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Over 400 Russian enterprises registered in Kazakhstan for the last few months

23 may 2011, 14:35
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For the last few month Kazakhstan has seen over 400 Russian enterprises registered in its territory.

“A positive result of the Customs Union is growth of Russian direct investments by 0.5% and registration of over 400 Russian enterprises in Kazakhstan for the last few months”, Prime Minister’s web site quoted Ms. Zhanar Aitzhanova, Minister for Economic Integration.

Kazakhstan’s exports to the Customs Union states in the Q1 2011 grew by 57.2% as compared to the like period of 2010, the Agency for Statistics reported earlier. Exports for the period totaled $ 1.9 billion.Kazakhstan’s imports from the Customs Union grew by 46.7%, reaching $3.2 billion.

Early May Kazakhstan’s Senate ratified the Agreement on concerted principles of currency policies signed in Moscow in December 2010 by the Customs Union states. The sides undertake to harmonize approaches to forming their respective currency policies and to stagedly put in place legal frameworks to facilitate integration in the currency realm. The sides undertake to pursue an economic policy to raise confidence in the national currencies of the Customs Union states both inside and outside their respective currency markets.

Following creation of the Customs Union, Russian companies are mass-seeking registration in Kazakhstan, Alexander Shokhin, Chairman of the Russian Union of Industrialists and Entrepreneurs, reported to Russia’s Prime Minister Vladimir Putin April 22, according to Russia's GZT.ru.

“The state of the business climate in Russia is far from being perfect”, Mr. Shokhin said.

“It is important to harmonize our legislations (…) any lagging behind in terms of national legislation leads to Russian jurisdiction losing its competitive edge over (…) jurisdictions of our neighbours”, Mr. Shokhin said.

“Not only is Kazkahstan more business-friendly in terms of social taxes, but also in terms of property protection”, he believes.

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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