NUR-SULTAN – Kazakhstan has created a Task Force team to provide end-to-end support to investors, reports the Kazakh Foreign Ministry’s press service.
The strategic investment agreement envisions the implementation of large projects with an investment volume of at least $51 million in strategic industries. Photo credit: Kazakh Foreign Ministry
The agreement was signed by Deputy Prime Minister and Minister of Foreign Affairs Mukhtar Tileuberdi and Astana International Financial Center Governor Kairat Kelimbetov.
The Task Force will become part of the Investment Office, a new mechanism to attract and support investors chaired by Kazakh Prime Minister Askar Mamin.
“It will ensure consistency in project support and facilitate investors/projects journey. Because due to multiple levels of work in state bodies and national companies in Kazakhstan it is crucial to ensure consistency from end to end, thus Task Force has been created,” Azamat Kozhanov, representative of Kazakh Invest national company, told The Astana Times.
The initiative follows the instructions of President Kassym-Jomart Tokayev to reform the system of investment attraction and support.
The team will consist of representatives from the Kazakh Invest national company and the AIFC as permanent members.
“This will include a total of 16 people. Non-permanent members are all state bodies and akimats (city administrations). There are nearly 60 of them plus all advisors and representatives of embassies. They will take part in the work if needed,” said Kozhanov.
The final team still needs to be decided.
The proposal to establish an Investment Office was first voiced by Tileuberdi at a Feb. 2 government meeting. He then spoke about the way the new system will work.
“State bodies and private businesses will formulate their inquiries regarding investments into the Kazakh Invest national company. The AIFC will then verify investment proposals at its Business Connect platform. Only those projects that pass the verification process will enter the special pool that will be then accompanied by the Task Force from development to implementation,” said Tileuberdi back then.
These projects will be submitted to the Investment Office for consideration that will then be responsible for ensuring special conditions for the investor stipulated in the Strategic Investment Agreement.
