rule of law should be predictable to enhance its usefulness in the business environment, facilitating efficiency, which is important for the realization of the country’s development objectives. The legal environment should be transparent to avoid vagueness that may compromise the rule of law. Through such initiatives, the country will enjoy a strong rule of law that is admirable to the international community, thus attracting more FDI into the country.
Reducing trade barriers requires that the government adopt ways through which to ...