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Foreign investment in Almaty exceed $3B in 10 years - mayor

29 November 2018 12:07

ALMATY. KAZINFORM - Foreign investment into Almaty city has amounted to $3.5 billion over the past 10 years, mayor Bauyrzhan Baibek claimed at the Almaty Invest Forum 2018, Kazinform reports.

Baibek reminded that over 40 memorandums to the amount of $1 billion had been signed within the framework of five previous forums. To date 12 projects to the tune of $400 billion have been implemented.

"Almaty is one of the most developed cities in Central Asia with multi-billion dollar economy. Over the years of independence the city's economy has grown 100fold. One fifth of country's GDP falls at Almaty. International companies actively invest into Almaty. Over the past decade the city has attracted over $22 billion of investment, including $3.5 billion of FDI. This year, investments have grown by 21%," mayor Baibek said.

He also stressed that trade and services account for 86% of the city's economy.

It was noted that one third of the largest taxpayers in Kazakhstan are based in Almaty, including over 30 transnational companies, 90% of banks' headquarters, 43% of joint ventures and large international organizations.

Almaty mayor pointed out that in its development Almaty takes a cue from the world's best practices, including UN SDG and OECD standards.

Over 500 delegates - politicians, world and Kazakhstani business leaders, heads of investment corporations, financial institutions and international organizations - from different countries of the world have gathered at the Almaty Invest Forum 2018.

Keywords: Kazakhstan, Almaty,