Economy of Kazakhstan

Kazakhstan is one of the richest countries of the world as concerning its natural and manpower resources.

After gaining independence Kazakhstani economy is oriented to the creation of free market in democratic society.

Privatization of the state property has been going on since 1992.

The private sector of Kazakhstan is experiencing an unbelievable growth making the basis for the future economic stability of the state.

Kazakhstan is open for the foreign investments into its economy.

In spite of hardships of the transition period, President’s program “Kazakhstan 2030” guarantees the formation of democratic society with the developed economic system that will make our country one of the most prosperous state in the world.

Kazakhstan is rich in natural resources. It has vast reserves of oil and natural gas. There are major deposits of coal and precious and base metals. Kazakhstan has potential in both grain and prosperous production. Development of these natural resources has been hampered by the fact that Kazakhstan is a landlocked country and potential export routes are vulnerable to political and economic conditions in neighboring countries. Nevertheless, the abundance of natural resources has attracted considerable interest among international companies.

Major reforms initiated since 1992 have among other achievements, largely removed price controls and reduced the role of the public sector in the economy, emphasized growth in the industrial and service sectors, liberalized foreign trade, reduced tariffs and promoted export growth, eased capital transfer and exchange controls, encouraged foreign investment, strengthened the independence of the National Bank of the Republic of Kazakhstan (the “NBK”) and moved towards full convertibility of the Kazakhstan Tenge (“KZT”) as well as a reformed tax and customs system.