CIS busi­ness chiefs call for a di­ver­si­fied econ­omy

The Pak Banker - - MARKETS/SPORTS -

Cen­tral Asian na­tions re­quire long-term strate­gies to di­ver­sify their economies and at­tract for­eign pri­vate sec­tor in­vest­ments to the re­gion, said lead­ing en­trepreneurs from the re­gion at the Com­mon­wealth of In­de­pen­dent States Global Busi­ness Fo­rum in Dubai.

Speak­ing at a ses­sion on 'Emerg­ing Multi­na­tion­als -Who, What and Where Next', Mam­mad Ka­ri­mov, founder of Khazar Ven­tures, Azer­bai­jan, said the time is right for Azer­bai­jan-based com­pa­nies to di­ver­sify their port­fo­lio.

He said that de­spite chal­lenges in ar­eas such as lo­gis­tics, leg­is­la­tion and re­cruit­ments, there are sev­eral suc­cess sto­ries in Azer­bai­jan where com­pa­nies have be­come ma­jor global play­ers within a short pe­riod. "Peo­ple have showed that there are new ways to do busi­ness and achieve suc­cess," he said.

Ai­dan Karibzhanov, gen­eral di­rec­tor, Vi­sor Hold­ing, Kaza­khstan, said the hy­dro­car­bon sec­tor with its mas­sive as­sets of­fers op­por­tu­ni­ties in Kaza­khstan.

"Kaza­khstan is wit­ness­ing sig­nif­i­cant ac­tiv­ity in sev­eral other sec­tors such as bank­ing, lux­ury and retail but the suc­cess of th­ese sec­tors are de­pen­dent on the suc­cess of the oil sec­tor. The coun­try re­quires a longterm strat­egy in­volv­ing re­forms in political and le­gal sys­tems to di­ver­sify the econ­omy and at­tract in­vest­ments from multi­na­tional com­pa­nies," said Karibzhanov.

Samson Pkhakadze, pres­i­dent of Wis­sol Group, Ge­or­gia, said his coun­try has been suc­cess­ful in cre­at­ing a di­ver­si­fied econ­omy with sec­tors such as in­fra­struc­ture, trans­port, pub­lic ser­vices and con­struc­tion sig­nif­i­cantly con­tribut­ing to the econ­omy.

Ge­or­gia has sim­pli­fied its tax­a­tion process and fast-paced re­forms have brought down the num­ber of taxes to five. Be­sides, he pointed out that up to 80 per cent im­ports in­volve zero taxes.

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