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Nur-Sultan - Kazakhstan
4 July 2019
Kassym-Jomart Tokayev takes part in 32nd plenary session of Foreign Investors’ Council
Nur-Sultan, Palace of Independence

In his speech, the Head of State has noted that Kazakhstan is successfully implementing the Nation's Plan for actualizing Five Institutional Reforms, Strategic Development Plan until 2025, large-scale infrastructure and industrial programs initiated by the First President of Kazakhstan – Elbasy Nursultan Nazarbayev.

- The focus is on implementing quality standards of life in OECD countries. Legislation in the field of taxes, business, intellectual property, and finance is consistently improving. Kazakhstan has created a unique institution for the post-Soviet area - Astana International Financial Centre. Thus, Kazakhstan is progressively moving towards its goal - being among the 30 leading countries of the world, said Kassym-Jomart Tokayev.

The Head of State stressed that the processes taking place in the world have a direct impact on the country’s economy. The speech highlighted key factors affecting global economic development, including Industry 4.0, current instability of geopolitical and trade and economic relations.

- Automation and digitalization have sufficiently leveled off labor cost value that those countries that used cheap labor as a resource for economic upturn have already run into significant problems in their development. At this stage, the importance of human capital, especially education, increases sharply. Therefore, it is investments in human capital that contribute to the progress of the country and the growth of the welfare of society, the President said.

Kassym-Jomart Tokayev dwelled on the issues of human capital development in Kazakhstan. According to him, the major objectives at this stage are the transition of the personnel training system to a qualitatively new level, reducing the gap between the quality of personnel training and the labour market demand.

The Head of State focused on specific measures necessary for accomplishing those tasks. In particular, it is necessary to modernize the vocational education system, strengthen the link between higher education and enterprises and business. The President has stressed that the Council of Foreign Investors can contribute to improving the higher education system, creating academic contacts with foreign universities.

- Any company’s wealth is its staff. Therefore, it is important, as the income of enterprises grows, to ensure an adequate increase in employee remuneration. This is a key element of social responsibility. This applies to both home and companies with foreign participation. Equitable distribution of national income is the key objective of any state, said Kassym-Jomart Tokayev.

The Head of State has also told those present that the Cabinet is currently developing a new state program for the development of education and science, which should be widely discussed with the public, including employers and investors.

In conclusion, the President of Kazakhstan proposed that the next plenary meeting of the Council be devoted to the development of non-primary exports.

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