Kazakhstan to reform approach to attracting investment

ASTANA (TCA) — Kazakhstan will drastically reform the approach to attracting investments, the country’s Minister of National Economy Yerbolat Dossayev said at a press conference with members of the National Commission for modernization and implementation of the Nation’s Plan “100 concrete steps” on March 30, the official website of the Prime Minister of Kazakhstan reported.  

“When oil prices were 90-100 dollars per barrel, we were very attractive. Today we are looking for new approaches and ways to attract investments as part of the country’s industrialization and diversification of Kazakhstan’s economy,” Dossayev said.

He also said that the agenda includes economization of the Kazakh Foreign Ministry and reorientation of the work of Kazakh ambassadors abroad.

“Ten directions, ten countries have already been selected for localizing our hub efforts for attracting investors. It means that investors will receive services there, not here,” the minister said.

He said that since the beginning of 2016 the Ministry of Investment and Development has coordinated the work on attraction of investments, there is also a “single window” which provides for minimal contact of investors with government agencies, and in 2017 it will be conducted in the electronic form.

The minister said that the manufacturing industry and agriculture are priority areas for investment now. “Work will also be continued with transnational corporations, because today technology and competence comes from large companies, and therefore the work of embassies and the ambassadors will be primarily directed at working with them,” he concluded.

Sergey Kwan