KAZAKHSTAN CREATES FAVOURABLE INVESTMENT CLIMATE
Almaty, June 4: Cosponsored by Kazakhstan’s Foreign
Investors Council and the International Herald Tribune the 4th Kazakhstan
Investment Summit, which took place on June 3-4 in Almaty, provided an
excellent opportunity for top policy makers and global business leaders to take
stock of the status and prospects of Kazakhstan’s economy. The almost universal
verdict: the country weathered the economic crisis well and, despite
challenges, is again becoming a very attractive magnet for international
Opening the forum with a welcome address, Kazakhstan’s
President Nursultan Nazarbayev emphasized the special status of the event,
where key members of the Kazakh Government as well as business and political
leaders from the region, Asia, Europe and America exchange views on business
and financial policies.
The Investment Summit was aimed at providing business
leaders and investors from around the world with an up-to-date outlook on
investment prospects and risks in Kazakhstan while the Kazakh side was mainly
interested in discussing the way of getting the foreign investors involved in
the implementation of industrial projects. During the summit the issue of
creating legal framework for determining the competitiveness and long-term
economic growth was touched upon as well.
Welcoming the summit participants, President Nazarbayev
reminded that this forum was being held in anticipation of the 23rd plenary
meeting of the Foreign Investors Council
of Kazakhstan, and has already established itself as an important platform for
exchange of information and strengthening contacts between Kazakh and
international business community.
The President discussed the diversification of the Kazakh
economy through the implementation of the State Program of Accelerated
Industrial and Innovative Development ( PAIID).
He recalled that the government has developed the nation’s
“Map of Industrialisation”, which includes more than 100 projects of national
and regional significance amounting to more than US$ 45 billion.
To implement a new programme, Kazakhstan has identified 12
priority sectors of the economy for attracting investments, including
metallurgy, oil refining and chemical industry, agriculture, engineering,
construction industry, transport and telecommunications infrastructure, and a few
Nazarbayev said an important condition for success in
implementing the industrial programme is to create a favourable climate for
direct investments in Kazakhstan, particularly in non-extractive sectors of the
“We urge foreign investors to expand their presence in our
country by participating in the projects developed under the industrialisation
programme. In this case, we will encourage those that apart from investing in
constructing new facilities bring new technologies to our economy, train Kazakh
specialists for new and innovative career”.
Kazakhstan attaches great importance to inviting foreign
investments and remains one of the most attractive markets globally. During the
last ten years Kazakhstan has ranked among the countries attracting the most
investment per capita globally.
Since independence, Kazakhstan attracted US$ 108 billion in
foreign direct investment. This is 80% of all foreign investments to the
Central Asian region. Moreover, Kazakhstan was the first among the CIS countries
receive international investment grade rating. Besides, the World Bank has
included Kazakhstan in the 20 countries most attractive to foreign investors.
“Today, about 20,000 enterprises involving foreign capital
operate in Kazakhstan, including more than 7,000 businesses in non-primary
sector. Their prosperous activities are an indicator of the long-term,
sustainable and stable development of Kazakhstan,” N.Nazarbayev stated.
The main criterion for evaluating the state’s prospects for
investors is stability. This is readily available in Kazakhstan. Another
important indicator is economic potential. In this context, the Central Asian
nation has also done its best as the state has successfully overcome the
effects of the global recession and ensured the growth of all major
macroeconomic indicators. In Q1 2010, the Kazakhstan's GDP grew 7.2%.