Kazakhstan's Prosecutor's Office showcased innovative strategies for safeguarding investors at a global conference.
In a recent gathering, representatives from Egypt, Indonesia, Iraq, Kyrgyzstan, Mali, UAE, Russia, Tajikistan, Turkey, and Uzbekistan convened to discuss upholding legitimacy and shielding honest businesses in foreign investments. They exchanged insights on this subject.
Unveiling the core objective, the speaker emphasized the need to bar state entities from instigating surprise inspections of investors, imposing unnecessary administrative penalties, temporarily halting their operations, annulling licenses, wrapping up contracts, and filing lawsuits sans prior consultation with the prosecutor.
Since the beginning of this year, this clampdown on uncoordinated actions against investors has been legally enforced. Interestingly, reports reveal that the prosecutors have thwarted over 850 such actions taken against investors.
The gathering also centered on the deployment of digital advancements that enable swift elimination of administrative obstacles for investors in real-time.
Aside from this, foreign enterprises were encouraged to establish themselves and invest in Kazakhstan.
Additionally, one-on-one meetings were held with colleagues from Russia, UAE, Iraq, and Turkey, where collaborative efforts to counter criminal activities and apprehending wanted individuals were discussed.
The broader landscape of foreign investment regulations reveals that the US, EU, and Australia are taking significant strides to revamp their processes and policies. However, these developments lack a dedicated international meeting aimed at preventing uncoordinated inspections and penalties against investors.
I, as a potential investor, would appreciate the efforts to shield honest businesses in foreign investments, as stated in the recent gathering. I find it reassuring that state entities are barred from instigating surprise inspections and imposing unnecessary administrative penalties, which could interfere with my finance-related business activities.
