Kazakhstan presents office for protecting business and investment to diplomatic community

ASTANA (TCA) — A briefing was held at the Ministry of Foreign Affairs of Kazakhstan on October 23 for representatives of the diplomatic community accredited in the country and international business associations on the protection of investors’ rights when carrying out investment activities in Kazakhstan. The keynote speakers were Alik Shpekbayev, the Chairman of the Agency for Civil Service Affairs and Anti-Corruption, Kairat Abdrakhmanov, the Minister of Foreign Affairs, and Timur Toktabayev, the Vice Minister of Investment and Development, the Foreign Ministry reported.

“The Head of State in his recent address set a number of tasks on the economic development of our country and highlighted the need to protect business among other priorities,” Foreign Minister Abdrakhmanov said. In this regard, the briefing participants were informed about the readiness of the Foreign Ministry to work with foreign partners to tackle emerging issues when doing business in Kazakhstan, “economizing” foreign policy, assisting in attracting foreign investment and innovative technologies in priority sectors of the Kazakh economy.

Special attention was paid to the work of the Project Office on Protecting Business and Investments, established on the initiative of the Agency for Civil Service Affairs and Anti-Corruption, the Ministry of Foreign Affairs and the Ministry of Investment and Development in 2018 to address challenges arising in the course of investment activity and protection of rights and legitimate interests of investors.

The briefing participants were told in detail about the work of the project office aimed at eliminating red tape and corruption in the activities of investors and entrepreneurs who applied for anti-corruption support.

Vice Minister Toktabayev briefed foreign diplomats on the activities of the investment ombudsman. Attention was focused on the fact that thanks to the inquiries of investors not only is feedback received, but also directions for the subsequent systematic work to improve the legislation of Kazakhstan are outlined.

Anatoly Nichkassov, the Dean of the Diplomatic Corps and Ambassador of Belarus to Kazakhstan, noted that Kazakhstan is becoming increasingly attractive for foreign businesses and is the leader in attracting direct investments in Central Asia. “Thanks to a pragmatic multi-vector policy, a skillful combination of the balance of national interests and the interests of foreign investors, necessary mechanisms in the country to mobilize and protect investment, Kazakhstan was able to generate important investment both in the fuel and energy and the non-oil and gas sectors,” the Belarusian diplomat emphasized.

Considering that the international investment community is widely represented in various sectors of Kazakhstan’s economy, a lively exchange of views took place. Foreign ambassadors had the opportunity to ask the speakers questions and make recommendations.

Sergey Kwan