Kazakhstan’s Reforms to Create Ample Opportunities for Foreign Investors, Says PM Alikhan Smailov

NUR-SULTAN – The Prime Minister of Kazakhstan Alikhan Smailov held an interim meeting of the Foreign Investors’ Council that included the discussion of the activities of permanent working groups, the preparation for the 34th plenary session of the council, as well as acute issues of investors on doing business in Kazakhstan, reports the Prime Minister’s press service.

Alikhan Smailov chairs an interim meeting of the Foreign Investors’ Council. Photo credit: PM press service

Opening the meeting, Smailov noted that the government is currently taking comprehensive measures to maintain and increase the inflow of foreign investments.

Last year, 44 new investment projects worth $3.6 billion were launched in Kazakhstan. To date, a pool of over 700 existing and potential projects worth $55 billion has been additionally developed.

To increase the investment attractiveness of Kazakhstan, the government has developed a new Concept of Investment Policy until 2026.

“Taking into account global trends, work will continue on attracting investments into the processing industry with high redistribution, the agro-industrial complex, pharmaceutics, transport, logistics infrastructure, and other sectors,” said Alikhan Smailov.

The head of government also noted that today Kazakhstan is opening a new page in its history, following the path of democratic and socio-economic reforms, announced by President Kassym-Jomart Tokayev as part of the New Kazakhstan concept.

It covers all spheres of society and is aimed at strengthening the institution of legislative power, and qualitative modernization of the economy by strengthening fair competition, protecting private property, and demonopolizing the economy.

“All these measures will create broad economic opportunities for foreign investors. In this context, I would like to note once again that Kazakhstan continues to be a reliable investment partner for everyone who comes to our country to work and earn honestly,” said Smailov.

Deputy Prime Minister and Minister of Foreign Affairs Mukhtar Tileuberdi, National Economy Minister Alibek Kuantyrov, Ecology, Geology and Natural Resources Minister Serikkali Brekeshev, Labor and Social Protection Minister Tamara Duisenova, Energy Minister Bolat Akchulakov, Samruk Kazyna Sovereign Wealth Fund CEO Almassadam Satkaliyev delivered the reports during the meeting.

Among the foreign investors that participated in the meeting were Yerlan Dosymbekov, chair of the board of directors of Kazakhstan’s Foreign Investors’ Council and managing partner of EY, Alem Friga-Noy, head of TotalEnergies in Kazakhstan, Dimitri Propp, representative of KNAUF, Saken Zhumashev, managing partner of KPMG, Bela Ferenci, President of General Electric in Russia and the Commonwealth of the Independent States, Juan Escobar, managing director of Philip Morris International.

The meeting participants noted that over the past period all the responsible government agencies and organizations, and foreign companies of the council took all the measures to fulfill the protocol instructions of the 33rd plenary session of the council.

At the same time, the most important strategic objectives for the future are the protection of the environment and water resources, the transition to renewable energy sources, and the decarbonization of the economy, which will be the focus of the 34th plenary meeting of the council.

Summarizing the results of the meeting, Smailov noted that a lot of work had been done within the council. Proposed suggestions and recommendations will be worked out by the government in detail.

“I want to emphasize once again that we are ready to discuss all the proposals and recommendations of foreign investors, as well as emerging issues related to their investment activities in Kazakhstan,” said Smailov.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter and Telegram!