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Coordination council established to attract investment

Coordination council is established to attract new wave of investment. It is chaired by Prime Minister Askar Mamin, a correspondent of business information center of Kapital.kz informs.

«Elbasy set a task to ensure sustainable economic development which requires us to increase the volume of investment into the fixed assets in the medium term up to 30% of GDP. Attracting direct foreign investments is especially important task in order to achieve this purpose. Direct foreign investments should be the main driver. We are to organize the specific work on attracting a new wave of investment in the national economy», - Askar Mamin said.

All responsible decisions on attracting investments will be submitted to the Council for consideration.

«The first meeting of the Council will be held in May. The meeting of the Coordination Council from next month on will be held systematically and weekly. The second, the unified ecosystem will be created on the platform of Astana International Financial Center (AIFC) to work with investors. This system will include all development institutes and will work by a principle of single window, - Askar Mamin said, having added that AIFC should become the regional center of investments.

The Ministry of Foreign Affairs completely supports the offers of the Government to create the unified ecosystem on attracting investments on the basis of Astana International Financial Center, Minister Beibut Atamkulov said, having added that it is necessary to use AIFC’s opportunities, in particular, its unique legal regime based on principles of the laws of England.

«All development institutes will be concentrated in a single location: they are the Committee for Investment, Kazakh Invest, Direct Foreign Investment Fund and other organizations which work in the area of attracting investments. All institutes will work according to the “single window” principle on the platform of Astana International Financial Center. The unified investment pool of projects providing investors with all measures of the state support will be formed systematically», - the Minister said.

He highlighted that the Coordination Council includes representatives of key state agencies, national companies, legal and security agencies. The Council will consider issues of large and medium investors to take decisions on them.

«We consider that empowering the Council to grant the special tax mode, deposits, to facilitate procedures for entry of foreign labour, to allocate land lots, to provide with infrastructure will allow us to solve operatively the issues of attracting large strategic investors. To address issues related to the implementation of investment projects and protect the rights of investors, the functions of an investment ombudsman are entrusted to the Prime Minister of Kazakhstan», - Beibut Atamkulov said.