Kazakhstan develops road map to attract foreign investment

November 03. Central Asia Newswire

Kazakhstan develops road map to attract foreign investmentKazakhstan is partnering with an international organization and a Russian consulting firm to draw up a plan to attract greater direct foreign investment (FDI).

Kazakh officials from the Ministry of Industry and New Technologies are working with representatives from the international trade body Organization for Economic Cooperation and Development and the Russian consulting firm Strategy Partners to develop a plan to bring foreign funds into the Kazakh economy, the Kazakh news service Novosti Kazakhstan reported on Wednesday.

Together they are developing a “pilot project” to attract the investment, Asylhan Serikov, investment committee chairman at the ministry of industry, told Novosti Kazakhstan on Wednesday. The project will be ready by the end of 2010.

Kazakhstan hopes to attract funds from a variety of countries, including China, Turkey, the U.S., Korea, Japan, Germany and France, Serikov said.

“The agreement is an agreement of a new type, containing the application rules and requirements of national legislation to foreign capital and secure all kinds of restrictions and requirements for a possible change in legislation,” said Serikov.

Kazakh President Nursultan Nazarbayev returned last week from a diplomatic tour of Brussels and Paris in which he worked to develop foreign contracts for Kazakh enterprises.

Increased FDI will help Central Asia’s largest economy in its plan to diversify its economy beyond on oil and gas and encourage small-and-medium-sized enterprises (SMSEs) to take root in a variety of Kazakh economic sectors.