ASTANA – Attracting investment is a key factor in the economic development of the Central Asian region, said Kazakh Prime Minister Olzhas Bektenov during his speech at the plenary session of the fourth Tashkent International Investment Forum on June 10.
Kazakh Prime Minister Olzhas Bektenov at the plenary session of the fourth Tashkent International Investment Forum on June 10. Photo credit: primeminister.kz
“At the recent Astana economic [International] Forum, President of Kazakhstan Kassym-Jomart Tokayev emphasized our country’s commitment to building a stable, integrated, and future-oriented Central Asia. The government of Kazakhstan is ready to create successful and long-term projects in the spirit of mutual trust and sustainable development. Attracting investment is a key factor in the economic paradigm of our region,” said Bektenov.
He highlighted that Kazakhstan aims to attract at least $150 billion of foreign capital into the economy by 2029.
“These are large-scale and ambitious goals, but from our point of view, they are achievable. To this end, large-scale reforms aimed at structural transformation of the national economy are being consistently implemented,” said Bektenov.
The investment incentives in Kazakhstan include tax breaks, exemption from customs duties, provision of in-kind grants, and infrastructure development.
Addressing the forum participants, Uzbek President Shavkat Mirziyoyev said the country is focusing on maintaining economic stability, reported the President’s press service.
“Our gross domestic product has doubled over the past eight years. We have set a goal to increase it to $200 billion by 2030. Last year, the volume of investments into national economy reached $35 billion, and exports amounted to $27 billion. This is also a practical result of the Tashkent International Investment Forum, now being held for the fourth consecutive year,” said Mirziyoyev.
He highlighted the green sector, digital technologies and AI, and the financial system and technologies as key sectors for investment in Uzbekistan.
“We are firmly committed to developing green energy to provide our economy with stable energy resources. Over the past short period, nearly $6 billion worth of foreign direct investment has been attracted to this sector. (…) We will also attract $4 billion to upgrade the power grids,” said Uzbek President.
On the forum’s sidelines, Prime Minister Bektenov met with President Mirziyoyev. Officials discussed a wide range of topics, including trade and economic relations, transport and logistics, industrial collaboration, water and energy cooperation, as well as cultural and humanitarian ties.
Uzbekistan remains Kazakhstan’s important trading partner. In the first four months of this year, bilateral trade reached $1.3 billion, marking a 9.4% increase compared to the same period last year. Exports grew by 15.9%, totaling $1 billion. This growth was primarily driven by cooperation within the industry, as well as in automotive manufacturing and agriculture.
Bektenov also emphasized the importance of expanding trade and investment ties, strengthening regional cooperation in energy and logistics, developing critical minerals, advancing digitalization, and promoting sustainable growth.
In the energy sector, key priorities include joint cross-border projects and the development and transmission of green energy. For transport and logistics, the focus is on large-scale investment projects within the Trans-Caspian International Transport Route. In the digital sphere, long-term investments are needed in data centers, transnational fiber-optic networks, supercomputing infrastructure, and the artificial intelligence ecosystem.
