Kazakhstan raised $300 billion of direct foreign investment in 20 years

Over the past 20 years, Kazakhstan has raised $300 billion of direct foreign investment, which contributed significantly to the creation of new jobs and a major development boom, reflected in the strong economic infrastructure of the Central Asian country.

Address the Kazakh citizens last week, President Nursultan Nazarbayev said: "Over the years of our independence we have achieved a great deal. Having created a modern progressive state with a dynamic economy, we have ensured peace and public harmony. We have made qualitative and historically significant structural, constitutional and political reforms."

We have managed to strengthen the international standing of Kazakhstan and its geopolitical role in the region, he added.

"Kazakhstan has become the first state among the CIS and Central Asian countries to be chosen by the global community to host the international exhibition - EXPO 2017. We have built a new capital, Astana, which has become a financial, business, innovative and cultural center of the Eurasian region," President Nazarbayev said.

He went on to say that the population of the country now exceeds 18 million people, with life expectancy reaching 72.5 years.

"Over the past 20 years, the country has raised $300 billion of direct foreign investment. We see the development of small and medium-sized enterprises serving as the foundation for our economic prosperity," he said, pointed out that Kazakhstan now ranks 36th among 190 countries in the World Bank Doing Business index.

"We have always responded to external challenges in a timely manner and have been prepared for them. In this regard, I have put forward relevant policy initiatives to modernize the country. Their implementation has become the main factor of our successful development," he said, spelling out that the government's strategic goal is to join the club of 30 developed countries of the world by 2050.

Nazarbayev noted that in 2014, Kazakhstan started implementing a comprehensive program Nurly Zhol (path to the future) designed to modernize the country's infrastructure, after the announcement of the Plan of the Nation � 100 Concrete Steps.

"Furthermore, we launched the Third Modernization of the country. Its main aim is creating a new model of economic growth ensuring Kazakhstan's global competitiveness," he said.

The Kazakh leader said the sustainable development of the country inspires great hope to further increase the people's quality of life. Meanwhile, he expressed the country's readiness to tackle new challenges.

Nazarbayev stated that the world is changing rapidly and that the foundations of the global security system and international trade rules that seemed unshakable are now crumbling. He cited that new technology, robotics and automation complicate the requirements for labor resources and the quality of human capital.

He said a completely new financial system architecture is being built. At the same time, stock markets are creating another bubble" that may provoke another financial crisis.

"Today, global and local problems are intertwined. In this context, the development of the state's main asset � an individual � is the response to challenges and the guarantee of its success," he added.

"The Government, each and every head of a state agency or state company needs to reconsider their work approaches. The growing welfare of Kazakh citizens must be the highest priority. This is the criterion I will refer to in assessing personal performance and compliance with the office," President Nazarbayev stressed.

Source: International Islamic News Agency