On October 31, 2024, during a meeting of the Foreign Investors' Council, President of Kazakhstan Kassym-Jomart Tokayev outlined the measures being implemented in Kazakhstan to create favorable conditions for investors, reports Zakon.kz.
The President noted that Kazakhstan attracted an impressive $23 billion in foreign direct investment in 2023. Additionally, according to the International Institute for Management Development, Kazakhstan ranked among the 35 most competitive countries in the world this year.
“We must not become complacent; efforts to further attract investment must continue. We have laid the foundation to achieve a new ambitious goal – to attract an additional $150 billion in foreign direct investments by 2029. For this, the state investment agency has been given authority to resolve issues on the spot. In May, I signed a decree to significantly liberalize the national economy,” said Tokayev.
He added that by the end of the year, a digital investment platform would be launched to track project implementation in real time.
"In the near future, a ‘green corridor’ will be created for priority projects, optimizing processes for issuing permits, allocating land, and connecting utilities. I mentioned the decree on economic liberalization, and one of the first measures is limiting the creation of new quasi-state companies and establishing a new national office for privatization. This year, Parliament passed regulatory acts aimed at improving business conditions, including eliminating over 10,000 excessive and outdated requirements. Moreover, the new Tax Code will help to identify updated investment cycles, and one key innovation is the introduction of investment tax preferences," Tokayev added.
He emphasized that a methodological council under the government would ensure a unified interpretation of all disputed tax and administrative issues, including those raised by investors.
"In general, my government and I are fully committed to further liberalizing the economy and expanding cooperation in the financial sector. Kazakhstan has a unique institution in the region – the Astana International Financial Centre (AIFC). It combines best practices from the world’s leading financial centers. The AIFC operates exclusively on the basis of English common law, guaranteeing fairness and investor rights protection. More than 3,000 companies from 83 countries are registered with the AIFC," said Tokayev.
The President noted that the government plans to develop a series of large-scale investment projects on a turnkey basis, which could be financed by international financial institutions through public-private partnerships.
“We invite council members to take advantage of these investment opportunities and use them in your projects. The council’s work should help balance two separate phenomena – the rapid changes we observe in the world and the ongoing reforms and transformations in Kazakhstan,” said Tokayev.
In his view, the council should keep pace with these realities, and to do so, collective efforts need a reset.
“I am committed to continuing an ongoing dialogue between council members and state bodies working to improve the investment climate and implement new initiatives and projects. Naturally, we remain focused on developing policy and consistent standards rather than making quick, post-facto decisions. I propose that the government and the Kazakh Agency for Strategic Initiatives submit specific proposals to enhance the council’s activities,” Tokayev concluded.
CentralasianLIGHT.org
October 31, 2024