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Wednesday, December 2nd, 2020

Government prepared a package of measures to increase foreign direct investment in Kazakhstan

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Zh. Kassymbek reported that the National Investment Strategy for 2018-2022 was developed jointly with the World Bank within the framework of the execution of the instruction of the Head of State. The main emphasis in it is on attracting foreign direct investment in non-resource sectors, focused on exports.

If the Strategy is successfully implemented, in five years a gradual increase in the gross inflow of direct investments into the economy is predicted to reach 26% by 2016, and investments aimed at increasing efficiency, that is, for exports – up to 50%. Also, it is expected that domestic investment in the fixed capital of the non-primary sector will grow by 46%.

Together with the World Bank, priority sectors have been chosen to improve efficiency, which can be divided into two groups. “Industries with active potential”, such as the food industry, deep processing of oil, gas and minerals, as well as machine building, and “promising industries”, such as ICT, tourism and finance.

PPP in the Strategy is defined as one of the main tools for attracting FDI, especially in capital-intensive infrastructure and social projects. Particular attention is also paid to retaining existing investors and encouraging reinvestment.

Taking economic opportunities into account, 36 potential countries of the world were identified, of which 11 are the priority for us (the USA, Russia, Great Britain, Germany, France, Italy, China, Japan, South Korea, Turkey, and the UAE). To work with each of the countries together with the Foreign Ministry, an individual approach and a concrete action plan will be developed.

Within the framework of the Strategy, the work will be carried out in two directions:

1) Improving the investment climate in Kazakhstan: improving the transparency and predictability of investment policy, measures to improve visa and migration regimes, improving legislation in the field of protecting investors’ rights.

2) Implementation of effective operational measures and introduction of new approaches to attract investment. For this purpose, a specialized national company for investments Kazakh Invest with a network of foreign representatives and regional branches was established, which works with investors on the principle of “Single window”. Also, an information and monitoring system of investment projects will be implemented, which completely excludes the “falling out” of any projects without a qualitative and thorough study before the implementation begins.

The Investment Projects Map will also be implemented with integration into the information monitoring system and the mechanism of interaction with the Foreign Ministry, foreign institutions, line ministries, national companies and akimats with clearly defined rules and areas of responsibility.

Source: The Prime Minister of the Republic of Kazakhstan

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