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Tuesday, September 21st, 2021

Zhenis Kassymbek reports to Nursultan Nazarbayev on investment climate improvement

by June 6, 2018 World Sports

Minister of Investments and Development Zhenis Kassymbek reported to the President of Kazakhstan Nursultan Nazarbayev about the measures taken to improve the investment climate in the country.

Speaking in plenary session of the Foreign Investors Council, he recalled that the Government of the Republic of Kazakhstan is executing 15 instructions of the President given at the previous meeting. First, the minister said, in July 2017, the Law on Electric Power was enacted, which provides industrial groups the right to build their own renewable energy facilities in exchange for their obligations to buy renewable energy. Regarding these projects, this year, for the first time, international tenders are held for a total of 1 gigawatt. Investors from such countries as Germany, France, the United States, Japan and others are showing interest in the development of renewable energy sources in Kazakhstan, � he said.

Secondly, an International Center for Green Technologies and Investments has been established on the territory of EXPO, the function of which is to finance projects, which, together with the AIFC, attracts investments in “green” projects.

The Government also carried out a lot of work together with foreign investors. In particular, specific measures have been developed to streamline procedures for attracting foreign labor, as well as regulations in the field of environmental protection. The recommendation on disclosing the concept of “technologically unavoidable combustion of gas” was adopted and set out in the Code “On Subsoil and Subsoil Use”. Work continues on the implementation of recommendations regarding the decriminalization of tax violations and currency regulation. Thanks to your industrial policy, the manufacturing industry has become attractive to investors. In 2017 every fourth dollar invested in the economy of Kazakhstan falls on the manufacturing industry, � he stressed.

The Minister said that constant work is being done to create favorable conditions for investors, taking into account the OECD standards and the best international practices. First, the investment climate has been significantly improved. In June 2017, Kazakhstan became an associate member of the Investment Committee of the Organization for Economic Cooperation and Development.

Over the past 6 years, we have seriously changed our legislation in accordance with OECD standards: simplified the permitting system, improved legislation in the fields of taxation, customs control, migration and visa regime, and others, � he said.

Secondly, new approaches to attracting investments aimed at increasing efficiency were adopted. A full-fledged system of interaction between all government agencies and organizations, embassies and regions has been built.

The Kazakh Invest National Company, created on your behalf, implements the function of the single negotiator on behalf of the Government with targeted transnational companies and large investors, and ensures the implementation of investment projects and the timely resolution of all emerging issues, � he concluded.

Recall, the 31st plenary session of the Foreign Investors Council launched today in Astana under the chairmanship of the Head of State Nursultan Nazarbayev. FIC is a unique platform under the chairmanship of the President of the Republic of Kazakhstan. The Council was established in 1998 to provide direct dialogue between the Government of the Republic of Kazakhstan and foreign investors for the effective resolution of problematic issues related to their investment activities in the country and improvement of the investment climate in the Republic of Kazakhstan. The FIC includes the heads of 35 large multinational foreign companies and international organizations.

Source: Government of the Republic of Kazakhstan