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Saturday, October 19th, 2019

21st day of German economy in Kazakhstan

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The 21st German economy took place in Almaty with the participation of representatives of the Ministry of Foreign Affairs of the Republic of Kazakhstan. Deputy Mayor of Almaty Saparbek Tuyakbayev Ambassador Extraordinary and Plenipotentiary Yerlan Khairov Deputy of Mazhilis of the Kazakh Parliament Albert Rau Ambassador of Germany to Kazakhstan Tilo Klinger Independent Member of the Board of Directors of JSC “NC” KTZ “Ulf Vokurka and others. . made a speech.

Within the framework of the event three panel sessions were held: “Transformation of the economy of Kazakhstan” “Logistics and Silk Road” and “Investment protection Legal and Taxation Framework”. Deputy Minister of Foreign Affairs of Kazakhstan Yermek Kosherbayev and Head of the Representation of the Ministry of Foreign Affairs of the Republic of Kazakhstan Yerlan Iskakov spoke at the session.

During the panel session “Transformation of the economy of Kazakhstan” the problems of diversification of the economy of the Republic of Kazakhstan and deviation from raw material dependency expansion of alternative sources of energy development of production in the Republic of Kazakhstan in the near future have been raised. The government has taken concrete steps to inform the public business environment and financial institutions on the improvement of the investment climate.

Investment potential of Central Asia amounts to 170 bln. USD with the main share of Kazakhstan $ 100 bln. dollars. At the same time attention was paid to the insufficient funding of startups in different sectors of the economy the expected decrease in direct foreign investment flows in Kazakhstan and the world. Experts in Kazakhstan positively estimated the opening of the credit line of Hermes insurance company in Kazakhstan.

At the panel session “Logistics and Silk Road” experts noted the 25% margin of logistics cost of the latest products in Kazakhstan but the world standard is estimated at about 11%. Despite improvement of the logistics efficiency index of the Republic of Kazakhstan (71st place) it is necessary to strengthen close interaction of science public associations and state structures as well as to develop the digitalization of the logistics sector.

At the session “Investment Protection Legal and Framework Conditions” state support measures were provided to foreign investors including the Council of Foreign Investors the Investment Council the Investment Attraction Council the Investment Ombudsman Institute on behalf of the Prime Minister of the Republic of Kazakhstan the English Law advantages and legitimate mechanisms to resolve disputes. The Joint Committee for Case Studies (MFA “Kazakh Invest ” the Agency for Combating Corruption).

In turn representatives of German companies paid attention to the following issues in Kazakhstan: tax exemption and customs privileges neglecting the activities of small and medium sized foreign investors who will be able to convert the region of operation into third countries in the future. The use of English right to the investor is a burden. In this regard it was proposed to visit Nur Sultan for foreign investors to meet the issues and to meet with interested structures.

The general forum was held on a constructive channel and expressed interest in continuing mutually beneficial cooperation between two countries and finding a dialogue at different levels.

Source: Ministry of Foreign Affairs of the Republic of Kazakhstan

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