The Chairwoman of CITIC Bank spoke about the work principles and investment philosophy in Kazakhstan

The Chairwoman of CITIC Bank spoke about the work principles and investment philosophy in Kazakhstan

“Favourable business environment is essential for successful economic development”, - opined Li Qingping, the Chairwoman of the Board at CITIC Bank Corporation Limited, during her speech at the plenary session of Kazakhstan Global Investment Roundtable 2019 (KGIR-2019).

The head of CITIC Bank shared the secret of successful operations in Kazakhstan with the participants of KGIR-2019. “The reason why CITIC Group and CITIC Bank managed to achieve great success in Kazakhstan is the use of correct concepts of justice and maintenance of friendly relations,” – said Li Qingping. According to her, the philosophy of investment decision-making is based on the fact that "CITIC always adheres to the principles of discussing with partners the directions of investment with the purpose of mutual benefit."

“We strive to implement large projects that contribute to the region’s economic development, contribute to solving problems of employment and strengthening social stability,” - said the head of the Chinese bank. She noted that the main driving force behind any project is “development of the economy and the improvement of the standard of living of the population in the host country”.

The second important rule of CITIC is full integration and development of the local economy, facilitation of the economic development of Kazakhstan. “We pay great attention to considering the issue from the standpoint of Kazakhstan and the country’s prospects, and we take into account the needs of the cooperation partner as much as possible. We are trying to invest in different areas in order to support economic development of entire Kazakhstan,” – stated Li Qingping.

The Prime Minister Askar Mamin during the plenary session mentioned that “Kazakhstan, presently, is a country with vast opportunities for businesses, investors and entrepreneurs; we offer some of the most favourable conditions for businesses in the region and in the world. Agreeing with the note of the Prime Minister, Li Qingping said that she hopes "the processes aimed at continuous improvement of the business environment will not be weakened."

"At the moment there are reserves in the tax policy in terms of VAT refund to exporters, visa processes can also be simplified, and procedures for obtaining visas can be improved," - she said.

In addition, Li Qingping expressed the opinion that “for economic development, it is extremely important to have favourable environment, figuratively speaking, nutrients in the soil”. “Firstly, we would prefer to have an increased degree of openness and eased restrictions on the proportion of senior managers in investment enterprises as well as labour recruitment. Encouragement of investments by large enterprises. Facilitation of establishment of many financial institutions for development of subsidiaries, branches, for expansion of companies in Kazakhstan, which would contribute to the development of the AIFC,” - she said.

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