Kazakh Government still plans to exit capital of companies in all sectors apart from extraction

The Government still plans to exit the capital of companies working in various realms, including from financial institutions [bailed out following the financial crunch of 2007-2008] as the private sector recovers, Newskaz.ru reports, citing the country’s PM Karim Massimov as saying at a government sitting August 28. “I want to reiterate that the Government doesn’t abandon the principles of the market economy. The Government doesn’t reject the principles of private ownership (…) when the private sector companies, including those working in the financial sector, recover from what they suffered in the crisis period, the priority will be given to the private sector ownership schemes”, the PM said. “Samruk-Kazyna Sovereign Wealth Fund and the Government in general have only occupied the niches where private sector isn’t able to take the role so far (…) We don’t rule out possibilities of attracting foreign investments; if there is an opportunity to attract foreign investments into certain sectors for further effective operations in these particular sectors, the Government will exit the capital of respective companies”, Mr. Massimov said. At the same time he added “extraction sectors are another matter. In all the other sectors the Government gives priority to private enterprises and market economy principles (…) This stance is a major line of the country’s further development”, he summed up.