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ACSAAC, MFA and MID RK signed a memorandum of cooperation on protecting the investors’ rights

An international business-forum titled: «Investment Climate in the Republic of Kazakhstan: Investment Ombudsman and Anti-Corruption Mechanisms” took place today in Astana city.

The forum was attended by Chairman of the Agency of the Republic of Kazakhstan for Civil Service Affairs and Anti-Corruption, Alik Shpekbayev, Minister of Foreign Affairs, Kairat Abdrakhmanov, Minister for Investment and Development of the Republic of Kazakhstan, Zhenis Kassymbek, Commissioner for the Protection of Entrepreneurs' Rights of Kazakhstan, Bolat Palymbetov, deputies of the Senate and the Majilis of the Parliament of the Republic of Kazakhstan, representatives of diplomatic missions in the Republic of Kazakhstan, local executive agencies, Astana International Financial  Centre, foreign and Kazakhstan business circles, international financial institutions and representatives of the public.

The forum discussed the issues of improving the investment climate, creating the favorable conditions for attraction of investments, protecting the investors’ rights, the work of the Investment Ombudsman, combating corruption, reducing the costs for business and others.

As part of the business-forum, a memorandum on cooperation was signed between the Ministry for Investment and Development of the Republic of Kazakhstan, the Ministry for Foreign Affairs of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan for Civil Service Affairs and Anti-Corruption of the Republic of Kazakhstan. The memorandum provides for the creation of a special Project Office “Protecting Investments”, joint monitoring of compliance with the legislation as part of the inspections of investment businesses and prevention of violation of the legislation by the state agencies, rapid exchange of information, holding joint meetings on a regular basis.

In 2017, more than 43 appeals were addressed to the Investment Ombudsman, in 11 appeals were taken appropriate steps to ensure the compliance with and protection of the rights of legitimate investors (issues were resolved in favour of investors), in 18 appeals were made recommendations for their resolving (clarifications were given, meetings were held, etc.), 14 appeals were not within the competence of the Investment Ombudsman (a matter of dispute between businesses, proceedings and others).

More often investors face difficulties in the areas of the tax, customs and labour legislation, as well as in the licensing and land relations.