OECD Report hails Kazakhstan's economic reforms
According to the OECD's Investment Policy Reviews: Kazakhstan, Kazakhstan has successfully reduced bureaucratic hurdles for investors and allowed the free repatriation of profits. It also lifted restrictions on equity in banking and insurance, the report said.
The OECD report recommends Kazakhstan's policy makers for setting three priorities: streamlining its foreign investment regime, improving its investment climate and promoting responsible business conduct, News Bulletin of the Embassy of the Republic of Kazakhstan to the US reads.
At a session of the OECD Council in November 2011, Kazakh Prime Minister Karim Massimov presented Kazakhstan's bid for obtaining the status of a permanent observer in the four key committees of the Organization: the Investment Committee, Education Committee, Committee for Agriculture and the Committee on Industry, Innovation and Entrepreneurship.
In his address to the session of the Permanent Council, Massimov said, "For any nation that aspires to build strong institutions, hold government accountable, the OECD and its member states are the standard to follow."
He added: "When the OECD was created half a century ago, few could have imagined that Kazakhstan would become independent - let alone one of the ten highest performing economies in the world, now embarking on systematic, system-wide reform."
In the last two decades, Kazakhstan has maintained strong economic growth, increasing per capita GDP 12 times from less than US$ 700 to nearly US$ 11,000. The country ranks in the top three of the world's rapidly growing economies and is classified by the World Bank as an upper-middle-income nation. Thanks to its prudent economic management and oil wealth Kazakhstan has transformed from a net recipient of foreign direct investment into a major foreign investor of its own.
"We look to the day when a Kazakhstani ambassador might join the OECD's ranks," Massimov said.
In a sign of the growing cooperation between Kazakhstan and the OECD, Kazakhstan will also introduce a visa-free regime for citizens from the 34 OECD member countries. Already an active member of the OECD Eurasia Competitiveness Program, Kazakhstan set up a Council for cooperation with the OECD in 2010.
Founded in 1961, the OECD is one of the most respected dialogue platforms for multilateral negotiations on economic issues. The primary goals of the OECD are to ensure sustainable economic growth, to raise standards of living in the member states and to facilitate global multilateral trade expansion. Its mandate covers economic, environmental and social issues.
