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European investments into Kazakhstan will shrink

22 february 2012, 13:37
Tan Chin Tiong, professor of the Pennsylvania State University. Photo by Dmitry Khegai©
Tan Chin Tiong, professor of the Pennsylvania State University. Photo by Dmitry Khegai©
Europe will be reducing its investments into Kazakhstan, Tengrinews.kz reports citing Tan Chin Tiong, professor of Pennsylvania State University as saying at Asia 2020 workshop organized by the International Academy of Business.

The meeting covered trends of modern societies Central and South-East Asia and prospects of their development by 2020. In particular, Tiong noted that the flow of investments to Kazakhstan may shrink significantly because of the crisis in several European countries. According to the professor, Europe needs around 5 years to solve its economic problems.

At the same time Tiong advised Kazakhstan to give a close attention to Asian countries like China and Singapore. According to him, Kazakhstan needs to improve its investment attractiveness for East-Asian region. Tiong noted that Kazakhstan has all the prerequisites for that, as Kazakhstan’s industry is well-developed and the land is rich with mineral resources.

The professor also talked about development of entrepreneurship in Kazakhstan. He noted that each country needs its own methods for managing business and personnel and using finished foreign management models is not always to best solution. He gave an example of international companies, where personnel is managed with its multi-nationality taken into consideration. He added that it is important that the company managers hear out the employees’ opinion and welcome their initiatives. In the end Tiong said that special attention should be given to young people as they are the generation of future managers.

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