Kazakhstan: New Association of National Investors Proposed by Kazenergy Chair

On March 3, Kazenergy Chair Bolat Akchulakov proposed creating a new structure in Kazakhstan designed to improve interaction between business and the state — the Association of National Investors of the Republic of Kazakhstan, Orda.kz reports.

Kazenergy's press release notes that the creation of the new association is a response to the request formulated by President Qasym-Jomart Toqayev at a recent meeting with representatives of large businesses. 

The Head of State consistently calls on entrepreneurs to invest in the implementation of infrastructure projects, industry, and digitalization.

In the context of global economic challenges, it is necessary to focus efforts on ensuring stable growth and sustainability of the economy. The largest industries - oil and gas, mining, finance, construction and electric power - have their own associations that successfully defend the interests of the industries. However, to accelerate the pace of development and significantly improve the investment climate, a new structure is needed that can unite the efforts of the leading sectors of the country's economy and work in a new format, says the press release of Kazenergy.

It is unknown who will become the chair of the new association. According to one of Orda.kz's sources in the oil and gas industry, it is logical that Bolat Akchulakov should assume this position as the author of the initiative.

However, another source of Orda.kz suggests that creating the National Investors Association may actually benefit Timur Kulibayev, the second richest businessman in Kazakhstan. For Kulibayev, purely voluntary investments in Kazakhstan's infrastructure through a specially created association could be a convenient way to settle disagreements with the state.

In early February, Bloomberg wrote that Timur Kulibayev was negotiating with the Kazakh authorities about paying a billion dollars, with some of the money invested in the country's economy.

Details about this deal soon emerged; read more about it here.

Timur Kulibayev was previously the Chair of the Kazenergy association; that is, he held the same position as Bolat Akchulakov.

Original Author: Nikita Drobny