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Nazarbayev says Kazakhstani companies should compete globally 06 октября 2014, 19:41

The President of Kazakhstan said some Kazakhstani companies achieved high regional standards and needed to aim higher.
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©Turar Kazangapov ©Turar Kazangapov

Nursultan Nazarbayev said that Kazakhstani companies needed to raise their standards and compete internationally, Tengrinews correspondent reports.

"Together with Sir Evans (Member of the Board of Directors Samruk Kazyna JSC Sir Richard Harry Evans) we have created Air Astana from scratch, there was no aviation in Kazakhstan, it practically stopped, it really didn’t exist,” Nazarbayev said at Samruk-Kazyna Transformation Forum.

“With a lot of doubts we created a small company. And today, Air Astana is the leader on the post-Soviet space, it is ready to reach the best world standards and show the best performance in Asia in terms of security, transparency, quality and volume of services," Nazarbayev said.

The president said that companies like KazMunaiGas, a large oil and gas company, and Kazakhstan Temir Zholy, a railway company, were also on a good footing. These three companies are close to the best standards and occupy leading positions in the post soviet space.

"But the point is that they should be competing with the world's best companies, [because] they don't have any competition in Kazakhstan. We have invited you to help us accomplish this task," Nazarbayev said addressing the international experts who attended the forum.

The President said that the Fund was initially created to stimulate the local companies to improve their competitiveness. However with the economic crisis of 2008, the entity was forced to engage in addressing the ensuing problems, so the fund bailed out several of the country's second-tier banks.

"Now is the time the fund returns to the task it was created for," Nazarbayev declared.

The Transformation Forum took place on October 6 and gathered famous experts from all over the world, such as Nouriel Roubini and Ichak Adizes, and representatives of international financial institutions, such as the EBRD and OECD, the press service of the Fund informed.

Modernization of the Welfare Fund in the framework of the Transformation Program aims to improve its investment attractiveness, optimize business processes and portfolio structure and rid its structure of bureaucratization in a large-scale reorganization.

The Fund's leaders announced the plan to implement the Transformation program at the end of February this year. Nazarbayev instructed finalizing the document by September 2014. The program was approved on September 5, 2014 at a meeting chaired by Kazakhstan's Prime Minister Karim Massimov.

The document was developed in collaboration with international consultants. Its goal is to serve as a key tool for bringing Kazakhstan onto the list of top 30 developed countries of the world, Samruk Kazyna said.

Reporting by Renat Tashkinbayev, writing by Dinara Urazova

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