Government • 24 February, 2020

Kazakh Govt and World Bank discuss issues of attracting foreign direct investment

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Prime Minister Askar Mamin took part in a discussion session of the World Bank and the Government of the Republic of Kazakhstan on attracting foreign direct investment, primeminister.kz reports.

“Since 1992, together with the World Bank, we have successfully implemented 47 projects in the fields of finance, infrastructure, energy, small and medium-sized businesses for about $8 billion, as well as over 250 technical assistance projects worth $40 million, which contributed to improving the quality of life of Kazakhstanis, as well as creating new opportunities in the private and public sectors of Kazakhstan,” said Mamin.

The head of government noted that at the end of 2019, Kazakhstan’s GDP grew by 4.5%, the amount of attracted foreign direct investment exceeded $25 billion, and trade with foreign countries reached $96 billion. In the World Bank’s Doing Business ranking, Kazakhstan rose from 28th to 25th place for ease of doing business.

“Our priority is to maintain and strengthen this trend. To this end, we will focus on attracting foreign investment and advanced technologies. Our strategic goal is to bring the volume of investments in fixed assets to at least 30% of GDP, which will increase the creation of added value in the fields of energy, transport, infrastructure, agriculture, tourism and other industries,” said Mamin.

The meeting participants examined the models and factors affecting the attraction of foreign direct investment, the tasks to strengthen the investment policy of Kazakhstan, legal regulation issues, as well as the potential for privatization and public-private partnerships.

The discussion session was attended by members of the Government, heads of national holdings and development institutions, as well as leading experts in the field of attracting investments — World Bank Regional Director for Central Asia Lilia Burunciuk, Czechinvest Strategic Projects Director V. Zaitzova, former member of the management team Irish Foreign Investment Promotion Agency (IDA) D. Bennet, WB experts H. Yedlichka, P. Correa and others.

 

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