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Friday, August 18, 2017

Kazakhstan's investment reforms facilitated by World Bank

The World Bank announced the results on Wednesday of its regulatory reforms that were designed to provide a better investment climate in Kazakhstan.

Kazakhstan's government requested World Bank support in 2011 on reforming its national permits system. They developed a new system based on international practices, leading to the government approval of the Concept of State Regulation of Entrepreneurial Activity 2020 in June.

The concept sets firm foundations for building a modern regulatory system in Kazakhstan, offering a clear and transparent legislative and administrative framework for businesses and regulators. The system provides a clear separation between the regulated and non-regulated areas of business activities and a concrete methodology for the development of appropriate permit instruments.

More than 750 permit documents were reviewed based on a new risk and activity type categorization in 2012-13. The application of new principles may result in a 43 percent decrease in the compliance burden for businesses, according to a standard cost model-based analysis.

The World Bank also reviewed the draft Law on Permits and Notifications in December. It will be submitted to Kazakhstan's Parliament for approval later this month.