Kazakhstan Entered Top 35 Competitive Countries

Qasym-Jomart Toqayev stated this, citing data from the International Institute for Management Development (IMD), at a meeting of the Foreign Investors Council, Orda.kz reports.

The head of state noted that Kazakhstan intends to attract $150 billion in foreign direct investment by 2029. 

We have set ourselves a fairly ambitious goal - to attract an additional $150 billion in foreign direct investment by 2029. To achieve this goal, the Investment Headquarters under the Government has been given expanded powers to promptly resolve emerging issues. In May of this year, I signed a Decree that strengthened the basis for significant liberalization of the national economy. We will continue consistent systemic steps aimed at improving the working conditions for investors in the country, said the President.

Toqayev discussed measures to improve the efficiency and transparency of processes in geological exploration and mining. He said that over the past six years, Kazakhstan has attracted more than 1 billion dollars in private investment in geological exploration.

On the territory of the country, about 1.6 million square kilometers are open for obtaining the right to subsoil use for geological exploration, says Aqorda's press release.

Noting the role of international oil companies in the country's development, the president said that "over the past 30 years, oil production has increased threefold," Kazakhstan is among the top five countries with high growth rates of black gold production.

When talking about the future, we set a goal to exceed the threshold of 100 million tons per year, Toqayev stated.

He emphasized the importance of economic diversification, including expanding the petrochemical industry.

In 2022, we launched the largest polypropylene plant in Central Asia with a capacity of 500 thousand tons per year. The enterprise covers almost 60% of domestic demand and exports products to Europe, Türkiye, and China. In September of this year, construction began on a polyethylene plant with a capacity of 1.2 million tons per year. A number of petrochemical projects worth more than $14 billion are in development,Qasym-Jomart Toqayev said.

Toqayev also focused on attracting investment in "clean energy." Major international companies have already reached agreements to launch joint "green" projects. The country also has significant potential for developing nuclear energy.

Our country is the world's largest producer of uranium. As you know, in a recent national referendum, citizens supported the construction of the first nuclear power plant, which will serve as a long-term investment in our energy security. We are currently considering the possibility of creating an international consortium to implement this project, added the President.

Speaking about the agro-industrial sector, the president noted that Kazakhstan is sixth in the world in terms of agricultural land area of ​​200 million hectares. The industry plans to attract more than $5 billion in foreign investment: 

In the last six years, the industry's exports have doubled, exceeding $5 billion. As we strive to transform the agro-industrial complex into a high-tech sector, more than 100 projects worth $5 billion will be implemented with the participation of foreign investors.

In the transport and logistics sector, it is planned to repair 11,000 kilometers of old railways and build more than 5,000 new ones. The development of the Trans-Caspian international transport route is a priority: new cargo terminals will be built, and the production of transport vessels will be established.

The recently adopted National Infrastructure Plan until 2029 opens a 'window of opportunity' for local manufacturers. About 200 major infrastructure projects will be implemented, valued at more than $86 billion. The government will form a list of goods for localization of off-take contracts. Industrial growth requires a highly skilled workforce. That is why I declared 2025 the Year of Blue-Collar Professions. We are looking for investors willing to improve the quality of technical and vocational education in Kazakhstan and develop the relevant infrastructure, the President emphasized.

Qasym-Jomart Toqayev separately focused on protecting investors’ rights and improving regulatory policy.

Odile Renaud-Basso, The President of the European Bank for Reconstruction and Development, also attended the event. The head of state held a separate meeting with her.

They discussed the prospects for implementing joint investment projects in various sectors of the economy, including small and medium-sized businesses, finance, housing and utilities, energy, medicine, agriculture, transport infrastructure and information technology.

The EBRD President reported that the bank is closely studying Kazakhstan's investment projects and plans to invest two billion euros in Kazakhstan's economy in the coming years as part of implementing the "green" transition program. In 2024, the organization will invest $650 million in our country.

Original Author: Aliya Askarova