scientific adviser: Berdibaeva Alia Kartbaevna
al-Farabi Kazakh National University
Аssociated
professor, Law faculty
Kazakhstan, Almaty
Autor: Masters student
Baiakhmetova G.B.
Al-Farabi Kazakh
National University, Kazakhstan, Almaty
Berdibaeva_aliya@mail.ru, bgb_1994@mail.ru
Annotation
At present, by
investments we mean long-term investments of money, capital in our own country
or abroad in objects of various activities, entrepreneurial projects,
socio-economic programs, innovative projects in order to generate income or
achieve a different useful effect. And although before this word did not
exist in the lexicon of our ancestors, they were well acquainted with the very
concept of profit or profit extraction. The history of profitable
investment begins with their history of the emergence of ancient
civilizations. There are many different interpretations of the concept of
"investment", but in order to obtain an accurate definition, let us
turn to the law of the Republic of Kazakhstan "on investments".
Key words: investments, innovative
projects, social and economic programs.
Аннотация
В настоящее время под инвестициями мы понимаем долгосрочные вложения денег, капитала в собственной стране или за рубежом в объекты различной
деятельности, предпринимательские проекты, социально-экономические программы,
инновационные проекты в целях получения дохода или
достижения иного полезного эффекта. И хотя раньше этого слова не существовало в
лексиконе наших предков, с самим понятием извлечения выгоды или прибыли они
были хорошо знакомы. История выгодного вложения денег начинается вместе с их
историей появления древних цивилизаций.
Существует много различных трактовок понятия «инвестиции», но, чтобы получить
точное определение, обратимся к закону Республики Казахстан «об инвестициях».
Ключевые слова: инвестиции, инновационные проекты, социально-экономические
программы.
Аңдатпа
Қазіргі
уақытта, инвестициялар бойынша біз табыс генерациялау немесе өзге
де пайдалы нәтижеге жету мақсатында өз елімізде немесе
шетелде түрлі іс-шаралар, кәсіпкерлік жобалар,
әлеуметтік-экономикалық бағдарламалар, инновациялық
жобалар объектілерінде ақша мен капитал ұзақ мерзімді
инвестицияларды түсінеміз. Біздің ата-бабаларымыз кезінде,
пайдалы немесе пайда лексика болған жоқ, дегенмен, олар
өндіру өзі тұжырымдамасымен таныс болды. Тиімді
инвестиция тарихы ежелгі өркениеттер, олардың тарихы пайда болуынан
басталады. «Инвестициялар» термині көптеген түрлі
мағынасы бар, бірақ дәл анықтамасын алу үшін
«Инвестициялар туралы» Қазақстан Республикасының Заңына
сүйенуге болады.
Түйінді сөздер: инвестиция, инновациялық жобалар,
әлеуметтік-экономикалық бағдарламалар.
Investment
and legal framework for investment
The word "investment" entered our lexicon relatively recently. Currently, under
the investment we understand the long-term investments I have money capital in their own country or abroad subject to various
activities, entrepreneurial projects, socio-economic programs, innovation
projects in order to generate revenue or achieve other beneficial effects. Although earlier
this word did not exist in the vocabulary of our forefathers, the benefits or
profits, they were familiar with the concept of extraction itself. The history of
profitable investment of money begins with the appearance of their history of
ancient civilizations.
In ancient times, the circulation of money was very intense due to the
large number of cities and the development of trade relations. Then the money was
invested, primarily in the trade of precious metals and precious things, the
acquisition of land holdings. However, there were no special institutions for
profitable saving money - banks.
Currently, investments are regarded as long-term investments of capital in
different spheres of economy, infrastructure, social programs, protection of
the environment, both domestically and abroad, in order to develop production,
social, business, making a profit. [1] There are many different interpretations of the
concept of "investment", but to get a precise definition, let us turn
to the law of the Republic of Kazakhstan "On Investments". Thus, the law
gives the following definition of the term.
Investments - all types of property (other than goods intended for personal
use), including items of financial leasing from the date of conclusion of the
contract of leasing, as well as the rights to them, invested by the investor to
the charter capital of the legal entity or increase of fixed assets used for
business activities, as well as produced and fixed assets received under the
concession agreement by the concessionaire (legal successor). [2]
Classification and investment objective
1. Depending on an investment is made to distinguish between the
real (kapitaloobrazuyuschie) and financial (portfolio) investments.
