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NUR-SULTAN, June 21, 2019 - Implementation of economic diplomacy brings about a new system for foreign investment and ensures its constant improvement. Deputy Minister of Foreign Affairs of the Republic of Kazakhstan YermekKosherbayev briefed about this and other measures to encourage investment during a press conference at the press center of the Government of the Republic of Kazakhstan.
At the end of 2018, the gross inflow of foreign direct investment grew by 15.8% to $ 24.3 billion.
According to Mr. Kosherbayev, the main investors in 2018 were the Netherlands - $ 7.3 billion (30.3%), the USA - $ 5.3 billion (22%), Switzerland - $ 2.5 billion ( 10.5%), Russia - $ 1.5 billion (6.2%), China - $ 1.5 billion (6.1%), Belgium - 1.0 billion (4.3%), France - 0.9 billion (3.8%), the UK - 0.6 billion (2.4%) and Korea - 0.5 billion (2%).
On instructions from the First President of the Republic of Kazakhstan - Elbasy Nursultan Nazarbayev, last December, the investment functions were transferredto the Ministry of Foreign Affairs.
Responding to a question about the difference between the new investment system and the previous one, the Deputy Minister noted that it was primarily about strengthening cooperation with foreign missions and using that infrastructure as one of the main instruments for attracting investments. Thus, he said that a three-tier system had been built in the format of “foreign mission-center-region", which helped to establish targeted work with the investor and the project. Such a mechanism contributed to the identification of new projects and investors, shortened the process between initiation of a project and its implementation.
He also stressed that since the beginning of the year, the foreign missions of Kazakhstan had held about 140 meetings with foreign companies and identified 128 projects for implementation.
In this direction, a significant role is also played by the national company Kazakh Invest, which acts as a single negotiator on behalf of the Government and supports investors starting from idea to project implementation. Moreover, the Astana International Financial Centre offers its platform with the appropriate financial instruments and services required by international investors.
The Deputy Foreign Minister also highlighted the priority sectors with reserves for the implementation of large projects. Those were the food industry, agrochemicals, agricultural engineering, gas chemicals, information and communication technology as well as the mining and metallurgical sector.
Regarding improvement of the investment climate in Kazakhstan, Mr. Kosherbayev stressed that the Kazakh Foreign Ministry took measures to create front offices, which would be a single platform for investors to access not only information and advice, but also public services. He also noted that work was underway to improve investment legislation.
At the end of his speech, Mr. Kosherbayev noted that the work on improving the investment climate would continue and all necessary measures would be taken to attract new and retain existing investors.