Kazakh Government approves new legislative, executive roadmap to attract investment

NUR-SULTAN – The Kazakh government approved July 30 a new roadmap outlining legislative and executive measures to attract foreign investment, Zakon.kz reports.

Photo credit: yandex.kz.

The roadmap also outlines measures to be taken within the Astana International Financial Centre (AIFC) to attract investment.

The roadmap’s legislative section includes measures to alter taxation and liberalise the visa and migration regimes. It also includes legislation measures related to contracts concluded with foreign partners.

The executive work outlined in the roadmap includes the formation and maintenance by Kazakh Invest of a single pool of investment projects; active involvement of state institutions in attracting direct and portfolio foreign investments; the adoption of measures addressing the development of international flights in Kazakh cities; the creation of a media hub for business media; the development of the annual communication plan for targeted work with key audiences of investors and the building of direct contacts with potential partners.

In relation to the AIFC, the roadmap includes a section on the possibility of launching an initial public offering regarding the AIFC “Leaders of Competitiveness – National Champions 2.0” programme participants exchange. It also includes measures related to the inclusion in certain contracts of recommendations regarding the applicable contract law of AIFC law and the judicial (arbitration) clause of the AIFC or IAC Court. It also includes measures related to work regarding the unification of tax benefits for the AIFC as well as measures related to the Astana Hub, Astana EXPO 2017 and Nazarbayev University. Also, it previews the operating of the Investor Services Center at the AIFC Expat Center using the single window services method.

“Economic development is directly related to attracting investment. It is necessary to look for new niches, create mechanisms for attracting investments and provide all support measures. The main task is to double the volume of investment in the economy,” Kazakh Prime Minister Askar Mamin said July 10.

With the roadmap being approved, the Ministry of National Economy was instructed to summarise the information provided and inform the Government about the measures taken regarding the roadmap implementation at least once every six months.