Kazakhstan, as the country attracting the most foreign investment in Central Asia, aims to receive 150 billion dollars more direct foreign investment by 2029.
Kazakhstan, which holds the position of the largest economy in Central Asia and will celebrate the 33rd anniversary of its independence this year, maintains its charm for foreign investors.
According to data from the International Institute for Management Development (IMD), Kazakhstan has managed to rank among the 35 most competitive countries in the world.
The Kazakh government, which aims to attract $150 billion more direct foreign investment by 2029, is creating a positive investment climate with steps to reduce bureaucratic inconveniences for foreign companies, introduce tax exemption, avoid fiscal controls and protect their legal rights.
In this context, the decree signed by the President of Kazakhstan Kasım Cömert Tokayev ⁇ in May 2024 on the valuable privatization of the economy is also noteworthy.
Tokayev was elected 36th President of the Board of Foreign Investors, which he chaired on 31 October. At the meeting, we will continue the systematic steps aimed at improving the working conditions of investors in our country.
In Kazakhstan, which is the 9th largest country in the world in terms of surface area and has a wealth of ⁇ critical raw material ⁇ reserves other than oil and natural gas, the government gives priority especially to foreign companies that will invest in the geology department.
It is currently stated that approximately 1.6 million square kilometers of land in the country are open to the acquisition of underground usage rights for geological exploration purposes.
Although it is desired to develop non-raw parts in the country, oil still plays a major role in Kazakhstan's economy.
In the country, where oil production has increased three times since its independence, especially Western companies have heavy investments in the region.
It is aimed to increase oil production to 100 million tons per year in the future.
At the same time, with more than 200 million hectares of agricultural land, the country promises great opportunities to foreign investors in this area.
In the future, more than 100 projects worth 5 billion dollars in the country's agriculture department are planned to be implemented with the participation of foreign investors.
In addition, the transportation and transportation department in Kazakhstan also offers great opportunities for foreign investors. The government especially cares about the projects for the infrastructure and logistics development of the Trans-Caspian Inter-Country Corridor with the passage of the Caspian Sea.
Every year, the capital city of Kazakhstan, Astana ⁇ , organizes the Global Investment Round Table (KGIR) activity, where the investment potential of the country is introduced.
In the activity, which was attended by many foreign investors as well as experts, hundreds of foreign investors came together this year. Speaking at the opening of the event, Kazakhstan's Prime Minister Oljas Bektenov said that 14 special economic zones are currently operating in the country.
Bektenov reported that in these ⁇ special economic zones ⁇ tax and customs privileges were provided for foreign investors, the procedure for employing foreign personnel was facilitated, and administrative inconveniences in front of the business world were reduced.
Hacı Bayram Veli University Faculty Member Assoc. Dr. Esma Özdaşlı told AA reporter that economic stability and state-provided incentives are among the most valuable elements in foreign investors' preference for Kazakhstan.
Stating that 18 of the 34 critical raw materials described as critical by the European Union are located on the territory of Kazakhstan, Özdaşlı said that Kazakhstan is currently aiming to attract foreign investment to non-oil areas.
Özdaşlı noted that Kazakhstan is very valuable in terms of global supply chain with its geographical prestige, and the arrival of 23 billion dollars of foreign investment in 2023 indicates the confidence of foreign investors in this country.
Stating that Turkish companies operate in different parts of Kazakhstan, Özdaşlı said:
Especially in recent years, with the increasing power of Turkey in the national defense industry, much agreement has been made between Turkey and Kazakhstan in terms of the production of military works and the development of military technology. The Turkish defense industry has valuable enterprises in Kazakhstan. At this meeting, we listened to the Prime Minister of Kazakhstan and other high-level officials. We have seen that Kazakhstan ⁇ is waiting for foreign investors, especially when it comes to Turkey ⁇ more incentives are provided to Turkish investors with the closeness brought by that brotherhood. ⁇
