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Kazakh President calls to look for new markets for domestic products 13 февраля 2015, 01:30

President of Kazakhstan Nursultan Nazarbayev has declared it is time for domestic enterprises to search for new markets to sell their products instead of Russia.
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Photo courtesy of misionverdad.com Photo courtesy of misionverdad.com

President of Kazakhstan Nursultan Nazarbayev has called Kazakh companies to look for new markets to sell their products instead of the neighbouring Russia, Tengrinews reports from extended government meeting in Akorda on February 11.

The statement was made in the context of the deteriorating conditions Kazakhstan's domestic enterprises are in as a result of the nearly 80% depreciation of the Russian ruble. With the currency being so underpriced Russian products have become much cheaper and are virtually pushing their Kazakh competitors out of business. Russian products are flowing into Kazakhstan through open customs borders while the Kazakh producers are unable to sell any of their products either in Kazakhstan or in Russia.

"Our industrial companies are feeling the market situation in Russia, don’t they? What have they learned from this situation? First - we need to diversify, and second - we need to look for other markets. There is China," Nazarbayev said to the Minister for Investment and Development of Kazakhstan Asset Issekeshev.

"We will be developing, we will send more goods to where we can sell more goods. This is a good lesson for the future, it should get everyone thinking. There is something good in every bad situation," Nazarbayev said.

Akim of Pavlodar Oblast Kanat Bozumbayev replied that all the region's businesses had been instructed to seek new markets to remain competitive. He also emphasized that job cuts would not be allowed.

Reporting by Assemgul Kassenova, writing by Dinara Urazova, editing by Tatyana Kuzmina

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