1. Main
  2. Learn
  3. Economy
  4. Markets

Council of Foreign Investors makes recommendations to Kazakh government

©Tengrinews illustration ©Tengrinews illustration

Investors have asked Kazakhstan to expand the list of countries with visa-free regime, Tengrinews reports. Chairman of the Kazakhstan Council of Foreign Investors Ulf Wokurka made several recommendations during the meeting of the Council of Foreign Investors in Astana on June 4.

The first proposal was to greatly expand the list of countries that have visa free regime with Kazakhstan and to extend the pilot project run by the Kazakh government that enables citizens of 16 countries to stay in Kazakhstan for up to 15 days at a time without needing a visa. The second proposal was to decriminalize tax violations “in case of voluntary repayment of the taxes and fines” and to decriminalize economic relations between private businesses.

The third recommendation was to continue working towards a greater tax certainty. "Namely, consider introducing a provision in the law that in disputes in court all the inherent contradictions and ambiguities of the normative legal acts on taxation shall be interpreted in favor of the taxpayer," Wokurka said.

The Association also proposed to consider improving the conditions to attract developers of mineral resources to fund projects of the autonomous cluster fund "Park of Innovative Technologies" and science park "Astana Business Campus" at the Nazarbayev University.

In addition, it was recommended to explore measures that could help train qualified personnel and ensure they have the knowledge and skills to effectively transfer and practically implement new technologies in priority areas.

In turn, President Nursultan Nazarbayev said that all these points will be taken into account. "Your recommendations are very specific and relevant. I accept them all. On some issues, we have already made decisions, namely in decriminalization of economic activities and taxation. (...) I instruct the government to study the proposals in detail and implement them," the Kazakhstan President said.

In his speech Ulf Wokurka noted that despite a decline in the investment activities around the world, the inflow of investors to Kazakhstan continued to grow.

"Last year, the global foreign direct investment fell by 8 percent, and in the countries with transitional economies the investment fell by almost 50 percent. Despite this, Kazakhstan has seen a steady growth in the inflow of direct investment. In the past 5 years about $20 billion were attracted annually," Wokurka said.

Reporting by Aidana Yussupova, writing by Dinara Urazova, editing by Tatyana Kuzmina

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights