Kazakhstan Republic , view

17:35, 12 July 2012

MANILA. July 12. KAZINFORM One of the few countries remain unaffected by the present global economic downturn and steadily posting economic growth is the Republic of Kazakhstan, a former part of the defunct Soviet Union.

Following the collapse of the Soviet regime, Kazakhstan joined other former USSR-ruled countries in declaring independence and started to rebuild from the ruins of communism. Under the heavy burden of the enormous economic, environmental, social and political problems it had inherited from the Soviet Union, a lot of experts predicted that the struggling country would disintegrate and fail as a sovereign state, Tempo reports.

But the country's leaders proved them wrong. In just a period of 20 years after independence, Kazakhstan has achieved one of the highest rates of economic growth. In 2009, Kazakhstan's Gross Domestic Product was ranked 69th and 60th by the International Monetary Fund and World Bank respectively, it surpassed China at 97th and 90th respectively.

Under President Nursultan Nazarbayev, this country of 16 million managed to implement a number of significant reforms and introduced large-scale changes into the economy. Over the last five years, the country has attracted investments of over $137 billion and has $38.5 billion in reserves mainly from oil revenues.

According to the World Bank, Kazakhstan is now among the top 20 nations that are most attractive for foreign investments, and the presence of global companies such as Chevron, General Electric, British Gas, Samsung, Chinese National Petroleum Company and others is a vivid proof of that.

With such a remarkable economic feat, Kazakhstan opened itself for integration into the global economy by establishing economic accords with other countries and promoting sound investment policies at home.

The possible establishment of economic ties and opening of trade accords between the Philippines and Kazakhstan is well within the horizon. The recent visit to the country of His Excellency Beibut Atamkulov, Kazakhstan Ambassador to Malaysia, Philippines, Indonesia and Brunei, and the naming of Dennis Ang Uy as Honorary Consul of the Republic of Kazakhstan to the Philippines, indicate eagerness on both sides to have and maintain mutually beneficial diplomatic relationship leading to a fruitful economic partnership.

Kazakhstan's economic rise was given due media attention by AseanBizTimes Magazine publisher Louie T. Arriola, who recently visited the country to observe and write about its economy and people.