President: Oil is benefit

"We inherited raw economy from the Soviet Union. Unlike Russia Kazakhstan was largely in raw economy because we were the supplier of raw materials such as iron ore, non-ferrous metals, coal, oil and gas, which were processed in other countries. There was a time when experts called it "the damnation of oil resources". I do not think so. It is not a damnation, but it is the benefit that we have these resources and they will always work for us", Nursultan Nazarbayev said.

The President of Kazakhstan emphasized that the oil and gas industry worked well when the price was USD 150 for one oil barrel, and will work well also with lower price.

"To remind, in 1970 oil cost USD 10 but the economy was working. We were trading, we were getting money. Another question is that we should leave from it. Therefore in 2009, after the bad recession, we launched the industrial and innovative program. And I would like to note that one needs surplus in order to be engaged in industrialization and innovation. No such money - no need to do it", Nursultan Nazarbayev added.