Members of the Mazhilis, the Lower House of the Kazakh Parliament, have adopted in the second reading amendments aimed at developing science cities in the country. The amendments enshrine their status in law and define the conditions for the establishment and operation of scientific territories. These involve the formation of special zones where research centers, high-tech industries, and innovation infrastructure will be concentrated. It is expected that this will accelerate the introduction of innovations into the economy and strengthen cooperation between science and business. In addition, MPs approved a draft law on rating activities in the first reading. The document provides for the establishment of a National Rating Agency responsible for assigning credit ratings to domestic companies and financial instruments, as well as for developing its own risk assessment system. This will increase the transparency of the financial market and expand opportunities for domestic companies in attracting capital. Taken together with the development of science cities, these measures are aimed at strengthening the investment climate and accelerating the country’s technological development.
«The main objective of this draft law is to promote the development of
independent credit ratings for small and medium-sized businesses. This will
help them access the stock market. The more companies obtain such ratings, the
greater their opportunities to secure financing through the stock market and
banks. When making decisions, they will, of course, rely on these ratings when
purchasing securities via the capital market,» noted Madina Abylkassymova, Chair of the Kazakh Agency for Regulation and
Development of the Financial Market.
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