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Kazakhstan has bright prospects within the Customs Union: Sberbank Chief Executive German Gref

18 may 2011, 19:37
German Gref. RIA Novosti ©
German Gref. RIA Novosti ©
Kazakhstan has bright prospects within the Customs Union as the domestic enterprises are competitive and the domestic market is rather narrow, Sberbank Chief Executive German Gref believes, Novosti Kazakhstan reports.

“On the other hand, it is a challenge…stiffer competition. Many companies will not be supporting this: they will be scared of competitors. One of the major tasks of the Government is to help maintain the competition”, he said.

German Gref believes that in the middle term Kazakhstan will enjoy benefits from the Customs Union. “Kazakhstan is phobia-free: you are not afraid of Russian investments or other nations’ investments”.

When talking of a possible accession of both Kazakhstan and Russia into the WTO, Sberbank Chief Executive believes that “experience shows that it is not an easy thing to do”.

The Customs Union between Russia, Kazakhstan and Belarus came into existence on January 1, 2010 to boost trade and investment. According to the statement made at the press-conference in Minsk, the Customs Union was formed on the WTO principles.

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