Real investment - is investing in tangible and intangible assets. They consist of
long-term capital investments. Real investments include the following elements:
investments in fixed assets, the cost of land acquisition, investments in
intangible assets (patents, licenses, research and development activities), to
replenish inventories. The main purpose of real investments - public
satisfaction with social and economic needs.
Financial investments are investments in financial assets. It is virtually
the capital invested in stocks, bonds, promissory notes and other types of
securities. The emergence and
circulation of financial capital is closely linked to the functioning of the
real, ie, productive
capital. And with the
advent of the securities it is as if split capital. On the one hand, there is a real capital represented
by production facilities, on the other hand - a reflection of its securities. The actual capital
invested in the production and function in this area. Valuable as the paper is a paper copy of capital -
almost fictitious, imaginary capital. The emergence of the securities linked to the
development needs in attracting an increasing amount of credit due to the
expansion of commercial and industrial activity. Thus, the fictitious capital is starting to develop on
the basis of the loan as well as the purchase of securities means the transfer
of the money capital loaned, and the paper itself receives a form of credit
document according to which the owner acquires the right to some income from
interest or dividends surrendered loan capital. The main function of fictitious capital is to raise
money for the organization and expansion of production. [3]
In modern market economies, a significant part of the investments are in
financial investments, as well as the bulk of investment in Kazakhstan is a
real investment.
2.
Also, investments are classified by type
of ownership. Under the structure of investment by ownership
understand their distribution on that basis, these investments belong to
someone. Thus, they are divided into:
- State (municipal) - an investment of
money, carried out on behalf and at the expense of the state. These investments
can be funded from the state budget, state budget funds raised by the state of temporarily
free funds of individuals and legal entities through the issuance of government
securities, and property constituting state treasury. These investments are mainly in the defense industry,
infrastructure, housing, etc .;
- Private - investments made
by private individuals and legal entities, ie This investment by the private sector. They are to a
considerable extent directed to those sectors where it is possible to bring big
profits - industry, trade, construction, etc .;
- Mixed - is equity investments
made with the assistance of the state and private investors;
- Joint - investment,
carried out jointly by residents and non-residents;
- Foreign - investments made
by foreign companies, foreign individuals and foreign states in the person
authorized by them to the governments and international non-governmental
organizations;
3. From the standpoint of the goals and focus of investments is divided into:
- Initial
investments (net investment) - investments made to create or purchase firms or
service facility;
- Extensive
investments - investments made in the expansion of existing businesses, increasing its
production capacity, including involving the expansion of the sphere of
activity;
- Reinvestment - investments to
replace worn-out or obsolete equipment, outdated by new technological processes
in order to maintain a rational structure of fixed assets and enterprises to
survive in the long term
4. The nature of the participation of the owners
of the funds granted to the implementation of investment projects,
investment can be:
- To direct investments are direct
investments funds and other capital investors participating investment
projects;
- Indirect investments are attracted by
the available funds of citizens, enterprises, organizations, through the
issuance and sale of shares, guarantee certificates and other securities.
5. Depending on the length of the investment period are distinguished:
- For short-term
investments realize investments for a period of up to one year;
- Long-term
investments related to the implementation of large-scale and long-term investment
projects involving the construction of new buildings or renovation.
6. Compatibility of the share on:
- Independent - investing in
such investment objects, which can be implemented as stand-alone, independent
of other objects of investment and does not exclude them a total investment
program of the enterprise;
- Interdependent - investing in
such investment objects, order the implementation of which depends on other
investment objects and can only be carried out in conjunction with them;
- Mutually exclusive investments are
analog in nature for the purposes of their implementation, the nature of
technology, product range and other basic parameters and require an alternative
choice.
7. In terms of
profitability release:
- Higher-yielding investments. They characterize
investing in investment projects or financial instruments, the expected level
of net investment income which significantly exceeds the average rate of return
on the investment market;
- Middle
income investments. The expected level of net investment ribyli this group
roughly corresponds to the average rate of investment income, current
investment market;
- Low-yielding investments. For this group of
investment objects expected level of net investment income significantly below
the average rate of profit.
- Unprofitable investment. They are a group
of objects of investment, selection and implementation of an investor who does
not associate with access to investment income. Such investments pursuing the purpose of obtaining
social, environmental and other non-economic effect. [4]
8. Distinguish the following risks:
- Aggressive
investments are characterized by a high degree of risk. They are characterized by high profitability and low
liquidity;
- Moderate
investment is medium
(moderate) risk with adequate profitability and liquidity of investments;
- Conservative
investments are low-risk investments, characterized by reliability and liquidity [5].
