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Wednesday, December 19th, 2018

Russia: one of the main investor in Kazakhstan economy

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by September 11, 2018 Sports

Chairman of the Board of Kazakh Invest Saparbek Tuyakbayev and Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Kazakhstan Alexey Borodavkin met in Astana. What did they discuss during the meeting? Read more in the review material of the Strategy2050.kz Information Agency.

The meeting was also attended by Russian Trade Representative Alexander Yakovlev.

The parties discussed issues of deepening the investment cooperation between the countries within the framework of the Eurasian Economic Union. In the course of the meeting the head of Kazakh Invest noted that in accordance with the National Investment Strategy Russia was among the 11 priority countries investing in Kazakhstan. The Russian party was provided with actual investment proposals on the territory of Kazakhstan for review.

Due to the specifics of the local economy, which is mainly focused on the export of raw materials, the priority area of Russian investments have long been the extractive industry, primarily the extraction of oil and gas resources. Nevertheless, Russian business in Kazakhstan is actively working in other areas – manufacturing, mechanical engineering, transport, telecommunications, banking, space technology and peaceful use of nuclear energy. Moreover, with the implementation of import substitution programs in Russia and forced industrialization in Kazakhstan, Russian investments in non-primary sectors of the economy are growing.

Oil and gas companies, primarily Lukoil, Gazprom and Rosneft, are among the largest investors. In total, more than 20 large Russian companies invest in Kazakhstan, including Inter RAO UES, Rusal, Rosatom, VimpelCom, VTB Bank, Sberbank, Vnesheconombank, Mechel, Severstal, Kamaz, Avtovaz and others. In the course of the formation of the Eurasian Economic Union and the development of cooperation in non-primary sectors, the share of medium-sized and small business begins growing. According to Alexander Yakovlev, he was particularly interested in innovative developments, stimulated by the Kazakh authorities.

In the course of the meeting an opportunity of creating a special economic zone on the territory of Baikonur complex was discussed as well.

Recall that in August this year the Kazakh side has proposed to create a special economic zone in Baikonur city in order to attract some investments for diversifying the city’s economy, to create favourable conditions for development of business.

The amount of the Russian investments into the economy of Kazakhstan is around twelve billion dollars, about fifty large-scale investment projects are underway. Currently, Russian companies demonstrate interest for the Privatization Programme in Kazakhstan as well.

Russian investments create new jobs in Kazakhstan. These enterprises make contribution to training of Kazakhstani employees who complete a preliminary course of professional and technical training, Ambassador of the Russian Federation to Kazakhstan Alexey Borodavkin emphasized during the meeting.

Also the parties discussed opportunities of cooperation within the framework of the agreements, adopted in the course of the 5th Caspian Summit in Aktau. In particular, the parties expressed interest in the realization of tourist projects at the Caspian seaside. Besides it, promising directions opened � development of port services, fishing industry, maritime traffic and so on.

The Russian Ambassador noted that additional impulse to the development of economic integration would be given by upcoming joint key events this year. These include scheduled meeting of the Intergovernmental Commission in Kazan, the Council of the Government Heads of the CIS in Astana and XV Forum of Interregional Cooperation with participation of nation leaders in Petropavlovsk.

Source: Kazakhstan 2050

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