Summary of the session «Building a more diverse economy: Constraints and Opportunities for Diversification»

Session «Building a more diverse economy: Constraints and Opportunities for Diversification» was held as part of Astana Finance Days 2022 in a hybrid format with participation of experts in macroeconomics and economic growth.

Kazakhstan should formulate diversification strategy by analyzing what binding constraints exist for success. One of such constraint is lack of qualified staff that could be resolved by liberal migration policy to import skills for production of complex products with higher value added.

Becoming more important alternative energy sources are hard to transport. Hence Kazakhstan as a country with higher potential of “green” energy has opportunities to attract energy intensive productions of more complex products.

Experience of other countries might be useful. Example of Singapore shows importance of institutions and mobilizing state resources (including efficient requirements for tax incentives) for a successful diversification.

Based on analysis of main binding constraints and opportunities of product space expansion, an investment strategy will allow to move from commodities, increase inclusivity, and ensure sustainable development.

The Eurasian Resources Group (ERG) is the general sponsor of Astana Finance Days 2022.

Reference:

Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz