Since the beginning of economic reforms, Kazakhstan has already attracted $400 billion in foreign direct investments (FDI), President Kassym-Jomart Tokayev announced during a meeting at Akorda, the press service of the President of Kazakhstan reports.
The Kazakh leader shared plans to attract an additional $150 billion by 2029, launching a new investment cycle under the leadership of the Investment Council.
He emphasized the importance of political reforms aimed at the country's prosperity and meeting society’s democratic aspirations.
One indicator of commitment to democratic values was the recent referendum on the construction of a nuclear power plant, which, according to the president, demonstrated the desire for open and transparent discussion of key national decisions.
Tokayev also noted that the ongoing reforms not only strengthen internal stability but also ensure Kazakhstan's sustainable economic growth. These transformations help attract significant FDI, which plays a key role in the development of the national economy.
The president stressed that Kazakhstan recognizes the importance of quick decision-making and a comprehensive approach to the investment process. He also highlighted Kazakhstan’s focus on strengthening regional cooperation and expanding interaction with neighboring Central Asian countries to promote regional development and stabilization.
Regional Cooperation and the Role of Central Asia on the Global Stage
Tokayev reaffirmed Kazakhstan’s commitment to regional policy, underlining the importance of enhancing cooperation with neighboring countries in Central Asia.
Over the past decade, interaction among regional countries has improved noticeably, with productive collaboration among heads of state serving as a foundation for future prosperity.
The president also emphasized the need to maintain strategic balance and the growing importance of Central Asia on the global stage. He stated that the voices of mid-sized powers like Kazakhstan should be more prominent on international platforms, including the UN Security Council.
Developing Domestic Capital Markets and Sustainable Investments
Yaseen Anwar, head of the regional office of Green Investment Principles for Central Asia, highlighted the importance of developing domestic capital markets in countries like Kazakhstan and Uzbekistan. Strengthening these markets will reduce financing costs and increase business competitiveness.
Support for green projects and sustainable investments aligned with UN goals creates opportunities for accelerated economic growth and environmental improvement.
It is particularly important for Central Asian countries to attract international financial institutions to fund infrastructure projects, which would mitigate risks and enhance liquidity.
Foreign Direct Investment in Central Asia
Amid Kazakhstan's substantial FDI inflow, other Central Asian countries are also actively working to attract capital:
Uzbekistan
- 2019: $4.2 billion
- 2020: $6.6 billion
- 2021: $7.6 billion
- 2022: $9 billion
- Total (2019–2022): $27.4 billion
Turkmenistan
- 2019: $1.7 billion
- 2020: $1.3 billion
- 2021: $1.5 billion
- 2022: $1.8 billion
- Total (2019–2022): $6.3 billion
Tajikistan
- 2019: $357 million
- 2020: $276 million
- 2021: $347 million
- 2022: $412 million
- Total (2019–2022): $1.39 billion
Kyrgyzstan
- 2019: $614 million
- 2020: $476 million
- 2021: $547 million
- 2022: $598 million
- Total (2019–2022): $2.24 billion
The total volume of FDI in Central Asia for 2023–2024 is still being finalized. Kazakhstan and Uzbekistan currently lead the region in attracting investments, with Kazakhstan maintaining a clear leadership position.
CentralasianLIGHT.org
October 18, 2024