Government approved New Concept of Kazakhstan’s Investment Policy until 2026
The regular meeting of the Government addressed and approved the Draft Concept of the Investment Policy of the Republic of Kazakhstan until 2026.
First Vice Minister of National Economy Timur Zhaksylykov briefed on the key target indicators provided by the Concept.
The document is for bringing the level of investment in fixed assets up to 25.1% of GDP and increasing the inflow of foreign direct investment up to $25.5 billion as early as 2026.
According to Timur Zhaksylykov, in order to achieve these goals, the Concept includes a series of measures to revise the policy of attracting investments, taking into account new trends that allow changing the structure of investments towards competitive production of goods with high added value.
“The main vision of investment development is about a balanced approach to attracting investments, taking into account the contribution of each sector to the development of the economy. The processing industry will become a key driver for increasing competitiveness,” the First Vice Minister stressed.
The emphasis here is on increasing labor productivity, increasing the volume and the complexity of exports, developing new high value-added products, as well as gradual localization of production.
Deputy Minister of Foreign Affairs Almas Aidarov reported on efforts to attract foreign investment. Akim of Shymkent city Murat Aitenov and Akim of Akmola region Ermek Marzhikpayev spoke about the investment situation in the regions.
The Prime Minister of the Republic of Kazakhstan noted, the new Investment Policy Concept was developed in accordance with the instruction of the Head of State and would actively promote the growth of investments in the economy of Kazakhstan.
In general, the country managed to achieve pre-pandemic levels of investment growth. Thus, for 5 months of this year, the volume of investments into fixed assets increased by 2.5% and amounted to KZT4.1 trillion. Akmola region, Shymkent and Almaty cities demonstrate high dynamics of investment growth. A significant decrease in investment volumes was shown by Turkestan and Karaganda regions. Alikhan Smailov stressed that Kazakhstan is attractive for foreign direct investment and maintains its position as a leader in the inflow of foreign investment in the Central Asian region.
“In order to strengthen this position in the current conditions, we should adopt a much more proactive approach to attract foreign investment and create the most optimal conditions for investors. We should expand the sources of financing of investment projects in non-resource sectors of the economy. The Investment Policy Concept presented today should ensure the launch of a new investment cycle, which will become a driver for the development of the economy as well as the growth of the welfare of the population,” the Head of the Government said.
Following the discussion, the Government adopted the Draft Concept of the Country's Investment Policy until 2026.
The Prime Minister of the Republic of Kazakhstan instructed the central state agencies and Akimats to ensure quality and timely implementation of the measures of the Investment Policy Concept.