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Kazakhstan Hosts Meeting of Council of Foreign Investors

Astana's Palace of Independence hosted the 36th meeting of the Foreign Investors Council. Kazakhstan's President Kassym-Jomart Tokayev and Prime Minister Olzhas Bektenov attended the event. This year's central theme was “Kazakhstan's New Investment Cycle.” The meeting discussed strategies for the new investment cycle and the development of Kazakhstan's attractiveness to investors. Citing data from the International Institute for Management Development (IMD), Tokayev emphasized that Kazakhstan has become one of the world's top 35 competitive countries. “We set ourselves a rather ambitious goal: to attract $150 billion of foreign direct investment by 2029. To realize this goal, the Investment Headquarters under the Government is endowed with expanded powers to solve emerging problems promptly,” said the president. Tokayev noted the merits of international oil companies, which have played an essential role in the country's development. “Foreign investors have invested capital and provided advanced technologies and highly skilled labor. Their investments have contributed to the growth of our energy industry: over the past 30 years, oil production has tripled. Thanks to this, Kazakhstan has become one of the five countries with the highest oil production growth rates. Speaking about the future, we set a goal to overcome the threshold of 100 million tons per year,” he said. The meeting focused on increasing investment attractiveness in the “clean energy” sector. Specific agreements were reached with world companies such as Total, Svevind, ACWA Power, and Masdar on realizing 43 GW of “green” projects in Kazakhstan. In addition, Kazakhstan has a vast potential for developing nuclear energy, so creating an international consortium to realize the NPP construction project is under consideration. Kazakhstan focuses on the work of the Astana International Financial Center to strengthen cooperation in the financial sector. Tokayev spoke of the importance of continuing the dialog between the Council members and government agencies to improve the country's investment climate and implement new initiatives and specific projects. The meeting also included Odile Renaud-Basso, President of the EBRD; Nurlan Dosymbekov, Deputy Prime Minister and Minister of National Economy; Zhang Daowei, Chairman of the Board of the Kazakh Association “Baibazarov” and the Yerstanign Investors; Nikolai Podguzov, chairman of the EDB; Andrew Deleoni, president of Alstom for Africa, the Middle East, and Central Asia; and Vadim Vorobyov, Chief Executive Officer of PJSC Lukoil. Established in 1998, the Council of Foreign Investors is a platform for foreign investors and the government of Kazakhstan to discuss strategic objectives and find solutions to improve the business climate. From the Kazakhstani side, the Council is attended by government members and heads of several national companies and development institutions. Foreign participants include representatives of major international corporations and organizations, underscoring the global interest in investing in Kazakhstan. Last year's 35th Plenary Meeting of the Foreign Investors Council was also chaired by President Tokayev. The main topic of the meeting was “Digital Transformation of the Economy.” At the time, Tokayev emphasized that digitalization is a tremendous technological breakthrough and opportunity. The growth of digitalization is already dramatically impacting economic development and changing the game's...

Investment Foreign Investment Financial Market US

U.S. Companies Seek Export Opportunities in Uzbekistan

According to a recent report, the U.S. State Department is in regular receipt of applications from U.S. companies in search of opportunities to export their products to Uzbekistan's markets. “Our products likewise require review and certification for import into Uzbekistan, so expediting that process would help U.S. agricultural and livestock products reach Uzbek consumers. U.S. suppliers of technologies, industrial equipment, and manufactured goods are also actively bidding on public procurement opportunities and working with partners in Uzbekistan,” explained a spokesperson for the department. The USA's readiness to help Uzbekistan implement the announced reform program, including economic issues was noted. Referencing the significant improvements in the investment climate created by recent economic reforms and the potential of further reforms to attract more investment and technical expertise to Uzbekistan, the department emphasized: “Generally speaking, we welcome and encourage multilateral efforts to support regional connectivity in Central Asia and the South Caucasus westward to Europe. Such efforts create a more secure, resilient, and prosperous region.” The U.S. State Department also noted that through the regional trade activities of the U.S. Agency for International Development (USAID) in Central Asia, the US is helping to increase the competitiveness of trade, entrepreneurship, e-commerce, and the private sector. As stated in the report, “Through the Partnership for Global Infrastructure, the U.S. is currently evaluating potential areas for infrastructure investment where it could contribute project advisory technical assistance, project preparation, and financing to tangibly move forward strategic projects in the Trans-Caspian International Transport Route.”

