Tokayev announced the end of the era of oligarchic capitalism in Kazakhstan

President of Kazakhstan Kassym-Jomart Tokayev said that the era of oligarchic capitalism is ending in the country. Instead, there comes a period of social responsibility of the government to the citizens of the country.

Tokayev’s words are quoted by the press service of the head of state in Telegram-channel. The President said that the authorities of the republic closely monitor the activities of large mining companies in the country. They will not allow the illegal withdrawal of capital abroad.

And Tokayev also stressed that special attention will be paid to the modernization of production, environmental protection and tax payments. In the event that large enterprises do not comply with the conditions, the partnership will be terminated.

Meanwhile Tokayev explained that a one-time seven-year term of office of the head of state will not allow to monopolize power in Kazakhstan. He added that this measure would put a powerful barrier to attempts to monopolize power and give impetus to the emergence of capable and responsible politicians. Early presidential elections in Kazakhstan are to be held on November 20, 2022.

In June, the President of Kazakhstan announced the need getting rid of favoritism, oligarchy and oligopoly in the politics and economy of the country. According to him, there should be social justice in the country. He noted that it is necessary to select “very capable, patriotic people” for government positions, for posts in state-owned companies.