Kazakhstan introduces visa-free entry for foreign investors

Oct 04. Caspionet

Kazakhstan introduces visa-free entry for foreign investorsDirect investment in the economy can be increased by at least 10 billion US dollars annually. The National Plan for Investors topped a discussion at a meeting of the state commission in charge. For the first time, the participation of foreign capital in manufacturing projects has increased by 12% in 2011. Therefore, the current level of foreign investment into the economy is 18 billion US dollars and there may be an increase. Energy, metals and minerals are all in the past. Today, Kazakhstan is looking at the development of its non-raw-material sector. To do this, the government plans to return the article on stability in the law on investment for another 10 years. Entrepreneurs will also get new benefits and their amount will be determined individually in each project. Citizens of 13 countries, which are priority investors, will be able to come to Kazakhstan for business purposes without a visa for up to six months. As a result, the government plans to achieve a 15% growth in investment in the non-raw-material sector after two years.

Yerlan Arinov, CEO, National Export and Investment Agency «KAZNEX INVEST» JSC

«In connection with the creation of the Customs Union, investors are now much more active. We are already talking about a market of 170 million, which is why the competition between Customs Union parties has increased. Everyone tries to make the investment climate more favourable. Having no borders means products can be sold freely around the Customs Union.»

The Kazakh Cabinet also approved amendments to the bill on youth policy. The changes are related to providing accommodation and transport services for students. The amendments also stipulate the establishment of regional resource centres that will provide advisory services.