On May 16-17, the XII Astana Economic Forum “Inspiring Growth: People, Cities, Economies” was held in Nur-Sultan.
The third annual Kazakhstan Global Investment Roundtable (KGIR-2019) organised at Astana Economic Forum saw the signing of 43 agreements totalling $8.7 billion. During KGIR-2018, 32 agreements were signed totalling USD 4.7 billion.
Speaking at the panel session of KGIR-2019, Askar Mamin, the Prime Minister of Kazakhstan said: “The influx of foreign investment in Kazakhstan rose to $24 billion in 2018. A favourable business climate and our new focus on new and promising industries lead to economic growth. Today, Kazakhstan has the most business-friendly environment in the region.”
Mehmet SimYek, former Deputy Prime Minister of Turkey, stated that political stability is a big plus for Kazakhstan. In his opinion, long-term prospects, rather than “quick” decisions, are important for the economy and global investment.
Kazakhstan has the highest investment potential in the region. On average, Kazakhstan has enjoyed a 5% economic growth for 20 consecutive years, which is comparable only with the “Asian tigers”.
Reasons for Kazakhstan’s investment attractiveness include the country’s strategically important location, favourable business environment, investment incentives and developed infrastructure.
Kazakhstan is rich in natural resources. 99 out of 110 elements on the periodic table are found in the country. According to the World Bank, there are over 5,000 undiscovered deposits worth more than $46 trillion.
Kazakhstan’s climate enables good conditions for green energy projects, especially wind and solar. The potential of wind energy exceeds the country’s needs ten-fold.
Located at the crossroads of Europe and Asia, Kazakhstan has become a transit hub between the two largest world markets. The country is a part of the Belt and Road Initiative, and accounts for 70% of land transit traffic passing between China and Europe and in other directions.
Furthermore, the Astana International Financial Center has transformed Kazakhstan into the financial centre of the region. The country signed 47 bilateral and one multilateral agreements guaranteeing the rights of investors. There are 12 special economic zones in Kazakhstan, offering exemptions from various types of tax and customs duties.
The government has been heavily investing in the transport and logistics infrastructure. The country’s telecommunications sector is the most advanced in Central Asia.
Investment opportunities exist in various sectors, including agriculture, mining, petrochemistry, engineering, tourism and trade.
AEF-2019, once again, drew attention to the development of the region and the participants agreed on the importance of such events.
SOURCE: Astana Economic Forum