Kazakh Government Signs Investment Contracts Worth $4.9 Billion in 18 Years

ASTANA – The Kazakh Investment Committee signed 1,438 investment contracts worth 2.2 trillion tenge ($4.9 billion) between 2005 and June this year, including 216 with the provision of a land grant in-kind, said Deputy Foreign Minister Almas Aidarov, reported the Prime Minister’s press service.

Alikhan Smailov. Photo credit: Prime Minister’s press service.

Kazakh Prime Minister Alikhan Smailov chaired a July 27 meeting of the Investment Headquarters to assess the provision of land plots in the form of state in-kind grants under investment contracts.

According to Aidarov, over 37,000 jobs were created and 125 agreements in the service sector (construction of warehouses, facilities in education, healthcare, hotel services and passenger transportation areas) were reached as part of the investment contracts.

Aidarov said that state in-kind grants are provided according to the list of priority activities both in the production of goods and in the production of services and are subject to special cases that do not require bidding (auctions).

In-kind grants are allocated by akimats (local administrations) in agreement with the Land Management Committee of the Agriculture Ministry.

Smailov highlighted that President Kassym-Jomart Tokayev pays special attention to attracting investments and supporting business and instructed responsible state agencies to update the regulatory legal acts to improve the law enforcement practice of allocating land grants in-kind.

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