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The Government of Kazakhstan and the World Bank discussed attracting foreign direct investment

Prime Minister Askar Mamin participated in a discussion session of the World Bank and the Government of the Republic of Kazakhstan on attracting foreign direct investment.

“Since 1992, jointly with the World Bank, we have successfully implemented 47 projects in finance, infrastructure, energy, small and medium-sized businesses totaling about $8 billion, and over 250 technical assistance projects worth $40 million, which contributed to improving the quality of life of Kazakhstan people, as well as creating new opportunities in the private and public sectors of the Republic of Kazakhstan”, said Askar Mamin.

The Head of the Government stressed that following the results of 2019, Kazakhstan’s GDP grew by 4.5%, the amount of attracted foreign direct investment exceeded $25 billion, and trade turnover with foreign countries reached $96 billion. Kazakhstan raised from the 28th to the 25th place in ease of doing business According to the World Bank's Doing Business.

“Our priority is to maintain and strengthen this trend. To this end, we will focus on attracting foreign investment and advanced technologies. Our strategic goal is to bring the volume of investments into the fixed capital to at least 30% of GDP, which will increase the creation of added value in energy, transport, infrastructure, agriculture, tourism and other industries”, said Askar Mamin.

The meeting participants examined the models and factors affecting the attraction of foreign direct investment, the tasks to strengthen the investment policy of Kazakhstan, legal regulation issues, as well as the potential for privatization and public-private partnerships.

The discussion session was attended by members of the Government, heads of national holdings and development institutions, as well as leading experts in the attracting investments - the World Bank Regional Director for Central Asia Lilia Burunciuc, Czechinvest Strategic Project Director V. Zaitzova, a former member of the management team Irish Foreign Investment Promotion Agency (IDA) D. Bennet, WB experts H. Yedlichka, P. Correa and others.