In a bid to bolster economic growth and attract foreign capital, Kazakhstan has set its sights on raising over $24 bn in investments by the end of the year. The ambitious goal was announced by Ardak Zebeshev, Chair of the Investment Committee at the Ministry of Foreign Affairs, during a press conference at the Central Communications Service on July 20.
President Kassym-Jomart Tokayev has called for the country to secure at least $150 bn in foreign investments over a seven-year period, as part of a broader strategy to accelerate economic development and diversify its industries. To achieve this, Kazakhstan plans to conclude a minimum of four investment agreements before the year's end, with two already successfully signed. Additionally, they aim to finalize at least three agreements focused on promoting and protecting investments, while launching a remarkable 40 projects involving foreign capital.
Earlier this year, Kazakhstan approved an extensive list of 281 investment projects equivalent to $4.47 bn. Among the significant initiatives set to boost economic prospects is the establishment of a high-precision iron castings production plant, a pioneering facility globally capable of high-tech casting without the need for further processing.
In the Pavlodar Region, an export-oriented production facility for sulfur additives, boasting a capacity of up to 240,000 products annually, is set to commence operations. Additionally, the Turkistan Region is set to witness the launch of a 50-megawatt renewable energy power plant by Italian investor Eni, marking a substantial step toward sustainable development. Moreover, the Fruit Art project, aimed at achieving import substitution levels of 5% for apples and up to 100% for berries, promises to enhance Kazakhstan's self-sufficiency in the fruit market.
To attract and support investors, the Ministry of Foreign Affairs is implementing targeted measures such as tax preferences, customs assistance, and state grants. The government recognizes that some investors face challenges, including issues related to technical requirements, access to raw materials, obtaining financial instruments, and high-interest rates from second-tier banks. Addressing these obstacles is crucial to fostering an investor-friendly environment and boosting overall confidence in the market.
In 2022, Kazakhstan experienced a record influx of foreign investments, reaching an impressive $28 bn, the highest in a decade. The momentum carried into 2023, with foreign investments amounting to $7.6 bn in the first quarter, signifying a 10% increase compared to the same period the previous year.
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