9. Liquidity level:
- Highly
liquid investments. These include objects (tools) Ying vesting companies
that can quickly be the converted into cash odds mu (within one month) without appreciable loss of
their current market value;
- srednelikvidnye characterize a
group of objects investment of the enterprise, which may be the converted into
cash without significant loss of their current market value, and in a period of
one to six kneading ant;
- To illiquid investments include invests
objects tion of the
enterprise, which may be the converted into cash without loss of their current
market value at the end of a significant period of time (from on half of the year
and above).
- Illiquid
investments vitsy characterize such investments, which alone can not be implemented
(they can be sold on the investment market is only a part of the integral
property complex). [4]
Objects and subjects of investment activity
In our country the capital investments are made not only to generate income
but also social needs of society. The words "investment" and "capital
investments" are close in meaning, and some consider them synonymous. Investment
activity - it is investing (investment) and the implementation of practical
actions in order to generate income and achieve the desired effect. By investing
activities include investment and construction processes. Without them,
unthinkable reproduction of fixed assets (new construction, modernization,
expansion of enterprises, increase capacity). [3] The law also gives this interpretation. Investment
activities - physical and legal persons for participation in the authorized
capital of commercial organizations or the creation or increase of fixed assets
used for business activities, as well as produced and received fixed assets
under the concession agreement by the concessionaire (legal successor). [2]
Investment objects are constructed, reconstructed, technically rearm and
extensible enterprise, buildings, structures (fixed assets), intended for the
production of new products or services, securities, credit, scientific and
technical production.
Subjects of investment activity are investors (individuals or entities
engaged in investment activities), customers, executors of works, users of
investment activity objects, as well as providers, legal entities (banks,
insurance companies and intermediary organizations, investment funds), and
other participants of the investment process. [4]
investment policy
Investment policy is one of the most important permanent means of
purposeful activity of the state in social and economic development of the
state. This policy is a
core foundation of the whole political sphere of the state - is the foundation
of all public-political activities (all kinds of government policy), including
social, economic, environmental, and up to criminal and any other that exists
in today's society.It refers to the purposeful activity of the state under the
investment policies to ensure favorable conditions for investment, efficient use of the
country's investment potential with a view to economic recovery and meet the
challenges of social and economic development. The investment policy of the state is to ensure the
development of the reproduction of the material and spiritual good of society,
production of fixed assets and neproiz duction industries, their expansion and
modernization. [5]
Investment activity in Kazakhstan
Attraction and effective use of foreign investment into the economy of
Kazakhstan is the foundation of one of the directions of mutually beneficial
economic cooperation between the two countries. With the help of foreign investment can really improve
the deformed industrial structure of Kazakhstan's economy, create new high-tech
production, upgrade fixed assets and technically re-equip many enterprises to
prepare professionals and workers, to introduce cutting-edge management,
marketing and know-how, to fill the domestic market with quality domestic
products with a simultaneous increase in exports to foreign countries.
According to the National Bank of the Republic of Kazakhstan for 17 years
of independence from 1993 to 2009 in Kazakhstan's economy attracted 108.05
billion. US dollars. It should be noted that only 34.2 billion US dollars was raised for the
first 12 years, and over the last 5 years -. 73.9 billion US dollars (growth by
2.2 times). Increased interest
of foreign investors in the economy of Kazakhstan confirmed by the data for the
last three years (the years of the global financial crisis), 2007 - 2009, FDI
inflows into the country amounted to 56.6 billion US dollars, whereas in 1993
-. 2006 - 51.4 billion . USD (10.2% growth). However, for the period 2004 - 2009 years, the gross
outflow of direct investment from Kazakhstan abroad amounted to 14.2 billion US
dollars.. During the period
2004 - 2009 years, the largest outflow of domestic capital is observed in the
direction of the Netherlands (7.2 bn.). During the first half of 2010
it raised $ 9.3 billion. Dollars. During the period from 1993 to
June 31, 2010 the gross outflow of direct investment from Kazakhstan abroad
amounted to 16.29 billion dollars, in the first half of 2010 -. 2086 million
dollars [8] From these data, one can
observe the process of reducing the outflow of domestic capital abroad and the
increasing inflow of foreign capital.
