Investments and Development Ministry attracted over $200 bln investments since 2005 - Issekeshev

ASTANA. KAZINFORM Ministry of Investments and Development of Kazakhstan is actively processing more than 200 projects involving small and medium investors, Head of the Ministry Asset Issekeshev has said at a roundtable meeting on "Improvement of institutional mechanisms of investments protection. New laws of the Republic of Kazakhstan on investment disputes and arbitration".

"We continue to work with new investors. We are actively processing more than 25 projects with major national companies, as a whole, more than 200 projects involving small and medium investors, which is also very important for us,” Issekeshev said.

According to the Minister, in recent years more than 30 transnational companies (TNCs) have come to Kazakhstan. This year, he said, it is planned to reinvest 9 TNCs.

" Reinvesting is one of the priorities for us. 9 multinational companies are planned to be re-invested this year, such as Italtsemente, Tekurilla, Lactalis and others," the Minister told.

He also stressed that the key issue for the ministry is a systemic improvement of the investment climate in the country as per the OECD standards.

"In 2012, we conducted the first review of the OECD. We were given 12 recommendations how to improve the investment climate. We adopted Law on public - private partnership that extends the use of the mechanism, revised standards of intellectual property protection, the rules of attraction of foreign labor. Now we are doing a second review with the OECD, and we hope to finish it this year. The goal is to join the investment committee of the OECD in 2017," Issekeshev said.

According to the Minister, each ministry has a detailed plan to improve the investment climate. At the same time, he noted that the main areas of work will be the improvement of visa migration regime, the import of foreign labor, receiving land, building permission and other areas.

The Minister also recalled that since 2005 Kazakhstan has attracted more than $ 200 bln direct investments, with a priority in recent years is the manufacturing industry.

"In the past 6 years we have attracted more than $ 20 bln in processing industry. This is 77% of all investments in the processing sector since the country gained its independence, " he said.

Issekeshev said that despite the global challenges, Kazakhstan will continue to diversify its economy.


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