Investors’ Forum Shines Light on Challenges in Central Asia
Lack of access to the sea is hindering the development potential of Central Asian countries, as it constitutes 20% of their growth potential, as stated by the Chairman of the Eurasian Development Bank (EDB) Management Board, Nikolai Podguzov, at the Association of Development Financing Institutions in Asia and the Pacific’s (ADFIAP) annual meeting. Additionally, the region is facing challenges of water and energy supply, a dependency on raw materials, and exports of commodities and labor, and increased risks of climate change consequences, primarily droughts and rising temperatures. To confront these challenges, ADFIAP Vice Chair Mominul Islam stressed the importance of attracting investments in infrastructure projects as a priority, focusing on sustainable infrastructure practices to enhance economic, environmental, and social development. Moreover, Kazakh Deputy Prime Minister and Minister of Finance Yerulan Zhamaubayev emphasized the investment attractiveness of Kazakhstan for economic growth and its commitment to supporting economic and investment cooperation globally. Over the past two decades, the region has experienced a surge of foreign direct investments, with Kazakhstan attracting 75% of all the FDI, totaling $211 billion. With the primary investments allocated to the Kyrgyz Republic this year, the EDB is expected to invest between $1.1-1.2 billion in Kazakhstan, similar to last year.