Foreign Investment Tourism

EDB to Finance Mountain Resort in Kyrgyzstan

On July 10, the National Investment Agency under the President of the Kyrgyz Republic, Vasta Discovery LLC, and the Eurasian Development Bank (EDB) signed a trilateral Memorandum of Cooperation on the construction of the Baytik mountain resort, an all-season tourism cluster in Kyrgyzstan’s northern Chui region. The EDB will act as the project’s creditor but the amount of the planned investment has yet to be declared. Following the signing of the agreement, Sergey Ignatov, EDB’s Senior Managing Director stated, "As a multilateral development bank, the EDB performs its investment activities so as to contribute to the economic growth of its member countries, the expansion of trade and economic ties, and the development of integration processes in the Eurasian space. Apart from its obvious integration potential, the Baytik Mountain Resort project is also expected to contribute to the development of tourism, an important sector of the Kyrgyz economy, which will have a positive impact on related industries and cultural exchange in Eurasia, and will become a significant growth point in this region." Talantbek Imanov, Director of the National Investment Agency highlighted the fact that the Baytik Mountain Resort represents the first foray into cooperation in Kyrgyzstan’s tourism infrastructure and outlining the project, announced: "The future resort includes 15 cable cars, 36 ski slopes exceeding 57 km, 4 tourist villages and a ski complex that meets the requirements of international top class competitions, including the Olympic Games and World Cup alpine skiing and snowboarding events.” The Baytik Mountain Resort will be constructed and developed by Vasta Discovery, a company with extensive experience in implementing large-scale tourism infrastructure projects. Emphasizing his company’s firm commitment to the project, Sergey Bachin, CEO of Vasta Discovery confirmed, "We are confident that there will be domestic demand for the resort and its services and that it will also become an important attraction for foreign tourists and inspire them to visit Kyrgyzstan."

Foreign Investment USAID Employment Agricultural Produce

USAID Equips Mega Fruit Storage Facility in South Kyrgyzstan

The United States Agency for International Development (USAID) has helped Kyrgyzstan’s Nookat Almasy Cooperative open the largest cold storage facility in the Nookat district of the southern Osh region. Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic Bakyt Torobaev and USAID Mission Director in the Kyrgyz Republic Kaya Adams attended the facility’s opening ceremony. As reported by the U.S. Embassy in Kyrgyzstan, the new facility will generate 200 full-time jobs and assist local farmers in marketing and expanding sales of their produce. Thanks to cooling equipment worth $78,400 from USAID, the Nookat Almasy Cooperative’s new facility can now store locally grown apples and raspberries for up to four months. By extending their shelf life and enabling farmers to sell at a higher price when market conditions improve, the enhanced storage will help maintain market stability and ensure a reliable and consistent food supply throughout the year. Since 2018, the U.S. government has helped establish over 20 new cold storage facilities in southern Kyrgyzstan, more than doubling capacity to reach 12,500 tons, decreasing food spoilage by 40%, and creating income-generating activities for over 4,000 local farmers.

International Cooperation Foreign Investment Bilateral Relations

Kyrgyzstan and Switzerland Strengthen Cooperation

On July 3, Kyrgyzstan President Sadyr Japarov met the Federal Councilor and Minister of Foreign Affairs of Switzerland, Ignazio Cassis in Cholpon-Ata on Lake Issyk-Kul to discuss strengthening cooperation between the two countries. Switzerland has long conducted an expansive development program in Kyrgyzstan in sectors including economic development, governance, water, and infrastructure. The Kyrgyz president expressed satisfaction in their fruitful cooperation to date, with specific reference to the joint implementation of a dairy production enterprise in the Issyk-Kul region, as well as the reconstruction of the At-Bashi hydroelectric power plant, to which Switzerland has contributed over 20 million Swiss francs. Looking ahead, he proposed strengthening cooperation in the banking sector and tourism, and promoting the mining agenda. Japarov stated that in 2023 the volume of bilateral trade exceeded $1 billion and spoke of the need to increase that figure. On the same day, the Swiss Minister met the Minister of Foreign Affairs of the Kyrgyz Republic, Jeenbek Kulubaev. Following discussions on bilateral relations and the positive outcomes of projects supported by Switzerland and implemented in Kyrgyzstan, both parties agreed to intensify collaboration. As reported by the Embassy of Switzerland in the Kyrgyz Republic, the visit afforded Minister Cassis the opportunity to witness first hand, the progress of Swiss projects implemented in Kyrgyzstan for over $500 million since 1994. The visit concluded with an evening reception, organized by the Swiss Embassy, to celebrate the Swiss National Day.

Renewable energy Power plants Foreign Investment

Chinese Power Plant for Western Kazakhstan

On July 2, Kazakhstan’s MAEK LLP and China Huadian Corporation Ltd., represented by Huadian Kazakhstan Energy, signed an agreement for the joint construction of a combined-cycle gas plant in Aktau. The plant, aimed to meet the growing demand for electricity in Western Kazakhstan, is scheduled for commission in December 2026. As reported by Kazakh Invest, the Chinese State Bank has pledged finance for the project for up to 15-25 years at a rate below 5%. China Huadian Corporation is currently implementing the build of a combined-cycle gas plant in the Mangystau region of Kazakhstan. The $190 million project, which has the potential to integrate renewable energy sources, will serve as the primary supplier of power and help regulate peak loads at a local level.