Mazhilis approves document on industrial policy

Businesspeople in Kazakhstan can apply for industrial grants. The adoption of the draft law “On industrial policy” will provide a new tool for supporting companies in the industry. Today this document was considered and approved in the first reading by Mazhilismen, members of the Lower House of Kazakh Parliament. According to Kazakh Minister of Industry and Infrastructure Development Beibut Atamkulov, monitoring of the implementation of industrial policy will be conducted through the single industrialization map. This will allow centrally monitoring the progress of projects and timely solving emerging problems, he said. Nearly 20 incentive measures for business will be available as part of the industrial policy.

“At the request of enterprises, a new method of incentives was developed – an industrial grant. It will be provided for the modernization of their production through co-financing. The new measure will provide technological support for enterprises and improve the quality of products. The bill also regulates the issues of the functioning of the Industrial Development Fund. It will become the operator of incentive measures such as leasing financing for the purchase of equipment, as well as concessional lending to industrial innovative projects at a rate of no more than 3 percent,” Atamkulov said.

Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova