Kazakhstan enters top fifty ‘World Economies For Doing Business’

For the first time, Kazakhstan has entered the top fifty of the ‘World Economies For Doing Business’ report, taking 47th place.

This position sees Kazakhstan move up 11 places from the previous year, when the country was also the fastest mover in the 2010 report.

Such growth demonstrates the strength of Kazakhstan’s economy which has made strong progress in protecting local and international investors, and ensuring taxes are paid.

On 1st January 2012, Kazakhstan may experience another economic growth as it implements the Custom Union’s Common Economic Space which will allow free trade of goods between Russia, Belarus and Kazakhstan. This open border enables international companies to reach a potential market of 165 million people.

Prime Minister Karim Massimov said: "The World Bank's report shows our ongoing programme of business reform is working. We are more open to foreign investors than ever before. We are also building an environment in which small and medium enterprises will flourish - as they are at the heart of our drive to build a diverse, resilient and sustainable future economy. Kazakhstan has had twenty years of economic success, but in today's tough financial times, it is the Government's responsibility to continually improve the business environment and maintain the march up the rankings."