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Kazakhstan has one of the most favourable investment climates in the region.
Currently Kazakhstan is one of the leaders in the region in terms of foreign investments. According to UNCTAD in 2014 Kazakhstan was ranked 28th in the world by net FDI inflows. (Following the results of 2013 Kazakhstan was ranked 31st). In addition, Kazakhstan is ranked 16th among the developing countries.
In order to ensure a direct dialogue of the state with investors, the Foreign Investors Council (hereinafter – the FIC) under the President of the Republic of Kazakhstan, the Council on Improvement of Investment Climate (hereinafter – the CIIC) under the Prime Minister of the Republic of Kazakhstan and the Investment Ombudsman operate in Kazakhstan.
Under instructions of the President of the Republic of Kazakhstan, activities are pursued to further improve the investment climate in accordance with 12 recommendations of the Organization for Economic Cooperation and Development (OECD). They are reforms in the field of intellectual property, corporate governance, attraction of foreign labor, and visa procedures, and others.
Another important step in support of investors was the introduction of a special regime on the “green corridor" principle as part of the joint work to improve the investment climate in the country between the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan and the Investment Committee of the Ministry for Investments and Development of the Republic of Kazakhstan.
For investors who implement investment projects under investment contracts concluded with the Investment Committee of the MID of the Republic of Kazakhstan, tax administration will be effected directly at the central level – at the State Revenue Committee of the MF of the Republic of Kazakhstan. This will significantly reduce examination and registration period, and minimize the number of inspections and other risks related to the interpretation and regulatory enforcement.
Entrepreneurial Code of the Republic of Kazakhstan № 375-V dated October 29, 2015 provides the following guarantees of investor rights: a guarantee of legal protection of investors, a guarantee of income use, guarantees of investor rights in case of nationalization and requisition.
In the economic field Kazakhstan is implementing a number of the strategic policy documents:
– The "Nurly Zhol" State Program of Infrastructure Development for 2015-2019. The key objective is to connect Kazakhstan regions by main tracks and modernize the logistical, social and industrial infrastructure.
– The State Program of Industrial-Innovative Development for 2015-2019. The key objective is to stimulate the diversification and competitiveness of the manufacturing industry.
– The concept of transition to the “green economy". It is expected that by 2050 up to 50% of electricity will be generated by alternative and renewable energy sources; additional GDP growth will be 3% minimum.
– “The Plan of the Nation – 100 concrete steps", providing for far-reaching changes in order to implement the five institutional reforms: formation of a professional state apparatus, enforcement of the rule of law, industrial development and economic growth, identity and unity, and formation of the accountable state.
In addition, the Astana International Financial Centre (AIFC) was launched in 2018 in Astana, which includes a new court for financial and investment disputes that applies the English law and uses the English language in the proceedings with the participation of foreign arbitrators.
As of today, global technology leaders and transnational corporations included in the Forbes Global-2000 list, already operate in Kazakhstan. They are: General Electric, Toyota Motor, Chevron, Total, Airbus Group, BASF, Hyundai Motor, Sanofi, Rio Tinto, Posco, Danone, KIA Motors, Linde, HeidelbergCement, Alstom, Thales, Keppel Corp, Metro Group, Solvay, Peugeot, AES, Areva, Sumitomo Metal Mining, and others.