The main investor countries are Kazakhstan Netherlands
($ 25.6 billion., Or 21.6% of the total), the United States ($ 20.2 bln. Or
17.05%), the UK ($ 9.6 bln. Or 8,1%) , France ($ 6.6 bn., or 5.57%) and Italy
($ 4.99 billion., or 4.2%). [6] In addition, K azakhstan
introduced a visa-free regime for citizens of the ten countries which have shown the highest
investment activity In Kazakhstan. This pilot mode will run from 15
July 2014 to 15 July 2015. This message has been declared within 27 plenary
session of the Foreign Investors Council. With this mode is carried out in order to enhance
business contacts between the two countries and its members are the United
States, the Netherlands, Britain, France, Germany, Italy, Malaysia, United Arab
Emirates, the Republic of Korea and Japan. [7]
Thus, Kazakhstan is of great interest to foreign investors. Investment
attractiveness of Kazakhstan market providing a plurality of access to natural
resources, size of the market, the strategic location of Kazakhstan, as well as
a stable political situation and the presence of an appropriate legislative
framework. Currently, the
priority areas for investment are: fuel and enegetichesky complex, agriculture,
infrastructure, including transport, telecommunications, social infrastructure. And as investment
demand is still far from exhausted, Kazakhstan will continue to be interested
in their involvement.
One of the very
common versions of the sources of industrialization is that important (or even
main) source was foreign investment, credits and loans. The subject of foreign
investment and loans is difficult, information is very incomplete, fragmentary
and not always reliable. [9]
Industrialization —
the process of accelerated socio-economic transition from the traditional stage
of development to an industrial, with a predominance of industrial production
in the economy. This process is associated with the development of new
technologies, especially in industries such as energy and metallurgy.
Industrialization of society is also undergoing some changes, changing his
perception of the world. Positive attitude to work combined with the desire as
quickly as possible to use new technologies and scientific discoveries also
give a contribution to the accelerated growth of production and incomes. The
result is a broader, ultimately, the global market of products and services of
all kinds, which in turn stimulates investment and dalmacijacement growth.
Industrialization -
the creation of large, technically advanced industry, a significant increase in
the share of industry in the economy. [10]
Some of our
historians sometimes so bad with the economy, start to be confused in three
pines. They cite interesting facts and examples of the involvement of various
Western companies in the construction of various industrial facilities. This
participation was in the design of the objects themselves, and in the supply of
equipment and provision of engineering supervision at the construction site,
and commissioning. The authors call this part differently: "help",
"investment", "promotion" etc. But it was not
"assistance", not "investment", not "assistance".
It was an ordinary business in which Western companies participated as
designers and consultants, suppliers of machinery and equipment, contractors,
subcontractors, etc. Sometimes it was all in "one package". Then the
company was called "General contractor". In any case, Western
companies themselves money, we were not given, and earning money, receiving
them from the customer, which made the Soviet state.
I will say more. The
concept of industrialization could not, even theoretically, to assume the
participation of foreign investors. Global experience shows that if the country
allowed foreign investors, the export of a country begins to grow. After all,
foreign investors need to "recapture" their investments, and this
requires a currency, and currency gives exports. Industrialization was a
project import, it did not pursue the goal of export expansion.
Bibliography
1. Investments. Orlova ER, Omega-L, 2012.
2. Law of the Republic of Kazakhstan «O b Investments", dated
January 8, 2003.
3. Investments. Neshitov AS, Dashkov i K, 2012.
4. Investments. V.V.Bocharov, V.E.Leontev, N.P.Radkovskaya, Infra-M,
2010.
5. http://studopedia.ru/1_113103_tseli-i-zadachi-investitsionnoy-politiki.html
6. http://tengrinews.kz/tv/novosti/politika/1826/
7. http://www.zakon.kz/4631946-bezvizovyjj-rezhim-dlja-grazhdan-10.html
8. Resolution of the Government of the Republic of Kazakhstan dated October
30, 2010 № 1145 on the approval of the investment programs, the development of
special economic zones and export promotion in the Republic of Kazakhstan for
2010 - 2014.
9. Mysteries and myths of Soviet industrialization. Part 7,
Valentin Katasonov, 2017
10. Economics: Principles in Action. - Upper
Upper Rivers, New Jersey 07458: Pearson Prentice Hall. - P. 472. - ISBN
0-13-063085-3.