Presidential Elections: A Boost For Kazakhstan’s Investment Climate
A salient trend of 2022, energy insecurity, also arose and was tackled in Kazakhstan. So, how did an important energy-exporting nation that gained independence 30 years ago, located next to a violent and severely sanctioned great power, deal with its energy policy and governance?
In June, a constitutional referendum passed prior to the presidential election which reduced executive power. 33 constitutional amendments including the single seven-year term for the presidency and a prohibition for the president’s relatives to occupy high-level offices or state company positions. This includes state-owned energy companies. The measures paved the way for the November presidential elections. In elections the OSCE described as imperfect but fundamentally fair, the incumbent President Kassym-Jomart Tokayev won 81.3% of the vote.
This major step forward in liberalizing the country’s political and economic system has resulted in tangible gains for Kazakhstan and its energy sector.