Investment policy of the Republic of Kazakhstan

· Recurrence - all investments undertaken by development institutions should be returned.

· Pay - investments carried out by institutes of development should take into account the increase in the value of these investments, which includes the time value of money, the value of financial resources of development institutions, the risks associated with the project and operating costs of development institutions.

· Urgency - the return on investment is carried out according to the stipulated agreement.

· The technological and industrial cooperation for projects overseas - projects abroad should ensure transfer of technology to Kazakhstan or to provide raw materials, goods for further processing in Kazakhstan. http://www.worldfinancereview.com/pdf/Investment%20policy%20in%20Kazakhstan.pdf

2.5 Problems and perspectives of the development of investment funds

With the growth of domestic economy and the accumulation of private capital to the population began to offer new investment instruments that constitute an alternative to bank deposits. On the background of overheating real estate market and a severe shortage of investment instruments people's interest in securities is visibly growing. This gives grounds for hope that the savings of the population will gradually be directed more towards the development of domestic business, rather than blowing a “bubble” in real estate or the support of foreign manufacturers of cars and luxury items.

Nevertheless, at present a major role in supporting long-term initiatives of the private sector along with banks play a developmental institutions, large institutional investors and financial-industrial groups. More recently in the capital markets of Kazakhstan have begun to appear new “players” - private equity funds (private equity funds), which, unlike portfolio investors invest directly in real assets or obtaining control of the business (the acquisition of its controlling stake). Depending on the investment strategy of private equity funds can be of various types: from venture capital and start-up to buy out and mezzanine.

The vast majority of private equity funds in the CIS countries are of the type “business development funds” or funds “middle stage”. Investment targets for these funds - companies that have worked well and which need additional capital to a new level. Development funds are characterized by medium-risk and relatively high yields, which makes them very popular. In the world there are vast amounts of such funds, they vary greatly in size, from tens of millions to many billions of dollars. In the CIS, the dimensions of such funds - from the tens of millions to two billion dollars.

In the eyes of many companies, the recipient an important advantage of direct investment funds is that they provide capital, but leave the reins of power in the hands of owners and managers. This distinguishes them from strategic investors, who prefer to have complete control over the enterprise. Unlike banks,

private equity funds do not require a deposit and fixed periodic payments, while providing access to its extensive connections, improving the strategy and tactics of business.

What is the technology of the private equity fund? In general, it consists of a selection of investment projects, committing the transaction, work together to improve the capitalization of the acquired assets and exit the fund of direct investments from the project at a profit. So, after the signing of a cooperation agreement the company and private equity funds begin joint work on the implementation of investment projects and increase the capitalization of the company. Typically, the fund protects their interests through their representatives on the board, but possibly a broader representation in government. Any investor, investing in a private company, is a substantial risk - because such companies are not subject to scrutiny of exchange controls. The investor must be able to independently monitor the work of the company and affect its activity.

For private equity interest companies that have the following properties, in descending order of importance:

· The willingness of shareholders to cooperate;

· top-notch management and a healthy corporate governance;

· transparent and clear ownership structure and finance;

· strong financial position;

· Availability of clear competitive advantages and opportunities for scaling;

· Strategy development - a realistic and ambitious;

· a clear business plan.

In Kazakhstan, as in many emerging markets, primary market functions as a tool for raising capital for a small number of large companies, and in the secondary market is dominated by an even smaller number of large firms. Low market liquidity and scanty volume of transactions, lack of interest the general public to exchange transactions, and excessive volatility of quotes do not give the Kazakhstani securities market sufficiently attractive to potential domestic issuers.

Low market liquidity and scanty volume of transactions, lack of interest the general public to exchange transactions, and excessive volatility of quotes do not give the Kazakhstani securities market sufficiently attractive to potential domestic issuers.

As for the prospects of private equity investors in Kazakhstan, in my opinion, despite all the difficulties, we can expect their rapid development in the near future, as gradually creates the necessary preconditions for this: the accumulation of private capital, the growing number of qualified personnel, the development of corporate culture improvement of legislation to protect minority shareholders' rights, the development of RFCA and the weakening of the tax burden on transactions with securities. The state should be interested in the development of private equity funds, as they contribute to the qualitative and quantitative economic growth. Private equity funds invest in businesses based on the most effective technologies and best standards, and indirectly affect the entire industry, forcing suppliers and competitors also raise their efficiency and business standards. Not accidentally, in the U.S. there is a law under which pension funds can be sent to private equity funds, including venture capital funds, dealing with new technologies, up to 1% of its assets. In addition, the same is a multibillion-dollar U.S. government program to support private equity investments, primarily of the same venture.

In the light of Kazakhstan's WTO accession can be expected that globalization, with its emphasis on open wounds and low barriers to trade and

investment will increase competition between countries and firms for scarce financial resources. At the same time for domestic companies and private equity funds will expand access to finance global funds. This will spur competition among investors, which will reduce the price of money and profitability. In this case, it is hoped that in the strong capital inflows, there will an integrated system of financial institutions in the industry, private equity, which will make your tangible contribution to improving the efficiency and competitiveness of the domestic economy.

Conclusion

In recent years, investment in Kazakhstan and investment policies have become the subject of much current scientific research and development. The situation in the economy, on the threshold of XXI century is changing rapidly. The unfolding global financial crisis of the late 90's demanded a rethinking of many issues in the area of economic policy in Kazakhstan, including investment. Now, not every purchase of property by foreigners in Kazakhstan can be considered investments, but rather the opposite. Sale (often at a discount) facilities - especially raw materials, is a for the state disinvestment. And "portfolio investment" for the most part form the speculative capital "hot money" that quickly come to market in the case of unfavorable market conditions quickly go from there. Therefore necessary to develop a strategy of borrowing and reasonable selection criteria for projects of investment. The Government of the Republic recently a lot for this, are the latest evidence that the legislative acts - Decrees and regulations in the field of investments.

In this paper the nature of the state and foreign investments, their structure and classification, as well as judicious use of them in the economy, and the formation of a favorable investment climate.

Also need to look for internal (national) sources of investment, which are the most reliable - self-financing and cost recovery.

At the present stage of development of Kazakhstan as a new independent state, orienting to the market economy, the main direction of economic reforms is to develop and implement investment policy aimed at ensuring high economic growth and raising economic efficiency.

To solve these problems, as well as to ensure the structural transformation of the economy through a program of the government's actions to deepen reforms in the context of limited domestic sources of financing essential attraction of foreign capital in the economy.

Situation in our country does not distinguish from situation in the world, but just one moment is that amplitude on our growing market is rather more than in well-developed stable markets. In long-term perspective economy always grows and if investors is interested in creation of future capital but not time incomes that's why investments in unit investment funds and joint-stock investment funds are the most suitable.

Every investor in order to avoid losses before purchasing should estimate period of investments. If the period is less than 3 years, it would rather input money in deposits in banks.

Literature review

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20. Размещено на Allbest.ru