Age of oligarchic capitalism in Kazakhstan is over

President Tokayev shared his vision of the new reality for businesses

The old era of oligarchic capitalism in Kazakhstan is dead, long live the new era of social responsibility, according to President Kassym-Jomart Tokayev. During his official visit to the Karaganda region, he talked about these changes in the country’s approach toward businesses operating within its territory.

He also noted that the government is keeping an eye on all large commodity companies operating in the country as people want big businesses in Kazakhstan to be highly efficient and socially responsible.

“We are going to do everything needed to prevent capital from being illegally withdrawn from our country. We are also keeping an eye on social programs these companies are implementing,” the president highlighted.

Tokayev noted that the modernization of production processes and the introduction of eco-friendly technologies are the top priorities for the government, which also wants businesses to obey the national tax legislation. 

“If a big production company is reluctant to meet these requirements, we will be forced to stop our cooperation. This is not an abuse, these are simple, clear and fair rules common for the entire civilized world,” he said.

During his visit to the region, President Tokayev criticized local officials for being sluggish in the construction of the Karaganda-Balkhash and Balkhash-Burulbaytal highways. He urged them to do their best and finish the projects next year.

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