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Kazakhstan attracts $250B foreign investment over past 10 years

28 September 2018 13:30

ASTANA. KAZINFORM - The High-Level International Forum "Advancing Trade and Investment Facilitation for Development: Eurasian Perspective" is underway in Astana, Kazinform correspondent reports.

"Improving the investment climate is a top priority for us. Over the past 10 years, approximately $250 billion of foreign direct investment has been attracted to various sectors of the country's economy. In 2017, the foreign direct investment inflow reached $21 billion, and a quarter of which is utilized in the process industry," Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev said, opening the forum.

The head of the Government underscored that about 50% of all foreign investment is used in the non-energy sectors.

"Positive dynamics is maintained this year as well. In the first half of 2018, we reached agreements with major investors, including 10 multinational companies from China, Turkey, the U.S., the UAE, the UK, and EU countries, to implement 69 new projects. Our country ranks first in Central Asia in terms of investment climate. Moreover, Kazakhstan accounts for over 70% of the investments in Central Asian countries," Bakytzhan Sagintayev added.

The PM emphasized that to improve the investment climate, our state consistently pursues reforms, ensures open dialogue and interaction with investors, and improves the infrastructure for the encouragement of investment.

"I will state only one figure. Over the past 4 years, we have carried out 52 reforms including in tax and customs areas, government support for entrepreneurship. That is an average of 13 reforms per annum," Sagintayev summarized.

It should be mentioned that Kazakhstan hosts the forum in partnership with the Friends of Investment Facilitation for Development (FIFD) consisting of 17 WTO members, including Argentina, Brazil, Qatar, China, the Republic of Korea, Mexico, Nigeria.