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CzechInvest and Kazakh Invest exchanged best practices in attracting investments

KAZAKH INVEST and the Investment Development Agency CzechInvest held a joint online webinar to share their experiences in attracting domestic and foreign investments.

The online webinar was attended by the First Secretary of the Embassy of the Republic of Kazakhstan to the Czech Republic, the representatives of the Ministry of Trade Industry of the Czech Republic, as well as the representatives of Czech Invest and KAZAKH INVEST.

In his opening statement, the Director of the Department of International Economic Policy of the Ministry of Industry and Trade of the Czech Republic Martin Pospilis noted that the Republic of Kazakhstan has great potential to attract large investors to various sectors of the economy. Additionally, the country is one of the strategic partners of the Czech Republic in Central Asia.

“I believe that there is still a number of unimplemented opportunities for cooperation in various fields of activity between our countries. In my opinion, there is also great potential in the implementation of the Czech-Kazakh projects”, added Martin Pospilis.

At the same time, the CEO of NC KAZAKH INVEST JSC Baurzhan Sartbayev supported the need to strengthen partnership between our states and the great potential for further cooperation, especially in agriculture and engineering.

“In the new reality, when almost the whole world is under quarantine, KAZAKH INVEST is working on various innovations in order to attract investments, including the exchange of experience with leading world investment attraction agencies. Now we face the challenge of early recovery from the crisis and certain efforts are delivering results. A number of projects with the participation of foreign investors in Kazakhstan continued construction and installation works. Most of them plan to implement projects on time”, said Baurzhan Sartbayev.

The CEO of Czech Invest Patrick Reichl shared the main activities of the company, in particular, assisting in the implementation of investment projects, advising foreign investors to enter the Czech market, implementing the state investment policies, administrating a database of commercial real estate, as well as working jointly with the state and local authorities. In addition, the agency helps not only connect with research and development partners but also helps early innovative entrepreneurs develop their startups through their own programs.

During the online webinar, experts of both companies shared their experiences and discussed sectorial priorities, the life cycle of investment projects, general and sectorial investment promotion activities, investor targeting, service support of existing investors and measures taken by agencies due to the spread of the COVID-19.

Following the results of the online meeting, it was decided to deepen the strategic partnership between the agencies as well as maintain the exchange of experience in order to increase efficiency in implementing the common activities to attract investment.

For reference: The Investment Development Agency CzechInvest was established in 1992. The activities of the Agency are actively supported by the Government of the Czech Republic and funded by the Ministry of Industry and Trade. The Agency attracts both domestic and foreign investments in the aerospace industry, electrical engineering and electronics, information and communications technology, mechanical engineering, nanotechnology and new materials, research and development, biomedical developments, etc. The Agency's portfolio includes 1,916 approved projects creating 293.200 jobs. The projected amount of attracted foreign direct investment amounted to $ 43.5 billion.