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Financial and Economic Development of Kazakhstan: Implementation of Investment Opportunities

Nurilya K. Kuchukova () and Lyazzat A. Talimova ()
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Nurilya K. Kuchukova: L.N. Gumilyov Eurasian National University, Nur-Sultan 010008, Republic of Kazakhstan
Lyazzat A. Talimova: Karaganda Economic University of Kazpotrebsoyuz, Karaganda 100009, Republic of Kazakhstan

Finansovyj žhurnal — Financial Journal, 2019, issue 6, 108-125

Abstract: The article is devoted to the study of investment opportunities of Kazakhstan for accelerated technological modernization of the economy, since in the new global reality, active innovative industrialization of the country is the most important priority of the new model of economic growth in the framework of the fourth industrial revolution. The article discusses ways to solve the problem of the lack of sufficient financial resources for a quality update of fixed assets of the industry. For the Republic of Kazakhstan, the most attractive sources of financing for industrial and innovative activities are foreign investments, the development of a guarantee system that will expand the possibilities of bank lending, as well as the use of syndicated lending and venture investment mechanisms. In addition, an important way to attract portfolio foreign investment in the country along with direct foreign investment is to develop the stock market, in particular, the Astana International Financial Center, which will facilitate the entry of large institutional and private investors into the Kazakhstani market. It is concluded that in order to attract potential investors to the Kazakhstan market, it is necessary first of all to reduce taxes, because currently the total tax rate in Kazakhstan is high. Along with this, it is necessary to introduce incentive incentives specifically for investment in the manufacturing sector, since at present the bulk of investments are in the extractive industry.

Keywords: financial and economic development; investment opportunities; Kazakhstan; the fourth industrial revolution; sources of financing investments; Astana International Financial Center; digital technologies (search for similar items in EconPapers)
JEL-codes: H54 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.31107/2075-1990-2019-6-108-125

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