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To reduce the investment threshold for food and light industry enterprises

It is proposed to reduce the investment threshold by half for newly created facilities of food and light industries. The Minister of National Economy Ruslan Dalenov said, presenting amendments to the draft law “On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan to Restore Economic Growth”, the correspondent of the Kapital.kz business information center reports.

“From 2 million MCI (KZT5.6 billion) to 1 million MCI (KZT2.8 billion),” Ruslan Dalenov said while discussing the bill.

In order to create favorable conditions for business entities, it is proposed to consolidate the function of introducing the Government for Business web portal according to the one-stop shop principle, as well as introducing the Register of Business Partners.

The Minister highlighted that the comprehensive plan to restore economic growth by the end of 2020 includes 164 events in 10 directions.

“The proposed amendments provide for alterations and additions to 81 legislative acts, including 14 Codes and 67 Laws in 9 directions. They concern attracting investment, developing entrepreneurship and the real sector, a sustainable financial market, digitalization, project management, monetary, social and trade policy. In particular, it is proposed to introduce a new instrument to attract investments - an investment agreement. Procedures are to be optimized and PPP mechanisms are to be enhanced,” Ruslan Dalenov said.

The Minister spoke about several more amendments, for example, in order to unify the norms of the legislation, it is proposed to make the base rate the main instrument of monetary policy instead of the refinancing rate.

“To sustain the financial market, amendments are proposed to improve the mechanism for providing a syndicated loan. This will allow several banks, international financial institutions to provide a loan to a borrower under one agreement. For branches of non-resident banks, insurance (reinsurance) non-resident organizations, it is proposed to determine requirements similar to those of the country's financial organizations,” he said.

The activities of microfinance organizations are proposed to be equated with financial ones to maintain fair competition and protect the rights of consumers of financial services.