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Alikhan Smailov called on foreign companies to invest in Kazakhstan

Prime Minister of the Republic of Kazakhstan Alikhan Smailov addressed the Panel Session called “Investing in Energy and Food Sustainability. Kazakhstan case” of the Astana Finance Days 2022 Conference, primeminister.kz reports.

The event was also attended by Sir Suma Chakrabarti, Deputy Chair of the Supreme Council for Reforms under the President of the Republic of Kazakhstan, AIFC CEO Kairat Kelimbetov, Minister of Energy Bolat Akchulakov, Managing Director of Condor Petroleum Inc. Norman Storm, Regional Director of Çalık Holding in Kazakhstan Kenan Akkirman and others.

In his address, Alikhan Smailov stressed that world prices for hydrocarbons and food products are at a historical maximum, that affects the quality of life of people in many countries, including Kazakhstan.

“Realizing this, we can appreciate the timeliness of the political reforms initiated by the President of Kazakhstan, Kassym-Jomart Tokayev, at the beginning of this year. These reforms, for its part, will bring about profound economic changes in the country,” said the Prime Minister of the Republic of Kazakhstan.

The Head of the Government emphasized that Kazakhstan, with its solid political and economic base, is today the “gateway” to the largest world markets with a volume of more than 1 billion potential consumers, including the EAEU and China, and is rightfully considered a transit hub in Central Asia.

Over the years of independence, our country has attracted $390 billion of foreign direct investment, with the majority of which has been attracted in the last 10 years.

So, in 2021, the total inflow of investments amounted to $24 billion, which is 38% higher than a year earlier. At the same time, investments in the oil and gas sector amounted to only 28%, while in 2018-2019 their share was equal to 50%.

“This indicates an active ongoing diversification of the country's economy. Taking into account the global turn of events with commodity prices, we now have to explore more our energy and agricultural opportunities,” Alikhan Smailov emphasized.

According to the Prime Minister, significant natural resources make our country an important supplier to world commodity markets. Moreover, Kazakhstan ranks 6th in the world in terms of agricultural land.

“Both sectors are a priority for attracting investment to produce high value-added products. In this regard, the Government is proving favorable conditions and comprehensive support to investors who come to Kazakhstan,” the Prime Minister noted.

Thus, 13 special economic and 36 industrial zones have been created in Kazakhstan, providing a preferential investment regime.

Moreover, the Astana International Financial Center operates in the country, being a platform for investors from all over the world due to the established Common English Law regime.

“The Government welcomes foreign investors to conclude contracts and implement new projects. We can guarantee that the interests of investors will be taken into account as much as possible,” Alikhan Smailov concluded.

For reference: On 27-29 June, 2022, the Astana International Financial Center is holding the 5th Astana Finance Days Conference, dedicated to the issues of sustainable development, social responsibility and growth. Astana Finance Days Conference is one of the largest financial ones in the region. Over the past four years, the conference has attracted over 15,000 participants from over 100 countries.