In his annual
state-of-the-nation address, President Kassym-Jomart Tokayev set the course for
the country’s development in the year ahead. He outlined key tasks, with a
particular focus on investment. The Head of State instructed the launch of a
new investment cycle to channel capital not only into the raw materials sectors
but also into manufacturing. He noted the need to revise the investment policy
and pointed out that incentives should be provided for those investing in high
technologies.
«The Government, together with the National Bank,
needs to develop an investment program worth up to $1 billion for high-tech
sectors of the economy. To successfully launch a new investment cycle, it is
necessary to more actively involve second-tier banks in financing the real
sector,» Tokayev noted.
An important step in this direction will be the
adoption of a banking law. It should take into account technological changes
and the needs of the economy.
«The law should provide for ways to strengthen
competition and attract new participants to the market, as well as address the
promotion of fintech and the liberalization of digital asset transactions,» Tokayev said.
The financial system is also in focus. The Head of
State instructed the creation of a Digital Asset Fund to accumulate a strategic
crypto reserve. He also emphasized the importance of scaling up the use of the
digital tenge in state holding projects, as well as within national and local
budgets. In attracting investment to the regions, a particular role is assigned
to special economic zones and socio-entrepreneurial corporations. The Head of
State noted that work with them also needs to be revised: in the case of the
former, management should be transferred to private companies, while the latter
should be transformed into development institutions.
«Successful investment attraction is the result of
coordinated work of both central and local executive bodies. To consolidate the
direct responsibility of all governors, it is necessary to introduce a regional
investment attractiveness index based on the Agency for Strategic Planning and
Reforms. Independent experts may also be involved in this work,» Tokayev added.
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