The inflow of foreign direct investments in Kazakhstan grew by 15.4 per cent

The inflow of foreign direct investments in Kazakhstan grew by 15.4 per cent. According to Kazakh Minister of Investments and Development Zhenis Kassymbek, the value exceeded US$12 billion in the first half of this year. According to the minister, 34 projects involving transnational companies will be implemented in Kazakhstan. The total cost is over US$10 billion. The minister said that investors from Germany, the Netherlands, Belgium, Turkey and China are interested in producing industrial gases, lime, soda, steel pipes and cement, as well as processing potatoes in Kazakhstan.

ZHENIS KASSYMBEK, KAZAKH MINISTER OF INVESTMENTS AND DEVELOPMENT:

- If we look at the 2005 statistics provided by the National Bank, the volume of foreign direct investments totalled about US$265 billion. The volume of foreign direct investments allocated to Kazakhstan is 70 per cent of the total volume allocated to Central Asia. Kazakhstan is leading in this list. Over this period, 50 to 55 per cent of the investments are attributed to the mining industry. About 15 per cent of investments were made in manufacturing and other sectors.

According to minister Kassymbek, Kazakhstan is creating a favourable environment to attract investments. The Government improved legislation, simplified taxation, customs control, migration and visa requirements. Kazakhstan expanded the list of countries with visa-free entries. The list currently includes 62 countries. The minister also highlighted that a direct investments fund may be established in Kazakhstan to support large investment projects.