Today, during the presentation of the project of the National Investment Strategy of Kazakh Invest with the participation of the Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev, the Minister for Investment and Development of the Republic of Kazakhstan, Zhenis Kassymbek, reported on new approaches in attracting investments and coordinating the activities of state bodies. 

He noted that in recent years the country has carried out a comprehensive work to create favorable conditions to implement investment activities.

Two reviews of Kazakhstan's investment policy were conducted together with the OECD. Following the results, the Government adopted a Detailed Plan for improving the country's investment climate.

"Over the past 5 years, we have seriously changed our legislation in accordance with OECD standards: simplified the migration and visa regime, licensing system, taxation, customs control," Zh. Kassymbek said.

As a result of reforms, the competitiveness of the business environment has increased. Kazakhstan raised its position in the Doing Business rating of the World Bank from 41 to 35. In February this year, the OECD Council decided to invite Kazakhstan as an associated member of the OECD Investment Committee.

In addition, it was noted that the measures taken had an impact on the country's performance. As a result of 2016, the gross inflow of direct foreign investments into Kazakhstan increased by 40% compared to 2015, amounting to 20.6 billion dollars.

The Minister noted that the greatest growth is observed in the mining and manufacturing industries, power supply and information technologies.

In general, there is a tendency to increase investment in the manufacturing industry.

The countries with the largest FDI are in: the Netherlands, the USA, Switzerland, France, China, Russia, Belgium, Great Britain.

Zh.Kassymbek spoke about the ongoing work to reformate the system for attracting investments. In its framework, a National Investment Strategy will be developed by the end of June 2017. It will provide a comprehensive vision of where, how and where to attract investments, identify clear coordination mechanisms for all government agencies and national companies.

The newly created national investment company "Kazakh Invest" will act as a "single negotiator" on behalf of the Government with target TNCs and large investors. Zh.Kassymbek noted that the company is given a special status: the Board of Directors is headed by the Prime Minister of the Republic of Kazakhstan. And this, according to the minister, says that attracting and supporting investors is a top priority.

Currently, there are 19 sectors serving investors in the regions. "One window" principle will work in online mode until the end of the first half of 2017.

It is worth noting that the representatives of Kazakh Invest in the regions will be given the status of freelance advisers to the mayors of the regions and the city of Almaty.

Zh. Kassymbek mentioned the introduction of a short-term information-monitoring system - follow up, which will unite all those responsible for working with investors. The investors will be able to monitor the progress of the provision of public services online.

So-called "packaging" of niche projects in accordance with international standards will be provided in the near future to solve the problem of the lack of elaborated projects, ready for investors' advancement.

The Minister emphasized that it’s necessary to use the potential of major international investment forums. A unified schedule of foreign investor activities will be developed for this purpose. The participation of the Kazakh side is recommended.

In conclusion, K.Kassymbek noted that Kazakhstan has systemic relations with foreign investors at all levels. The minister gave a positive characteristic to the activities of such organizations as the Council of Foreign Investors under the President of the Republic of Kazakhstan, the Council for Improving the Investment Climate under the Government of the Republic of Kazakhstan, the Kazakhstan Foreign Investors Council Association, the European Business Association of Kazakhstan, and the Investment Ombudsman Institute.

Source: primeminister.kz