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Wednesday, October 16th, 2019

The senators discussed the development of investment climate of the country


Senators of the Senate of the Parliament paid a working visit to Atyrau region. During the visit, a roundtable discussion on “Investment climate development: attraction of strategic investors to the manufacturing industry and creation of joint ventures with anecdotal investors in priority sectors of the economy” took place.

The event was attended by representatives of the Ministries of Foreign Affairs, National Economy, Energy, National Chamber of Entrepreneurs, Kazakh Invest, Astana International Center and Akim N.Nogayev.

Senator Olga Perepechina told about the work done in the investment climate of the country.

In accordance with the order of the First President of the Republic of Kazakhstan “Kazakhstan’s Third Revival: Global Competitiveness”, the Government has elaborated and approved the “National Investment Strategy” Investment Attraction Program “in order to achieve its goals. Currently, the Government is working on the issues of entrepreneurial activity, including those related to taxation, to address the key issues of improving the investment climate, “the Senator said.

The deputy also noted the importance of attraction of investments for domestic and foreign investors in the Atyrau region.

Deputies listened to the speeches of government officials and business community and discussed different approaches to the most important issues.

In particular, the effectiveness of tax concessions, simplification of procedures for attraction of foreign labor force, publicprivate partnership mechanisms as a tool to reduce the burden on the state budget, monitoring of new markets; Issues of increasing the flow of investments into lowperformance special economic zones have been analyzed.

At the same time, to further improve the investment climate, the right of investors to appeal to the courts of Kazakhstan, without prior notification, to apply to Astana International Financial Center Court or international arbitration; as well as mandatory implementation of the decisions of the IAEA in the Republic of Kazakhstan; Consideration of the possibility of reimbursement of costs of the large investor’s infrastructure; proposals were made to develop a complex ecosystem for investment attraction, including measures to create hedging instruments for foreign and domestic companies.

During the round table a draft recommendation was sent to the Government to implement the recommendations.

Senators visited the Karabatan industrial site in the afternoon and visited the National Petrochemical Industry Technology Park. Head of production A.Zhantylakov noted that during construction of this project about 3 thousand people will work and 550 people will be employed. Head of “Polymer Production” company K. Bimagambetov told about plans for production of polyethylene.

Within the framework of the working visit the senators visited a number of objects of the special economic zone and industrial zone.

Source: Kazakhtan 2050