Kazakhstan to support small and medium-sized businesses anew

Kazakhstan to support small and medium-sized businesses anew

Business inspections will be carried out without human intervention in Kazakhstan, from January 1, 2024. The country is set to introduce an automated risk management system which will reduce scheduled inspections of entrepreneurs by half. According to the Organization for Economic Cooperation and Development (OECD), Kazakhstan made progress in reducing the burden on business, the country’s Minister of National Economy Alibek Kuantyrov stated during a Senate meeting. He noted the steady growth of small and medium-sized businesses over the past five years, adding that their involvement in the country’s economy increased from 31 to 36 percent. To date, there are more than two million registered SMEs in Kazakhstan, with nearly 90 percent of them currently operating. Kuantyrov emphasized that the growth of entrepreneurial activity in the country is facilitated by government support measures. Under the new program, the focus will not be placed on subsidies as assistance but on providing guarantees for businesses and encouraging SMEs to consolidate.

“Over the first 10 months of this year, measures of preferential financing covered nearly 9,000 business projects for the amount of 669 billion tenge under the subsidizing instrument and 7,000 projects amounting to 270 billion tenge under the guarantee instrument. The Kazakh Government and the country’s business community have established a systematic and constructive dialogue and regularly discuss systemic issues at meetings of the Council of Domestic Entrepreneurs chaired by Kazakh Prime Minister Alikhan Smailov, weekly meetings chaired by Kazakh First Deputy Prime Minister Roman Sklyar, as well as at the regional meetings between government members and businesses,” said Kuantyrov.