KAZAKH INVEST launched a series of webinars for foreign institutions of the Republic of Kazakhstan on instruments of state support for investment activities
This format aims at explaining the work of the three-level system for attracting investments in Kazakhstan, the features of the regions, presenting the current situation in the trade and economic relations with foreign countries and project expertise, as well as informing of the existing restrictions and preferences.
The webinar informed on the participants of this system, as well as the role of KAZAKH INVEST and the offered services for investors, provided on a “one-stop-shop” basis. It also briefed on the Kazakhstan’s cooperation with foreign countries in implementing the investment projects, informed of the priority sectors for investment, as well as of a pool of investment projects from the KAZAKH INVEST monitoring system. Also, the embassy officials were informed of the types of state support for investment activities, the mechanism for obtaining investment preferences.
The first webinar was attended by the representatives of the Embassy of the Republic of Kazakhstan in the Russian Federation, the Trade Representation of the Republic of Kazakhstan in the Russian Federation, and the Kazakhstan Center for Public-Private Partnership. During the webinar, priorities were announced that reflect the modern vision of the cooperation between the two countries, considering the current geopolitical realities, the changing needs and new opportunities of the region that appeared due to the global fight against the coronavirus pandemic.
Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan to the Russian Federation Ermek Kosherbayev noted, when working with Russian investors, it is necessary to take into account the fact that the Eurasian Economic Union operates in the territory of the countries, created to ensure the freedom of movement of goods, services, capital and labor, as well as to coordinate the policy in key sectors of the economy. In other words, in addition to the mechanisms of work that KAZAKH INVEST uses as the national agency for attracting investments, the work should be strengthened widely on a long-term vision, taking into account the emphasis in the cross-border cooperation in the trade and economic relations. Also, according to the speaker, Kazakhstan is trying to attract foreign manufacturers and to preserve the basic principles, and approaches to attracting investments.
To date, the volume of trade turnover between Kazakhstan and Russia amounted to $19.7 billion in 2019. The country is the leader in terms of the trade turnover. The main exported goods from Kazakhstan to Russia include ores and iron concentrates, uranium, flat products from unalloyed steel, ores and concentrates of precious metals, ores and copper concentrates. The main imported goods from the Russian Federation to Kazakhstan are: natural gas, cars, ores and concentrates of precious metals, gold, oil products (* indicators of mutual trade turnover for 2019).
Among the joint investment projects that KAZAKH INVEST supports today: 17 implemented, 25 ongoing and 11 promising – in all 53 projects totaling $6.6 billion in the engineering industry, mining and processing complexes, metallurgy, agribusiness and others.
“I am sure that this format will become regular and effective for us and will be of practical use to you. I believe that an analysis of joint projects in terms of industries and regions, mechanisms for attracting potential partners, information on the role of foreign agencies of the republic and regional representatives of the company will support the substantive and systematic work with representatives of business circles and business as a whole. We systematized the information so that you can apply the data in your work”, said Baurzhan Sartbayev, the CEO of NC KAZAKH INVEST JSC.
Additionally, KAZAKH INVEST representatives informed the participants of the major economic indicators of Kazakhstan and the conditions created in the country for profitable business, as well as the reforms aimed at improving the investment climate. A special focus was devoted to the service support, as well as the differences between KAZAKH INVEST and other participants of the investment attraction system. By the way, according to the participants, along with state support measures, the services provided are also a competitive advantage of our country for investors.
Following the webinar, there was a Q & A session, during which the officials of the Trade Representation voiced the nuances of working with investors related to various industries, specifics of the region, possible risks and forecasts for certain areas.