The Kazakh president outlines key areas during the Foreign Investors’ Council

ASTANA – Kazakh President Kassym-Jomart Tokayev outlined key investment areas and pledged to continue taking consistent systematic actions to improve working conditions for the country’s investors during the 36th Plenary Session of the Foreign Investors’ Council, which took place at the Palace of Independence on October 1. 31.

Tokayev welcomed the participants to the event, noting that the council has become the main venue for discussing topics related to improving the investment climate, the Akorda reported.

Referring to data from the International Institute for Management Development (IMD), he emphasized that Kazakhstan has done so entered the top 35 most competitive countries in the world.

“We have set a rather ambitious goal: to attract an additional $150 billion in foreign direct investment by 2029. To achieve this goal, the country’s investment headquarters has been given extensive powers to quickly resolve emerging issues. I signed a contract in May decree This strengthened the basis for significant liberalization of the national economy. We will continue consistent systemic steps aimed at improving working conditions for investors in the country,” he said.

Geological exploration and mining

Tokayev emphasized Kazakhstan’s unique mineral resource base and discussed measures to increase efficiency and transparency of geological exploration and mining activities. According to him, Kazakhstan has received more than $1 billion in private investments in geological research over the past six years.

Currently, nearly 1.6 million square kilometers of the country’s territory is available for obtaining underground usage rights for geological exploration.

“The recently adopted National Infrastructure Plan until 2029 opens up opportunities for local manufacturers. About 200 major infrastructure projects will be implemented, estimated at more than $86 billion. The government will draw up a goods list for the localization of purchase contracts. Industrial progress requires a highly skilled workforce. That is why I have declared 2025 the Year of the Profession Professions. We are looking for investors who are ready to improve the quality of technical and vocational education in Kazakhstan and develop the related infrastructure,” the president said.

Energy sector

Tokayev described the situation in the energy sector and noted the merits of international oil companies, which played an important role in the development of the country.

“Foreign investors invested capital, provided advanced technologies and highly qualified workers. Their investments have contributed to the growth of our energy sector: oil production has tripled over the past thirty years. Thanks to this, Kazakhstan entered the top five countries with high growth in oil production. Speaking of the future, we have set the target of exceeding the 100 million tons per year threshold,” he said.

The expansion of the petrochemical industry is also crucial for the diversification of the economy.

“In 2022 we launched the largest polypropylene plant in Central Asia with an annual capacity of 500,000 tons. Today, this company covers almost 60% of domestic demand and exports products to Europe, Turkey and China. In September, construction began on a polyethylene plant with a capacity of 1.2 million tons per year. A number of petrochemical projects worth more than $14 billion are under development,” Tokayev said.

Clean energy sector

Tokayev also spoke about making the renewable energy sector more attractive to investors. Specifically, agreements were signed with global companies such as Total, Svevind, ACWA Power and Masdar to develop 43 gigawatts (GW) of green projects in Kazakhstan. Kazakhstan also has significant potential for nuclear energy development.

“Kazakhstan is the largest uranium producer in the world. As you know, citizens recently supported the construction of the first nuclear power plant in a national referendum, which will serve as a long-term investment in our energy security. We are currently considering the possibility of creating an international consortium to implement this project,” he said.

Agro-industrial sector

The focus of the meeting was also on the agro-industrial sector.

“Agricultural development in Kazakhstan is a strategic priority for Central Asia’s food security. Kazakhstan ranks sixth in the world in terms of agricultural land, with more than 200 million hectares. Over the past six years, industrial exports have risen to over $5 billion. As we work to turn the agro-industrial complex into a high-tech industry, more than 100 projects worth $5 billion will be realized with the involvement of international investors,” Tokayev said.

Transport and logistics sector

Kazakhstan plans to improve its position as a major Eurasian transit hub in the transport and logistics sector. The country plans to repair 11,000 kilometers of old railways and build more than 5,000 new ones. The trans-Caspian international transport Route is the highest priority and therefore investments in infrastructure development, such as the construction of new freight facilities and the production of transport ships, receive special attention.

Protection of investors’ rights

Tokayev also discussed the topics of protecting investor rights and improving regulatory policies.

One of the objectives of the ongoing modernization of the legal system was to create a favorable investment climate. The government’s digital interaction with investors is increasing. The National Digital Investment Platform, which will enable real-time monitoring of project implementation, is expected to be launched by the end of this year. The new tax law will help activate the investment cycle by introducing tax benefits, the most important of which is the ability to deduct all expenses related to the purchase of machines, equipment and software.

Kazakhstan is focusing on the work of the Astana International Financial Center (AIFC) as part of its efforts to develop financial cooperation. The AIFC is a unique regional entity that incorporates the best practices of the world’s leading financial centers.

The President stressed the need to continue dialogue between council members and government agencies, aimed at improving the country’s investment climate, adopting new initiatives and implementing specific projects.