Kazakhstan Seeks to Raise Over $24 Billion in Investments This Year

ASTANA – Kazakhstan intends to attract $24 billion in foreign investments by the end of the year, said Chair of the Investment Committee at the Ministry of Foreign Affairs Ardak Zebeshev at a July 20 press conference at the Central Communications Service.

Photo credit: Freedomz/Shutterstock.

“President Kassym-Jomart Tokayev instructed to attract at least $150 billion to the country over seven years. … It is planned to conclude at least four investment agreements before the year-end, two of which have already been signed. There are plans to sign or ratify at least three agreements on the promotion and protection of investments and launch at least 40 projects involving foreign investment by the year’s end,” Zebeshev said.

Kazakhstan approved a list of 281 investment projects worth two trillion tenge (US$4.47 billion) this year.

According to him, this year, Kazakhstan seeks to launch a project for a high-precision production of iron castings, which will be the second plant in the world capable of high-tech casting without additional processing.

Also, an export-oriented production of sulfur additives with a capacity of up to 240,000 products per year will be put into operation in the Pavlodar Region. Italian investor Eni will launch a 50-megawatt renewable energy power plant in the Turkistan Region. The Fruit Art project will allow bringing import substitution to 5% for apples and up to 100% for berries.

Zebeshev noted that the ministry is carrying out targeted work to support investors using a wide range of state support measures, including tax preferences, customs, and state grants.

According to Deputy Foreign Minister Almas Aidarov, the ministry is looking into problems faced by investors in Kazakhstan. Some investors need help providing technical conditions, difficult access to raw materials, obtaining financial instruments, and high-interest rates of second-tier banks. In addition, during the implementation of projects, some investors note the need for more qualified personnel in Kazakhstan.

Last year, Kazakhstan gained a record $28 billion in foreign investments over the past decade. The figure reached $7.6 billion in January-March, a 10% increase compared to the same period in 2022.

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