Russia suggests G20 to use Kazakhstan's experience in investments attraction

Russian President’s advisor Sergey Glazyev believes that G20 can use Kazakhstan’s experience in attraction of investments during the crisis, Tengrinews.kz reports. “As you know, both G20 and G8 take decisions based on a consensus. It is very difficult to achieve such decision when the participants have different interests. The main problem that has to be solved is how to reach the consensus that would provide tools for countering crisis amid such a polarity of interests. Kazakhstan, being one of the best countries in terms of attraction of foreign investments, has succeeded in that. Kazakhstan projects show how to combine national advantages of a country that cannot emit the global currency with attraction of long-term investments from the global market,” Glazyev said at the session called Leaders dialog: Ensuring sustainable economic development under G-Global during the 6th Astana Economic Forum. According to him, Kazakhstan's example of countering crisis “could be used in a broader context”. Overcoming the long-drawn global crisis, according to him, lays in development of advanced technologies. “Growth of a new technological structure is the only thing that can currently take the economy out of the crisis. That’s why the main issue is how to channel the excessive money emitted in the form of four global reserve currencies into the advanced technologies that are currently growing at 35 percent per year. I think this plan needs long-term goals, international financial instruments, as well as the debt instruments, such as global bonds for development of infrastructure projects, or international tax instruments with mechanisms for using this money in the world’s major development projects,” Glazyev said. By Baubek Konyrov