Kazakhstan: Prime minister sets tasks for attracting foreign investment

NUR-SULTAN (TCA) — Kazakhstan’s Prime Minister Askar Mamin chaired a meeting of the Coordinating Council on Attracting Investments at the Astana International Financial Center (AIFC) on October 21, his press service reported.

At the meeting, it was said that one of the most important conditions for maintaining and building up the current economic growth rate is attracting investment and increasing the capital intensity of Kazakhstan’s economy. By 2024, it is planned to bring the level of investment in fixed assets to 30% of GDP. To date, a pool of investment projects has been formed that will allow attracting over 41 trillion tenge of investments in 2020-2024. The main drivers of investment growth will be basic industrialization, agriculture, transport, tourism, and trade.

“In order to ensure a faster pace of economic development, we need to qualitatively strengthen the work to attract foreign direct investment in the country,” Mamin said.

The head of Government ordered to improve the existing investment infrastructure, unify preferences for investors in special economic and industrial zones of Kazakhstan, step up the development of public-private partnerships, and increase the share of export-oriented projects with high added value.

“We should better approach the issue of developing and preparing investment projects. For this, it is necessary to use the potential of consulting companies and international financial institutions such as the EBRD, IDB, ADB and others as part of the technical assistance provided to the country,” Mamin said.

In order to increase investment activity in the regions, the prime minister instructed to study the implementation of projects structured under the AIFC law and using its jurisdiction.

“In the regions there are deputy akims (heads of administration) who are directly involved in attracting investments. It is important to make maximum use of the existing potential and existing tools of the AIFC financial market. I believe that today’s meeting of the Coordinating Council will allow us to launch a qualitative development of cooperation between the regions and the AIFC,” said Mamin.

Sergey Kwan

TCA

Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
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Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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