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Get to Know About Kazakhstan
Kazakhstan is a transcontinental nation of Central Asia and the World’s largest landlocked country. It shares its borders with Uzbekistan, Russia, China, Kyrgyzstan, and Turkmenistan, and also attaches a large section of the Caspian Sea. The capital is Nur-sultan in the north-central part of the country, but the largest city is at Almaty.
The larger section of the population 34.7 percent are Russian, with others such as Ukrainians, Koreans, Turks, Chechnians and Tatars making up another 17 percent. The state’s official language is Kazakh with Russian as the co-official language. The population is estimated to be approximately 18.4 million.
Kazakhstan’s main economic bedrock lies in its massive hydrocarbon and mineral reserves. Likewise, it has potential in the agricultural sectors such as livestock and grain. It follows that the attempts to diversify the economy by pursuing sectors like transport, pharmaceuticals, telecommunication, and food processing shall improve the doing of business in Kazakhstan. External factors such as a decline in commodity prices, fiscal issues like the devaluation of its currency (Tenge) in 2014 slowly affected its economic growth. Despite Kazakhstan’s positive institutional and legislative transformations several years back, many of the investors are troubled about bureaucracy, corruption, and arbitrary law enforcement.
Doing business in Kazakhstan will greatly depend on tangible reforms on the banking sector, transparency, and accountability, stabilization of its foreign currency and diversification of its economic sectors. Some levels of positivity are imminent, especially in the agricultural sector.