Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Monday, June 25, 2018

World Bank, Kazakh officials discuss entrepreneurial regulation

The World Bank and the Ministry of Regional Development of Kazakhstan held a workshop last Friday to discuss policy regulation of entrepreneurial activity.

The two sides have worked together on various aspects of regulatory reform since 2011, resulting in best international practices being studied and implemented into law, the bank said in a press release.

"Kazakhstani business should really feel the improvement of the business climate," Bolat Zhamishev, Kazakhstan's minister of regional development, said. "We see a real growth of the private sector as a result of our work."

The workshop provided members of parliament and various ministries, as well as business associations, an analysis of the current regulatory policies and environment in Kazakhstan and shared lessons learned from international models.

"The World Bank has been a long-standing development partner to the government of Kazakhstan, and over the past years we have witnessed the important efforts from authorities in improving the investment climate in the country," Sebnemm Akkay, the World Bank's country manager for Kazakhstan, said. "As we continue our successful collaboration on regulatory reform, we believe it is important to focus on strengthening the public sector institutions that will improve the quality of all regulation and consolidate an enabling environment that fosters the attraction and retention of investments in the economy."