President Of Kazakhstan Signs Decree On Measures To Liberalize Economy

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, May 10. President ofKazakhstan Kassym-Jomart Tokayev has signed a decree“On measuresto economic liberalization," Trend reports via Akorda.

The decree promotes competition, reduces governmentalinvolvement in the economy, and lowers company costs to promoteentrepreneurship freedom, per the President of Kazakhstan'sFebruary 7, 2024 directive.

Key provisions include the creation of the National Office forPrivatization under Kazakhstan's Agency for Protection andDevelopment of Competition, which defines and compiles a list ofstate assets for privatization.

Furthermore, the article outlines steps to improve the autonomy,quality, and governance of Samruk Kazyna Wealth Fund and itssubsidiaries, as well as streamline their procurementprocedures.

Furthermore, specific measures are outlined to enhancecompetition in commodity markets.

Proposed measures include regulatory reform and businessliberalization. Technical conditions and utility connections can besimplified and digitized, as can customer access toquasi-governmental organization services.

Furthermore, it directs the use of projects that adhere toadvanced international construction standards without requiringcompliance with Kazakhstani documentation standards.

Another provision of the decree protects business rights andlegitimate interests. These steps include decriminalizing economicoffenses and harmonizing government restrictions withprosecutors.

Implementing the decree will accelerate the significantreduction of the public sector's share in the economy, therebycreating more economic opportunities for privateentrepreneurship.

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