ASTANA – Kazakhstan competes with 189 countries for foreign direct investment, Vice Minister for Investments and Development Yerlan Khairov said recently, Kazinform news agency reports.
Analysts say the U.S., China and other countries are investing significant funds into Kazakhstan’s economy. In this regard the vice-minister spoke to journalists about whether that may lead the country to lose its economic independence and feel pressure from investor countries.
“This list of countries looking for foreign direct investment includes all developed countries. Therefore, the fact that Russia, the U.S., China and other countries are investing in Kazakhstan is good for the country and its citizens,” he noted. “At the same time, the investing process is not so swift. For instance, the announced 51 projects for a total amount of $26 billion as part of the Kazakhstan and China industrial and investment programme is an intention to a greater extend at this moment. Only a small part of these funds were, in fact, invested,” Khairov said.
According to the official, the government regulates the quality of investment projects, including maintaining a balance in investment volume to Kazakhstan by different countries.
“Good quality foreign direct investments are needed to ensure growth and diversification of our economy. Also, improving competitiveness of a product produced in Kazakhstan, such investments will allow to increase the county’s export potential, which will reduce the impact of oil prices on the national currency rate,” he added.