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OECD Investment Policy Reviews: Kazakhstan 2017

image of OECD Investment Policy Reviews: Kazakhstan 2017

This review, which was prepared in response to Kazakhstan's 2012 request to adhere to the Declaration on International Investment and Multinational Enterprises (OECD Declaration), analyses the general framework for investment as well as most recent reforms, and shows where further efforts are necessary. It assesses Kazakhstan’s ability to comply with the principles of openness, transparency and non-discrimination and its policy convergence with the OECD Declaration, including responsible business conduct practices. Capitalising on the OECD Policy Framework for Investment, this review studies other policy areas that are of key relevance to investment such as SME policy, infrastructure development, trade policy as well as anti-corruption efforts. Since the first review of Kazakhstan, in 2012, the authorities have made strides in opening the country to international investment and in improving the policy framework for investment as part of their efforts to diversify the economy to avoid continued overreliance on oil. Additional policy measures are nevertheless required to create a stimulating environment for investment if the government wants to fulfil its goal of economic diversification and sustainable development.

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Investment promotion and facilitation in Kazakhstan

The legal regime faced by foreign investors, the protection granted to them, and the design of the country’s tax policy are only a part of the overall investment environment. The quality of domestic regulations and administrative procedures, the incidence of corruption as well as policy transparency and coherence also influence countries’ ability to attract and retain investment. Kazakhstan has recently undertaken many steps to improve the quality of its overall investment climate, including through administrative simplification, changes to the regulatory process and efforts to reduce corruption and other forms of unfair treatment of businesses. In many areas it is too early to assess the impact of recent legal changes while, in others, challenges related to implementation and enforcement persist.

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