Hundreds of Russian enterprises move to Kazakhstan: Chairman of the Association of Regional Banks of Russia

From the start of 2011 hundreds of Russian enterprises have relocated to Kazakhstan, Profinance.kz quoted Alexander Murychev, Chairman of the Association of Regional Banks of Russia, as saying in an interview for Business Lunch publication. According to him, “Russian enterprises are fleeing forced by somewhat unfavorable investments climate in Russia. Entrepreneurs feel uncomfortable keeping money in Russia due to administrative barriers and tax-related issues”. “Notably, raised insurance fees also spurred capital outflows. The main unfavorable factor is economic uncertainty (…) state support is slanted towards export-oriented industries”, Murychev believes. “Besides, corruption plays a major role to scare off businessmen … coupled with imperfection of the judicial system”, he added. “As a result, for the last half a year hundreds of Russian enterprises have moved to Kazakhstan’s jurisdiction. Businesses are moving to where they can make a greater profit (…)”.