Kazakhstan’s Strategic Investment Plan: Driving Economic Growth and Global Brands
Kazakhstan’s Investment Committee Chairman Outlines Strategies to Attract Investments
Gabidulla Ospankulov, the chairman of the Investment Committee of the Kazakh Ministry of Foreign Affairs, recently shared insights on Kazakhstan’s ambitious strategies to attract investments and boost economic growth. In an interview with Kazinform news agency, Ospankulov highlighted the nation’s goal to elevate the economy to $450 billion by 2029.
To achieve this target, Kazakhstan is implementing a multifaceted approach to create an investor-friendly environment. Ospankulov emphasized the importance of attracting $150 billion in investments by 2029 through measures such as state preferences, anti-corruption initiatives, and reducing bureaucratic barriers.
“In a highly competitive global environment for investors, it is crucial for us to stay ahead by offering attractive investment opportunities,” Ospankulov stated.
The Kazakh government is taking proactive steps to attract foreign investments by offering custom investment programs through its embassies. For instance, the government proposed a local businessman establish a fiber cement production plant in the industrial zone in Astana to improve material quality.
Addressing the challenges in attracting investments, Ospankulov highlighted infrastructure and bureaucratic hurdles. He stressed the need for the state to assist in infrastructure development through public-private partnerships or reimbursements to businesses. President Kassym-Jomart Tokayev has instructed expedited solutions to streamline investment processes.
Kazakhstan has successfully attracted investments from countries like the Netherlands, the United States, Switzerland, China, and South Korea. Major projects, such as the opening of a Kia plant and a salty snack factory in the Alatau economic zone, are set to boost the region’s economy.
Despite the absence of some global brands, Kazakhstan’s market growth and population increase are attracting new players. Companies like General Electric, Samsung, Medison, and Kia are making significant investments in the industrial sector. Kazakhstan’s strategic location, favorable transportation conditions, and natural resources offer substantial production potential for multinational companies.
Ospankulov highlighted upcoming projects in renewable energy, medical equipment production, and pharmaceuticals, emphasizing the country’s commitment to attracting global brands and fostering mutually beneficial cooperation. With legislative changes providing access to raw materials, Kazakhstan remains an attractive destination for investments from multinational corporations.
