ASTANA – The Investment Promotion Council (Investment Headquarters) held its first regular meeting on Dec. 13 in Astana under a new format following the signing of a Presidential decree that granted them unprecedented authority, reported the Prime Minister’s press service.
Kazakhstan’s First Deputy Prime Minister Roman Sklyar (M) chaired the Investment Attraction Council’s meeting. Photo credit: primeminister.kz
Chaired by Kazakhstan’s First Deputy Prime Minister Roman Sklyar, the meeting’s primary agenda was to reformat the work of the Investment Headquarters.
The council approved a shift from the advisory format of the Investment Headquarters’ minutes, with all decisions made by the council now holding binding authority over state bodies and national companies. Should the instructions of the Investment Headquarters be improperly carried out, those responsible—including political public servants—will be held accountable and may be dismissed from their posts.
The Investment Headquarters also discussed executing at least 15 major manufacturing projects, which should form the basis for the country’s industrial framework. The aim is to establish an interconnected network of industries and associated productions, engaging small and medium-sized enterprises (SMEs), thereby enabling the realization of a multiplier effect in the future.
Earlier in December, President Kassym-Jomart Tokayev signed a landmark decree that outlined a comprehensive plan to empower the Investment Promotion Council with unprecedented authority. The initiative aims to increase the efficiency of attracting investment, supporting the ambitious task set by the President to double the volume of the economy to $450 billion by 2029. Kazakhstan needs to attract at least $150 billion in foreign investment to meet this target.
Business-related concerns demand expedited resolution through manual intervention, engaging both central and local government agencies alongside quasi-governmental entities. To enhance the efficacy of these efforts, the country will implement a responsive decision-making system to support and collaborate with investors. The Investment Headquarters has already assessed several cases from domestic and foreign investors, identifying specific challenges and bureaucratic barriers faced by businesses.
