26 Dec 2018 17:33

Kazakhstan reforms Investment and Development Ministry into Industry and Infrastructure Ministry - decree

ASTANA. Dec 26 (Interfax) - Kazakh President Nursultan Nazarbayev issued a decree transforming the Ministry of Investments and Development into the Ministry of Industry and Infrastructure Development.

"With the purpose of increasing the effectiveness of the system of state governance I decree to reorganize the Ministry of Investments and Development of the Republic of Kazakhstan into the Ministry of Industry and Infrastructure Development with the handover of functions and powers - in the sphere of shaping the state policy of attracting investments to the Ministry of the National Economy and in the sphere of implementing the state policy of attracting investments to the Ministry of Foreign Affairs," the text of the decree circulated on Wednesday says.

In addition, the Ministry of Foreign Affairs is placed in charge of coordinating efforts in the sphere of promoting exports.

The government was bound to guarantee the transfer of the committee for investments of the Ministry of Investments and Development in the charge of the Ministry of Foreign Affairs, the transfer of the corresponding personnel of the reorganized government body and the transition of ownership rights and the use of the stake in Kazakh Invest national joint-stock company to the Ministry of Foreign Affairs.

The presidential administration was placed in charge of overseeing the fulfillment of the decree.

The decree came into force on the day it was signed.