Tokayev wants to make a deal with big business

On September 12, President Kassym-Jomart Tokayev met with representatives of Kazakhstani businesses in Akorda, the presidential palace in Astana. During the meeting, they discussed a range of issues related to economic growth, asset recovery and a new wave of industrialization.

Tokayev emphasized that the interests of the state and businesses must be respected equally during the process of asset recovery. He also called on Kazakhstani moguls to actively invest in big projects in the spheres of metallurgy, chemistry, machine building and other industries.

«I want at least 15 large projects in metallurgy, chemistry, machine engineering and other industries to be implemented. This is a task for both the government and business. The state budget is limited, while as a manager, the government isn’t the best option. Therefore, I’d like to appeal to our prominent businessmen. You have finances, experience, and established connections in global markets. You are capable of implementing such projects. Show us that you are ready to invest in the development of our country,» Tokayev stated.

He also underlined that investments in such production would be seen as a serious intention to prove the legitimacy of the assets, and warned that the window for such a compromise is rapidly narrowing.

«The government is always respectful and protective toward honest and patriotic businesses. I’ll be honest with you: any investment in such production will be considered as a serious bid to prove that your assets were obtained legally. If the capital works not only for the benefit of its owner but also for the benefit of the national economy, and for the prosperity of Kazakhstan, this is a good argument to drop questions about how this money was obtained. However, the window of opportunities for such a compromise is rapidly narrowing. I hope this is clear for you,» the president emphasized.

Tokayev has also instructed the cabinet to deploy all the financial, technological and human resources of big businesses in order to diversify the country’s economy.

On September 1, Tokayev delivered his address to the nation where he mentioned «the forming of the solid industrial skeleton of the country and ensuring it is economically independent» as the most important task. He also said that the country has to accelerate the development of the processing sector and launch «truly life-changing» projects.