Interview with Keith Gaebel, Managing Partner, Central Asia and Caucasus, Ernst & Young

What should Kazakhstan do to increase the attractiveness of its non-extractive sectors of economy for investments?

Amongst other measures currently taken by the Government for the development of non-extractive industries, Kazakhstan should focus its attention on the development of human capital, in particular education and professional training in technology related sectors. Financing for both professional and higher education should be focused on non- extractive industry sectors such as professional education in colleges, aimed at a new generation of technical personnel educated and trained to work in  engineering, modern agriculture and industrial construction, etc. Financing of higher education in local universities and overseas should be focused on the qualifications Kazakhstan most needs to develop, such as general engineering, IT, medicine, chemistry and renewable energy. Once Kazakhstan has developed new generation of young professionals educated and trained to start careers in these sectors Kazakhstan will create one of the key preconditions to improve the investment attractiveness of the non-extractive sector.

Ernst & Young’s key contributions to technological development and diversification of Kazakhstan are: human capital development, knowledge transfer and support of entrepreneurship. People are one of the key assets for professional services firms. Annually Ernst & Young invests over 5% of revenue in employee professional development. Our firm supports the tradition of hiring young people and providing them training and development, including international qualification programs at the company’s expense (e.g. ACCA, CIA, and others). We contribute to development of profession working with professional associations and supporting universities through relevant courses, e.g. Ernst & Young senior management regularly lectures on IFRS at KIMEP.

We also contribute to diversification by supporting Kazakhstan’s most innovative and dynamic entrepreneurs, including the SME sector, with Ernst & Young’s Entrepreneur of the Year program.

Finally, we are committed to the community in which we operate and we actively participate in a number of business and professional associations. We are honored to be a member of Foreign Investors Council and believe this is an excellent platform for knowledge sharing and effective dialogue between the government and foreign investors.