Kazakhstan’s FDI Inflow Reaches $4.1 Billion in First Half of 2023
Kazakhstan Attracts $4.1 Billion in Foreign Direct Investment in First Half of 2023
In the first half of 2023, Kazakhstan saw a significant increase in net inflow of foreign direct investment (FDI), reaching $4.1 billion, which marks an 86% surge compared to the previous year. This information was shared by the Acting Chairman of the Kazakh Invest National Company, Zhandos Temirgali, in an interview with Forbes, published on Dec. 28, 2023, according to the Kazakh Invest’s press service.
Temirgali also highlighted that the country experienced a 60% increase in investments directed towards the manufacturing industry during the same period.
Moreover, increased business activity led to a record number of 22 significant investment events organized by Kazakh Invest, with the participation of President Kassym-Jomart Tokayev in eight of them and three with Prime Minister Alikhan Smailov.
With the support of Kazakh Invest, 47 new production facilities worth $1.1 billion with foreign participation were put into operation, generating over 4,500 jobs for citizens. Additionally, construction and installation work began on 42 projects valued at over $3 billion, including the production of thermal insulation materials, the construction of a new KIA plant, and the establishment of new jobs.
Regarding corporate relocations, Temirgali noted that 80 companies are currently under consideration, with 41 completing the process in 2022-2023, with a total project cost of $1.5 billion.
In the renewable energy sector, Kazakhstan secured the fifth place among the world’s developing economies for attracting net investments in renewable energy projects from 2015 to 2022, accumulating a total of $56.3 billion. Companies such as Italian ENI, French TotalEnergies, German Svevind, China Power, Emirati Masdar, Saudi ACWA Power, and others are interested in the development of renewable energy sources in Kazakhstan.
The surge in foreign direct investment in the first half of 2023 demonstrates growing confidence in Kazakhstan as an attractive destination for international business and investment.
