Russia vs West confrontation makes Kazakhstan take preventive measures: Nazarbayev

Kazakhstan President Nursultan Nazarbayev has held a roundtable discussion on industrialization with international experts and Kazakhstan officials, tengrinews reports.

The meeting was attended by Prime Minister Karim Massimov, Assistant to the President Yerbol Orynbayev, Minister for Investment and Development Asset Issekeshev, Chairman of the Board of National Management Holding Baiterek Kuandyk Bishimbayev and Chairman of the Board ofKazakhstan Industry Development Institute JSC Aidyn Kulseitov.

Nazarbayev said that it was necessary to adjust approaches to Kazakhstan's development amid the complications in the world market.

"We have completed the first stage of industrialization of Kazakhstan, during which we gained valuable experience, built enterprises, created new jobs. I think we have reached a certain progress. The program has been revised and the second five-year plan starting next year will focus on innovations," the President said.

Nazarbayev stressed that “Kazakhstan decided to take preventive measures in light of the crisis connected to the confrontation between Russia and Western countries.”

He reminded that the new State of the Nation Address made earlier this month envisioned significant government injections to ensure a continued growth of Kazakhstan's economy and creation of new jobs. This, he said, would allow strengthening the financial system of the country and giving an impetus to the development of small and medium sized businesses.

"We have developed programs for all these directions and allocated the funding. Our steps also find support of international financial institutions with which we have reached cooperation agreements. For Kazakhstan with its comparatively small population a simultaneous injection of more than $20 billion into the economy will have a significant effect,” Nazarbayev said.

The president also said that Kazakhstan completed its talks with the European Union on the draft agreement to expand the partnership and cooperation. Moreover, Kazakhstan is at the last stage of entering the WTO.

In addition, Nazarbayev reminded about the economic union between Kazakhstan, Belarus and Russia, which he called “pragmatic”. The Eurasian Economic Union will come into effect next year. 

“Our goal is exclusively pragmatic, since Russia is our main partner and we share about 7.5 thousand kilometers of common border. Kazakhstan is located inside the continent and has no access to the sea. Therefore, the Customs Union which eliminates trade barriers and allows unimpeded access of our cargos to foreign markets is important to us," Nazarbayev said.