Volga Baikal AGRO NEWS Update on the Kazakhstan Investment Plans !!!
Kazakhstan plans to increase the inflow of foreign direct investment to $25.5 billion by 2026 !!!
The government of Kazakhstan at a meeting on June 23, 2022 approved the draft Concept of the investment policy of the Republic of Kazakhstan until 2026, the government press service reported.
As Timur Zhaksylykov, First Vice Minister of National Economy of the Republic of Kazakhstan, who presented this document at the meeting, noted, the main target indicators provided for by the draft Concept are bringing the level of investment in fixed assets to 25.1% of GDP and increasing the inflow of foreign direct investment to $25.5 billion in 2026.
To achieve these goals, the draft Concept provides for a set of measures to revise the investment attraction policy, taking into account new trends that make it possible to change the investment structure towards the competitive production of high value-added goods.
The main vision of investment development lies in a balanced approach to attracting investments, taking into account the contribution of each industry to the development of the economy. The manufacturing industry will become a key driver of increasing competitiveness.
According to T. Zhaksylykov, the focus is on increasing labor productivity, increasing volumes and increasing the complexity of exports, developing new production facilities for higher value-added products and phased localization of production.
“Due to the large share in the country’s economy, the raw material sector will also remain a significant direction for investment inflow, as well as a resource base for the development of the manufacturing industry,” – added T. Zhaksylykov.
According to him, in this area, emphasis will be placed on creating system-wide conditions for the development of basic industries, incl. development of new divisions, modernization of fixed assets, technology transfer, improvement of efficiency and environmental friendliness.
“State support in this direction will be provided only for horizontal measures: supplying engineering infrastructure, state guarantees, attracting foreign labor in a simplified manner,” – specified the First Vice Minister.