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OECD Investment Policy Reviews: Kazakhstan 2012

image of OECD Investment Policy Reviews: Kazakhstan 2012

This review assesses Kazakhstan's ability to comply with the principles of liberalisation, transparency and non-discrimination and to bring its investment policy closer to recognised international standards such as the OECD Declaration on International Investment and Multinational Enterprises. Based on the OECD Policy Framework for Investment, the Review considers the interaction and coherence of investment policy with other areas such as investment facilitation, trade and competition policy as well as responsible business conduct practices critical for enhancing the investment climate.

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Summary and Policy Recommendations

Kazakhstan has enjoyed a long period of stability and prosperity, with one of the world’s fastest growing economies over the past decade on the back of high commodity prices. The past decade is in sharp contrast with the post-independence period when the economy suffered through a total of six years of negative growth. Extensive reforms following independence finally paid off and the country was able to profit from the sharp rise in oil prices beginning in 1999. In common with other oil-producing countries, the government has created a sovereign wealth fund with the aim of enhancing competitiveness, economic diversification and sustainable development. The government is nevertheless far from achieving the long-standing goal of diversifying the economy away from natural resources to support broad-based economic development and to mitigate some of the macroeconomic volatility associated with fluctuations in global commodity prices.

English

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