Kazakhstan aims to attract $10b of FDI in manufacturing industry by yearend

ASTANA (TCA) — In the first quarter of this year, Kazakhstan attracted more than $2.5 billion of net foreign direct investments (FDI) in the manufacturing industry, the Chairman of the Board of Kazakhstan’s National Agency for Export and Investment KAZNEX INVEST Borisbiy Zhangurazov told a press conference on September 29, the official website of the Prime Minister of Kazakhstan reported.

Zhangurazov stressed that the manufacturing industry is one of the priorities of Kazakhstan. The Kazakhstan Government has an industrial-innovative development program and the chemical industry is one of the priority sectors of the program.

“In the past few years, the chemical industry has been growing quite active. The growth of the chemical industry in Kazakhstan amounted to 5-6% and reached 30% per year. During 2015, the production volume of the chemical industry reached 244 billion tenge, and today the share of the chemical industry in the manufacturing is 4.2 percent. It increased almost twofold since 2010, when the share of the chemical industry was only 2.7 percent,” he said.

According to the head of KAZNEX INVEST, FDI net inflows in the chemical industry amounted to $191 million over the last six years.

“Despite the fact that foreign direct investments declined in the world in 2015, Kazakhstan attracted more than $2.5 billion of net FDI in the manufacturing industry in the first quarter of 2016. That means a recovery. If this rate continues, we will be talking about bringing in $10 billion worth of net FDI by the end of 2016,” Zhangurazov concluded.

Sergey Kwan