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Wednesday, October 16th, 2019

Transferring Kazakh Invest national company to AIFC will accelerate inflow of investment in country’s economy – Alikhan Smailov


As Smailov stressed, the Government faces the task in the medium term to ensure economic growth at the level of 5% per year. This accordingly requires a higher rate of foreign direct investment in the economy. Therefore, additional measures were taken to strengthen the work in this direction.

In particular, when we analyzed the situation, we found out that there is a lack of coordination between government agencies, akimats, and national companies that work in terms of attracting investment. Lack of projects that would be understandable to investors in a convenient format compliant with international standards. Having studied these issues in the framework of the working group, they adopted the relevant Government Decree according to which an investment hub is being formed on the basis of the AIFC, said Smailov.

Also, he explained why the hub was created precisely on the basis of the AIFC.

Because here is the most comfortable atmosphere. A soft infrastructure has already been created, an expat center functions, where foreign investors are provided with all registration services in English, receiving tax reports, project assistance, financing, he explained.

According to Smailov, it is here that the most convenient atmosphere for investors is where they can receive the necessary services. In addition, there is English law in the territory of the center. Here are the International Court of Justice, the arbitration center, that is, everything has to ensure that it is on the infrastructure of the AIFC to create such an investment hub.

The President sets the task of bringing the share of investment in fixed assets to 30% of GDP. Today it is at the level of 19%. Therefore, we plan to achieve this target indicator in the medium term, Smailov said.

Source: The Prime Minister of Kazakhstan