World Monitor Mag, Industrial Overview WM_November_2018_WEB_Version - Page 12

DESTINATION KAZAKHSTAN Investment opportunities in Kazakhstan From the first days of independence, Kazakhstan set itself the task of attracting strategic investors to its economy by constantly improving the investment climate to insure favorable and truly appealing conditions. The adopted legislative acts and organizational measures contributed to the strengthening of the country's investment attractiveness and, accordingly, the inflow of foreign direct investment into Kazakhstan’s economy. Zhenis Kassymbek, Minister of investment and development of Kazakhstan The basic legislation of the Republic of Kazakhstan, which regulates the country’s investment activities, is the Business Code. It sets out basic security to provide investor’s stability for their work, as well as outlining preferences that the investor can receive when implementing an investment project. In general, Kazakhstan has developed steady flows of foreign direct investment in priority sectors, which has a positive effect on economic growth rates. Today, attracting investors contributes to: the availability of investment potential, stable legal conditions, infrastructure and other indicators. In Kazakhstan, growth in investment is characterized by high pace. Attracting foreign investment is priority for the entire Government. a As of today, growth has been achieved in all key indicators for attracting investments. New businesses and new jobs are being created. Investors at all levels are provided with state support measures. New approaches to attracting investment are being introduced. 10 world monitor According to statistics, about $277 billion has been attracted to Kazakhstan over the past 13 years. In 2017, the volume of investments amounted to about $20.9 billion, maintaining the dynamics of the previous year. At the same time, every fourth dollar that came into our country fell on the manufacturing sector. For the first half of 2018, $12.3 billion was attracted, showing an increase of 15.4%. This suggests that interest in Kazakhstan remains high. In order to get away from commodity dependence, it is necessary to focus on the industrialization of the national economy. In this context, foreign direct investment (FDI) will make a key contribution to realizing the investment potential of Kazakhstan. If we talk about attracted foreign direct investment, which mainly focused on the sphere of extracting mineral resources, today in this regard there has been a significant change in the direction of the non-primary sector. Investments today go to the real economy, the manufacturing sector and other industries. At the same time, positive investment growth is explained by the country’s attractive investment climate. Thus, if before implementing the state’s program of industrialization, the share of