Over 19bn USD invested in Kazakhstan from abroad in 2011

Kazakhstan’s economy attracted over 19bn USD in direct foreign investment in 2011, reports the official site of the Prime Minister.

As mentioned on the site, Kazakhstan has taken important steps to improve the investment climate in the country, with the aim of increasing the flow of direct investment from abroad. Chief among them is an improvement in the legislative base relating to investment in the country.

“Protection of the rights of domestic and international investors, consistent and reliable legislation, and increased transparency should be the fundamental elements of the investment climate in this country,” said Nursultan Nazarbayev, President of Kazakhstan, in a speech entitled “Socio-Economic Modernisation - The Main Area of Development of Kazakhstan”.

Based on this philosophy, key legislation has been passed this year relating to investment law, including abolishing customs duty for the import of spare parts and raw materials and giving extra Government support for measures to attract foreign investment. Not only that, a Government programme is underway to attract investment by creating special economic zones and to stimulate exports in Kazakhstan from 2010 to 2014, along with further programmes to attract investment in the non-oil sector and to improve the investment climate.

According to Ministry of Industry and New Technologies figures, 19.9bn USD was invested in Kazakhstan from abroad in 2011, a 10% increase from 2010. The Netherlands, with 40% of the total, was responsible for the lion’s share of this, followed by France (8%), China (6%), and the USA and the UK with 5% each. 10bn USD of the total was invested in real estate, 3.5bn in mining, and 2.9bn in manufacturing.

“The successful implementation of industry programmes and Government strategy will create favourable conditions for investment in Kazakhstan - in the regions of the country as well as the largest cities. This will significantly increase the flow of direct foreign investment into the country,” said Mr Nazarbayev.