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Kazakhstan imposes since 2017 the visa-free regime for 55 countries

by November 30, 2016 Fun

Minister of Investments and Development of Kazakhstan Zhenis Kassymbek briefed on the state measures aimed at turning Kazakhstan into a magnet for investors.

Over the last 11 years as a result of work held by our government to improve the investment climate, FDI inflow in Kazakhstans economy has amounted to over $230 billion. The main task is to turn Kazakhstan into a magnet for investment in the region, to create a center for technology transfer, the competence center. We have taken a number of new legislative initiatives, in particular, as you probably remember, fundamental changes in many legislative acts to improve the investment climate, Zh.Kassymbek said today at Kazakhstan: New Investment Opportunities conference.

According to the Minister, since last year Kazakhstan has unilaterally introduced the visa-free regime for 19 countries � the main investment partners. The term of visa-free stay for the citizens of these countries was two weeks.

From January 1, 2017, the visa-free regime will be unilaterally introduced for 55 countries. Foreigners will be able to stay in Kazakhstan with no visa for up to 30 days, he added. For the bureaucracy and corruption minimizing purposes, the one-stop principle has been introduced for all the investors, the Minister reminded. We have already rendered over 3,000 services, Zh.Kassymbek clarified.

The Minister also reminded on the last years fundamental changes in the Entrepreneurship Code, which now provides tax incentives, investment subsidies, legislation stability for the investors.

Today, according to various estimates, our legislation provides more than 50 different preferences, including tax, customs and land grants, infrastructural and other issues. The President places us before challenges of reboot of the system, to focus on a particular investor. We are going to carry out this work in the next quarter. We expect that this work will significantly increase the role of KAZNEX INVEST, which will perform the role of an investment-attracting agency. This is very important in the context of global investment competition. Besides Kazakhstan, a large number of countries in general, not only in this region, are now working with major investors. And we would like to be on the first cast in this competition, the Minister said.

Earlier, the EBRD Director for Kazakhstan Janet Heckman listed the main reasons for investing in Kazakhstan and the best industries to be invested.

Source: Government of the Republic of Kazakhstan