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Since 2006, when Kazakhstan enacted the Law on Entrepreneurship, the creation of small- and medium-sized new businesses has been a priority. With an economy heavily reliant on its oil exports, Kazakh leaders saw the need to diversify to sustain the fledgling democracy and to diminish the country’s overall poverty level. The international oil market with its recent history of volatility has strengthened the Kazakhstan government’s resolve to promote small and medium-sized business growth.
Since its birth in 1991, the Kazakhstan Democracy has stood as a pillar of hope, equality and opportunity in Asia. As the ninth largest county (in land mass) in the world, it ranks 72nd in the Global Competitiveness Report published by the World Economic Forum in 2010-2011. While it is the largest economy in Central Asia, in continues to struggle with business diversification.
Fundamental to building new small- and medium-sized businesses is affordable access to credit. The Asian Credit Fund and non-governmental agencies have provided micro-credit programs to Kazakhstan’s entrepreneurs enabling them to open and expand small- and medium-sized businesses. Other organizations, such as Tengizchevroil’s Small Business Development Group, have developed programs that not only give access to low-interest loans, but also offer incentives for businesses to create new opportunities, increase manufacturing and maximize local employment.
Much is riding on Kazakhstan’s commitment to entrepreneurship. As the economic leader in Central Asia, Kazakhstan’s democratic inclusiveness and its dedication to growing a balanced and diverse economy may well be the lynchpin to regional economic sustainability.
