Image by KOREA.NET - Official page of the Republic of Korea via Flickr
Kazakhstan is one of the more prosperous countries from the former Soviet Union that has been able to monitor its economy and maintain growth through factors like Forex trading and international businesses. What has helped Kazakhstan is that it has vast oil reserves that can help to generate billions of dollars a year in revenue. But if the country was going to continue to grow, it needed economic reform and foreign investment.
Kazakhstan President Nursultan Nazarbayev recognized the importance of a stable economy and foreign investment when he took office in 1998. His first order of business was to secure the financial stability of the older citizens of Kazakhstan. A series of reforms were instituted that helped to stabilize pension funds for Kazakhstan workers. The government also set up a pension fund of its own to offer assistance to low-income retirees.
The next step in increasing international investment in Kazakhstan was to establish a strong banking environment that would entice foreign banks to set up offices. By 2007, the Kazakhstan banking system had over $1 billion in capital and it was growing rapidly.
This new-found economic stability, along with tax reforms that made it easier to invest in Kazakhstan. This enticed several international banks to set up shop in Kazakhstan and begin generating tax revenue, investment opportunities and jobs for the citizens.
The Kazakhstan economy continues to grow as more foreign investors put resources into the country. The country’s economy enjoys a trade surplus and has worked with several international financial organizations to bring more investment into Kazakhstan.
