As the world economy is currently experiencing turbulence, the end of which remains uncertain, it is important for our country to maintain the progress we have made and move forward. High inflation, disruption of trade and economic ties, pressure on food security in the world require states to act decisively and effectively.

Kazakhstan is at the stage of fundamental political and socio-economic modernization. A single 7-year presidential term, which the Parliament has approved today, should be seen as part of the political reforms that are needed to address entrenched socio-economic problems.

First, the introduction of a one-term nonrenewable presidency would create a new political model and regular turnover of presidents.

Secondly, the extension of the presidential term of office to 7 years would consolidate political stability. As the world practice shows, one of the important factors that foreign investors pay attention to is political stability. When the political and economic situation is stable, investors are confident about their investments, their profitability and payback period. Whereas an increase in investment flow is an important source of financial resources for economic development of the country.

Anna ALSHANSKAYA, leading research fellow of KazISS under the President of RK