Kazakhstan Works to Attract Investors beyond Extractive Industries
Oct 25. MFA
The National Investment Attraction Plan, which foresees the creation of better conditions for investments in the non-extractive sector for local and foreign investors, is slated to come into force by the end of the year.
The document represents a list of changes and additions to the Programme for Accelerated Industrial Innovative Development (PAIID) and will reflect systematic measures to attract investment. Among the measures are simplification of permit procedures, improvement in the coordination amongst central and local state structures, Kazakhstan’s embassies, inter-parliamentary commissions and business councils.
The National Plan focuses on raising productivity outside extractive industries and attracting both local and foreign investors. Any local or foreign company wishing to invest in the country’s non-extractive production will be eligible for a full package of privileges envisaged by the National Plan.
According to Assylkhan Serikov, Chairman of the Committee for Investment of the Ministry of Industry and New Technologies, the proposed preferences for investors will increase the competitiveness of domestic production. “By using additional instruments they will have the opportunity to attract domestic and foreign capital and technologies for the implementation of their investment projects,” he said.
“We need to concentrate on creating new production in non-extractive sector. The National Investment Attraction Plan is an updated PAIID adopted last year. This new document foresees creation of better conditions for investment stimulation into non-extractive sector,” Yerlan Arinov, the head of KAZNEX INVEST National Export and Investment Agency, is quoted as saying on the Prime Minister’s website.
“We examined companies which are leaders in their field of work, because they have their target markets and a sound development strategy. This is why, during a large-scale survey, around 160 companies from 20 countries were identified as potential investors,” Arinov said.
The National Investment Attraction Plan also envisions relaxation of visa requirements for foreign investors and prolongation of business type visas from 120 days up to 180 days.
Kazakhstan also set up a National Investment website, which is the primamry information source about investment opportunities in the country and is an instrument for generating interest among foreign investors. According to KAZNEX INVEST, this website in 12 languages, www.invest.gov.kz, has already attracted 47,500 visitors from 150 countries.