F you want to be part of the global economy, you need to be in the World Trade Organization (WTO),” says Anvar Saidenov, Governor of the National Bank. Kazakhstan is ready. It might take another ten years of adjustments, but Mr. Saidenov thinks the financial sector is prepared.

Kazakhstan has a solid track record in economic reforms. When pension reform turned up in parliament, it was hailed as radical. Reformers improved on the law and it was passed in 1998. Despite 70 years of indoctrination, the country leads other CIS states in openness and FDI, and it was the first to join the WEF list of competitive economies. Issues like agricultural and fuel subsidies remain, but policymakers have not turned away from infrastructure projects and hi-tech initiatives.

“Ten years ago, GDP per capita was $700. Today it has climbed to $2,700,” says Arman Dunayev, former Minister of Finance. Windfall revenue from high oil prices is fueling innovation in the non-oil sector: steel, copper, textiles, machinery and logistics. At the same time, there is a need to balance inflation targeting the exchange rate. It is difficult to allow the tenge to climb if policy supports the manufacturing sector.

Accession to the WTO, which could happen this year, will unleash Kazakhstan’s true business potential. They include further tax reform and changes in customs duties, and capital controls in the financial sector. At a recent press conference, President Nazarbayev said, “This year we are very close to joining the WTO.”