Kazakhstan is attracting more investments, than other Central Asian countries
That was announced by Mr. Zhou Qiangwu, the Director General of the International Economics and Finance Institute of China.
Kazakhstan attracts 11 times more foreign investments than the other Central Asian countries - Kyrgyzstan and Tajikistan. Such data were announced today by Mr. Zhou Qiangwu, the Director General of the International Economics and Finance Institute of the People's Republic of China at the III Forum of Thinktank Development Forum “Building Knowledge Corridors along the Great Silk Road” in Bishkek, as Kazinform reports.
The expert of China says that according to the average annual rate, Kazakhstan assimilates more than USD 11 billion of foreign capital, whereas Tajikistan and Kyrgyzstan - nearby USD 1 billion.
“Foreign investments in Kazakhstan accounted for USD 10 billion in 2013, while in 2015 it amounted to USD 6,4 billion, and in 2016 there was a boost to USD 16 billion. The industrial investments grow as the countries adjust their policies. Prospects for attracting investments in the Central Asian region will improve in course of time”, - Zhou Qiangwu said.
The inflow of capital is also related to the fact that in recent years the countries of the Central Asia have been undertaking the investment environment reforms, changing administrative procedures, improving the public services, tax incentives and state support.
However there are also problems. In particular, the financial market in the region is poorly developed and depends on investments. Meanwhile, there are no complex financial markets, but the degree of openness is low, there are no guarantee institutes, and high costs for attraction of investments. So, in recent years, there were some waves of devaluation of national currencies that involves high-risk for an investor, Zhou Qiangwu said.