Higher foreign direct investment in Kazakhstan from Hungary, America and Turkey

Hungary has invested US$200 million into the economy of Kazakhstan since the country gained independence in 1991.

Trade between the two countries is also increasing annually. In the first quarter of this year and in 2018, the trade value between the two countries totaled US$155 million.

Hungary and Kazakhstan have signed three memorandums to strengthen cooperation in water resource management in Kazakhstan.

Director of International Cooperation Department of the Kazakh Ministry of Energy, Kairat Torebayev said that Hungary has advanced experience in the water purification process and water loss management.

“Hungary’s Deputy Prime Minister, Mihály Varga gave a direct instruction to the Hungarian investors and entrepreneurs to open joint-enterprises in Kazakhstan,” he said.

Kazakhstan offers an investor-friendly environment as well as tax exemption and simplification of the visa process to foreign investors.

Meanwhile, investment opportunities in Kazakhstan were presented to American investors in the New York Chamber of Commerce.

Kazakhstan’s Consul General in New York, Zhanibek Abdrashov briefed the meeting participants about the business opportunities available in the country as well as the advantages of using the Astana International Financial Center platform.

“There is an interest in American business and it is important that Kazakhstan has a good mechanism. Our goal is to mentor and provide investment opportunities to large businesses as well as small and medium-sized enterprises,” he said, adding that the American investors also invest their money overseas besides their country.

Kazakhstan will also strengthen its economic cooperation with Turkey as the country plans to invest in the furniture production, agriculture and renewable energy industries.

President of the Eurasian Economic Relations Association in Turkey, Hikmet Eren said that Kazakhstan is a gate to the Eurasian continent and the cradle of all Turkic nations.

He said that it has been only 27 years since the country’s independence but Kazakhstan is well-known globally.

“Kazakhstan is the world’s 9th biggest country. Its diverse oil industry is known worldwide,” Eren added.

The total volume of fixed capital investments in Kazakhstan between January and February 2019 is recorded at nearly US$3.5 billion.

By 2022, the country plans to attract US$118 billion in foreign direct investments.

Foto: www.24.kz