Based on the OECD Policy Framework for Investment, which helps to evaluate various policies relevant for a country’s investment climate, Kazakhstan has deployed significant efforts to improve its investment environment. Recent initiatives have focused on reducing administrative burdens for small and medium-sized enterprises, including simplifying registration procedures and reducing minimum capital requirements. But performance is not yet satisfactory in areas such as public consultation. Corruption also remains a serious challenge, and investors still complain about inadequate enforcement of intellectual property rights protection although an adequate legal framework is now in place. Investment promotion and facilitation are a priority for the government but could be further streamlined. Kazakhstan’s pending accession to the WTO will be an important step in enhancing the transparency and predictability of the country’s trade policy. The entry into force of the Customs Union between Belarus, Kazakhstan and the Russian Federation means gradual harmonisation in the business environment in the CU area which might lead to some reallocation of economic activities among the member countries.