Kazakhstan may be 3,479 miles away from the British Isles, but the country’s economic takeoff since 2000 has brought it a lot closer to the West, both psychologically and in terms of trade. Kazakhstan is stable in the way the Russian Federation could only dream of: no internal conflict, a diversifying economy and liberal, forward-looking ministers. For Karim Massimov, the nation’s prime minister, the country has been quick to adopt European standards. Markets are beginning to function on their own and large-scale industry is shedding old habits. It is only a matter of time before new business areas bank on the country’s position, midway between China and the EU. Creating an efficient railroad system could turn Kazakhstan into a key transit player. The question is how to insert competitiveness at all levels, from healthcare to industry and the educational system. Samruk, the country’s investment agency, is being instrumental as a mentality changer. Its chairman is a British-born entrepreneur. Either way, the days are not far off when Kazakhstanis work the trading floors of distant capitals as shareholders and venture capitalists. Within ten years, Almaty will emerge as Central Asia’s regional financial hub, according to Mr Massimov. Which way points to the future?

KARIM MASSIMOV Prime Minister of Kazakhstan

Kazakhstan is at the juxtaposition of three super-regions: China, Russia and Europe. How can the country bank on its location?

As you mentioned, Kazakhstan is at the crossroads of a quickly developing China and the European Union. One way to profit from our location is to build a solid transportation network that is quick and reliable. Kazakhstan should also consolidate its status as a reliable supplier of mineral resources to Europe.

What are your priorities for Kazakhstan’s economic growth?

President Nursultan Nazarbayev’s main goal is to make Kazakhstan one of the 50 most competitive economies in the world. We don’t have much time, that’s why we must have a very strict roadmap to move forward. My mission as the new prime minister is to make this free market economy work.

What are the most important targets outlined by the president?

First is the diversification of the economy. We should not repeat the mistakes other countries made in the past by focusing solely on natural resources. We should create conditions whereby entrepreneurs can invest in non-oil industries because one day these resources will disappear. Both the public and private sectors have roles to play.

How would you characterise the current Kazakh-British relationship?

Since Kazakhstan’s independence in 1991, our relationship with London has been excellent. We have received a lot of support from the British government, as well as substantial investments. On a presidential trip to the UK, we came back with concrete steps regarding our plans for the future. The personal relationship between the president and Tony Blair has also been very good.

In terms of know-how transfer, what do you expect from the UK?

The first thing we have been thinking is to attract the Kazakhstani expatriates back to Kazakhstan to bring us their experience and enrich us with their ideas. Also, we can send more students abroad. We have a generous study-abroad program called Bolashak. However, the most important thing is to improve our educational system so we can retain our students in the first place.

One of the main points about diversification is to step away from oil and gas. How can the UK be instrumental?

It is important to understand that different countries can bring different expertise to Kazakhstan. For example, Germany can bring technology while the UK, being a financial centre, can bring expertise into our banking market. Bilateral cooperation in that field is very important. I also believe cooperation with the UK in the pharmaceutical industry will help us achieve a lot, as the UK is technologically advanced in the field.

Do you see Almaty as a regional financial centre anytime soon?

A lot of work needs to be done, but I believe that in ten years time, when we talk about world financial centres, we will think of Tokyo, Singapore, Almaty, Bangkok, London, New York... It was a smart idea to create the RFCA [Regional Financial Centre Almaty] because previously there was no financial hub in Central Asia. Also, our banking system is quite developed by international standards.