Kazakhstan Remains Regional Leader in Attracting Foreign Investment, Says PM

Despite the current global challenges, Kazakhstan remains attractive to foreign investors and is the leader in gross inflow of foreign direct investment in the Central Asian region. Last year, FDI in Kazakhstan grew by 18% and reached $28 billion – a record high for Kazakhstan over the past decade, Prime Minister Alikhan Smailov said in an interview with the 24KZ TV channel.

In his words, $13.3 billion was attracted into the country’s economy in the first half of this year, and about $27 billion is expected by the end of the year. Smailov said this was largely possible thanks to the diplomacy of Kazakhstan’s President Tokayev, who, in the face of complex geopolitical tensions, is consistently strengthening relations with a wide range of influential players including China, Europe, Russia, the U.S., Turkey, and the Arab world.

The Prime Minister also spoke about measures the Government will take to double economic growth in the medium term. “The Government has been given a big task to double the national economy by 2029. In this regard, we will continue to work to stimulate economic activity in the country. We will further reduce inflation and ensure macroeconomic stability,” Smailov said.

The Government also has designs on further improving the investment climate. “Every year, we plan to attract at least $25 billion of foreign direct investment. In the future, a nationwide pool of investment projects will be implemented. Thanks to this, more than 160,000 new jobs will be created,” said the Prime Minister. “All this will allow us to ensure economic growth in the medium term at a level of at least 6%. In general, the order of the Head of State to increase the volume of the national economy to $450 billion will be fulfilled,” Smailov concluded.

Stephen M. Bland

Stephen M. Bland

 Stephen M. Bland is a journalist, author, editor, commentator and researcher specialising in Central Asia and the Caucasus. Prior to joining The Times of Central Asia, he has worked for NGOs, think tanks, as the Central Asia expert on a forthcoming documentary series, for the BBC, The Diplomat, EurasiaNet, and numerous other publications.
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Published in 2016, his book on Central Asia was the winner of the Golden Laureate of Eurasian Literature. He is currently putting the finishing touches to a book about the Caucasus.
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www.stephenmbland.com

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