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It is important to overcome current crisis without losses - President

19 May 2022 19:27

NUR-SULTAN. KAZINFORM - Even in such difficult circumstances, the country will make every effort to retain and increase investments from the EU, USA, China, and other countries with financial as well as broad technologies competencies, Kazakh Head of State Kassym-Jomart Tokayev told a meeting with reps of domestic businesses, Kazinform correspondent reports.

As the Head of State highlighted the use of price caps in competitive markets requires special attention.

«Price caps are in active use in food, drug, and other retail trade markets. It is likely that that is what is required as of now in the critical stage of our development. However, the Government needs to consider the use of market mechanisms for regulating prices. Speaking generally, it is important to increase competition in all sectors at an accelerated rate. A false sense of control can lead to a total deficit and worse quality. Balance is what is needed. Exessive price regulation of competitive commodity markets вdeprives the country of private investment. As a result, the country is required to invest in such sectors, increasing its presence in business as intransparent and lumbering players,» said Tokayev.

The President stressed that it is important to keep a vigilance and stick to the basic principles of the market economy. This has to do with commodity markets and tariffs for natural monopolies' services.

«Speaking of the investment climate, I'd like to underline that even in such difficult circumstances we will continue to make every effort to keep and increase investments from the EU, USA, China, and other countries having both financial and broad technological competencies. Brotherly Turkey and Central Asian countries are becoming more important trade and investment partners. It is important to overcome the current crisis without losses, while maintaining the established ties and chains. This work needs to be activated in the context of the sanctions,» said Tokayev.

President Kassym-Jomart Tokayev's meeting with reps of domestic businesses is held at Akorda. Protection of business rights, participation of entrepreneurs in the development of the new economic policy, and small and medium business support measures are on the agenda.