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Kassym-Jomart Tokayev identifies key factors of economic growth

12 April 2019
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President of Kazakhstan Kassym-Jomart Tokayev instructed to ensure close coordination between enterprises that manufacture and purchase products, the official website of Akorda reports.

A serious factor in the economic development of the Mangystau region and the whole country should be government procurement, as well as the procurement of Samruk-Kazyna’s companies and subsoil users.

“Last year, in monetary terms, they together exceeded 10 trillion tenge. This is a ready and effective demand for our enterprises ... I want to emphasize that the money of the state and quasi-state sectors are taxes of all citizens of Kazakhstan. And therefore, they should be used in an economical and efficient manner in order to develop Kazakhstani industry and business, ” Kassym-Jomart Tokayev said.

President said that it is necessary to ensure close coordination between domestic enterprises that purchase products and produce the necessary product mix.

“I instruct the ministries, holdings and akimats to form a medium-term balance of demand for key commodity items and send the relevant information to the Atameken NCE RK. The National Chamber of Entrepreneurs should prepare on its basis a balance of proposals from domestic enterprises. It is important to put this work on a system basis. If necessary, the Government should adopt the relevant regulatory act. In turn, our enterprises should offer competitive products with foreign analogues,” Kassym-Jomart Tokayev said.

President noted that it is impossible to live and rely only on the oil industry. In today's world, it is simply irrational. It is expected that in the long perspective the significance of oil as an energy resource would be declined, therefore, it is necessary now to step up work to diversify the economy.

“The basis for economic growth and well-being of the regions is investments. It is necessary to more effectively use all available opportunities and reserves. Our free economic zones, in particular, the Seaport Aktau SEZ has an attractive investment potential. Mangistau has a number of serious advantage in tourism development. This sector also opens up great prospects for the country. Efficient use of our country's transit capabilities is one of our long-term priorities,” President’s address stated.

The Head of State also stressed that the development of small and medium-sized businesses means new jobs, incomes and an improvement in the quality of life of the population.

“We are witnessing positive trends in lending to the economy and lower interest rates. Since the beginning of the year, the growth of new loans in industry amounted to 40.3 per cent, in trade - 17.6 per cent. Rates on tenge loans dropped to 12.4 per cent. This trend is important to maintain and strengthen. Therefore, I am instructing the National Bank this year to work out mechanisms for further reducing lending rates and increasing the volume of financing for the economy. This work must be constantly kept in sight, which I myself will do. The availability of loans should be increased, especially for business,” Kassym-Jomart Tokayev said.

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