State support not for everyone

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Only companies with high export potential will obtain state support

Today at the enlarged session of the Government chaired by the Head of the State, the Minister of National Economy Erbolat Dosayev told about the next steps in diversification of the economy. The Minister noted that "in order to improve implementation of the service and industrial policy, it is proposed to shift the emphasis on indirect measures of industrial policy".

"Targeted state support will be provided only to companies with high export potential. The most important factor for attracting investment will be a joint investment program for movement of production from China to Kazakhstan", - said Dosayev.

According to the Minister of the national economy, the agricultural sector "should be one of the key drivers of future economic growth of Kazakhstan".

"The main focus, based on the experience of Australia and Brazil through the measures of “green box” of the WTO, will be shifted to the development of the infrastructure for agriculture, agricultural science, introduction of new technologies. Enhancement of the effectiveness of state support will contribute to the reform of the existing system of subsidies, promotion of agricultural cooperation and the formation of private ownership institute for agricultural land plots", - said the Minister.

The Minister also spoke about the measures taken for the oil and gas, mining and manufacturing industries.

The "additional permits for oil and gas companies on gas flaring" were issued already and was "reduced the tax burden by linking export customs duty on crude oil to the world price in 2016".

"We have reviewed the tax rate for low profit deposits, refund of VAT within five years, which was accumulated during the period of exploration work", - said Erbolat Dosayev.

In addition, the head of the MNE has characterized the current situation in Kazakhstan's economy since the beginning of this year, he said that "there is a slow global growth in overall, there can be observed lower prices and demand for basic commodities".

"Thanks to the actions, taken at your initiative in the framework of the state program" Nurly Zhol "and the Plan of operative measures of the Government for 2015-16, the growth of Kazakhstani economy in 10 months amounted to 1%. Industrial production decreased by 1.3% due to decrease in output of the mining industry by 2.2%", - said Dosayev.

"There are issues related to engineering, a significant drop in it, especially in the field of transport engineering it dropped by 29.1%. The negative contribution to GDP growth this year will inflict a decline in oil production by 1.5 million tons of the planned volume, it is approximately 0.22%", - the minister said.

Zhanar Serdalina