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Wednesday, September 22nd, 2021

In January-February 2018, investments in fixed assets increased by 54.4% – A. Kabikenov

by April 6, 2018 Health

As noted by Arystan Kabikenov, for January-February of this year investment in fixed assets increased by 54.4% compared to the same period last year and amounted to 1.2 trillion tenge.

There is an 84.8% increase in investments in industry. At the same time, along with the mining industry, which grew by 94.5%, investment in processing increased by 72% and construction by 159.8%.

External investments for the indicated period of this year amounted to 361.5 billion tenge, an increase of 160.3 billion tenge. At the same time, the greatest increase is observed in such regions as Atyrau, Karaganda regions and Almaty.

“As part of the execution of the instruction of the Head of State, the attraction of investments is a priority task of the Government. In this regard, the National Investment Strategy was adopted and implemented, the main directions of which are the attraction of foreign direct investments, public-private partnership and privatization,” said Arystan Kabikenov.

To achieve the main goal of ensuring the planned GDP growth (in 2018 � more than 4%), targets were set up to 2025. The required republican rate of investment growth in fixed assets in 2018 is 5.1%.

Two initiatives are envisaged for the implementation of these tasks: activation of work on attracting investments and improvement of the investment climate. In the framework of the first initiative, the work on projects is carried out on an ongoing basis. The second initiative provides for systemic measures aimed at improving the investment climate in the country.

For 2018, a detailed plan has been developed that provides for the implementation of about 14 events.

“After eight years of joint work with OECD, last year Kazakhstan became an associate member of the OECD Investment Committee. This is a confirmation that the country’s investment climate meets the high standards and requirements of the organization,” the Vice Minister for Investments and Development said.

Thus, according to the OECD recommendations, the list of countries whose citizens come to Kazakhstan on a visa-free basis has been expanded � from 2018 there are 61 countries, including all OECD countries. In addition, by the end of 2018, a 72-hour visa-free regime was introduced for Chinese citizens who transit through Astana and Almaty airports. Currently, the issue of implementing a similar visa-free regime for Indian citizens is under consideration.

The conditions for attracting foreign labor have also been revised, and a Specialized Judicial Board for Investment Disputes has been created under the Supreme Court. The work on concluding international agreements on the promotion and mutual protection of investments has been improved.

“I would like to note that following the visit of the Head of State to the UAE, an agreement was signed between the Governments of Kazakhstan and the UAE on the promotion and mutual protection of investments. At present, draft agreements with more than 20 countries are under consideration,” the Vice Minister said.

This year, a package of legislative initiatives will be formed to improve the investment climate further. In addition, regarding SEZ, since January 1, 2018, a number of legislative amendments on the optimization of tax administration have already entered into force within the Tax Code. In December 2017, the Code “On Subsoil and Subsoil Use” was signed, which will come into force on June 29, 2018.

In order to ensure the availability of legislation in the field of investment for foreign investors, the Ministry approved a list of regulatory acts that affect business and investment activities for translation into English.

The state has a package of measures to support investors, including tax preferences, exemption from payment of customs fees and the provision of full-scale grants, the provision of investment subsidies in support of the AIC.

In order to obtain maximum information about the investment potential of the regions by investors, work is underway to modernize the investment portals of the akimats of the regions. In particular, the investor will be able to find information about vacant land plots, success stories of current investors, as well as information to ensure a comfortable stay of the investor in the region: hospitals, kindergartens, schools, taxis, hotels that provide services in English.

In general, the MID RK is systematically working to create a favorable investment climate.

Source: The Prime Minister of Kazakhstan