Kazakhstan toughens requirements to members of the country’s Foreign Investors Council
July 30. Tengrinews
Kazakhstan’s President Nursultan Nazarbayev has raised the obligatory amount of investments making investors eligible to be part of the country’s Foreign Investors Council, according to the President’s website.
The Foreign Investors’ Council is an advisory body established to address key issues related to their investment activities in the country, and to improve the investment climate of Kazakhstan. Its members have included major investors such GE, Delloitte, HSBC, Shell, Chevron, Total, ExxonMobil, British Gas, Conoco Philips, Credit Suisse Europe, TeliaSonera, Mitsubishi Corporation etc, with an overall membership of 30 global corporations.
“The main requirement for prospect members of the FIC is investments worth at least $500 million [up from $100 million] for those working in O&G and at least $125 million [up from $25 million] for those working outside extraction industries”, the statement reads.
Another amendment introduces observers. They will be eligible to attend the FIC’s plenary and interim sittings and deliver reports.