At the Government meeting on April 22, chaired by Prime Minister Askar Mamin, First Deputy Prime Minister–Minister of Finance Alikhan Smailov, Minister of Foreign Affairs Beibut Atamkulov, Minister of Justice Marat Beketayev, and regional governors reported on new approaches to improving the work on attracting investments to Kazakhstan.
“First President–Elbasy Nursultan Nazarbayev instructed us to ensure sustainable economic growth rates, which will require us to increase the volume of investment in fixed assets in the medium term to 30% of GDP. Foreign direct investment should be the main driver,” said Mamin. In 2018, the gross inflow of foreign direct investment in Kazakhstan increased by 15.8% and amounted to $22.4 billion.
In order to improve the investment climate further and facilitate the work on attracting investments, the Government has adopted new approaches. The Coordination Council on Investment Attraction has been established under the leadership of Askar Mamin. All responsible decisions on attracting investments will be submitted to the Council for consideration, the first meeting is scheduled to be held in May 2019.
To address issues related to the implementation of investment projects and protect the rights of investors, the functions of an investment ombudsman are entrusted to the prime minister.
“We must clearly understand that attracting foreign investment will develop the economy and allow us to resolve the issue of the quality of life of the population, the creation of new jobs and the solution of social issues. It is important that akimats (regional administrations) reformat their work with investors and join the new investment attraction algorithm,” said Prime Minister Mamin. “This work requires clear coordination and high efficiency. Therefore, it is necessary for all to mobilize for the solution of the tasks.”
