In 2022, Kazakhstan attracted a record $28 billion in foreign investments, as stated by Almas Aidarov, the Deputy Minister of Foreign Affairs of Kazakhstan, during a press conference at the Central Communications Center. He emphasized that Kazakhstan accounted for 61% of all net investments among Central Asian countries, and in recent years, the country consistently attracted over $20 billion annually.
Aidarov highlighted the changing structure of investments, noting that in previous years, the mining and metallurgical complex received 70% or more of the investments. However, in the past year, this figure decreased to about 50%. He mentioned that the share of the processing industry increased to approximately 20%. The wholesale and retail trade sector attracted around $5 billion, and the transport and storage sector received about $1 billion in investments.
The favorable conditions for investment growth in Kazakhstan have led to measures being taken to maintain a positive investment climate, as assured by the speaker. Traditionally, the country's economy has been supported by foreign investments from countries such as the Netherlands, the USA, Switzerland, Belgium, Russia, Ukraine, China, France, Germany, and the UK.
Aidarov explained that Kazakhstan employs a three-tier system for attracting investments, with 108 foreign missions working on attracting new companies. Around 3,000 new companies are processed annually, with approximately 500-550 potential investors visiting the regions directly.
During the first half of the current year (2023), the investment activity has remained strong. Around 2,000 companies have been evaluated based on external factors, and 450 of them visited Kazakhstani regions. Aidarov mentioned that the ministry's target is to initiate the construction of at least 40 major projects with foreign participation annually.
The Deputy Minister listed the leading regions in attracting foreign direct investment, with Atyrau Region being in the first place, followed by Almaty, Astana, East Kazakhstan, and West Kazakhstan.
In response to the President of Kazakhstan's directive, the ministry actively studies the issues faced by investors in the country. A comprehensive survey of investors is being conducted, and there is a service unit dedicated to this task. Overall, investors are satisfied with the conditions provided, but there are some challenges, such as difficulties in obtaining technical conditions, limited access to raw materials, financial instruments, and high interest rates from banks. Additionally, some investors have noted a shortage of qualified personnel in Kazakhstan during project implementation.
The efforts to attract foreign investments will continue in the same vein, with no reduction in pace, and the country will work towards further improving its investment climate, as assured by the Deputy Minister.
CentralasiaLIGHT.org
July 21, 2023