Kazakhstan updates 2029 Investment Policy Concept, plans to attract at least $150bln

Kazakhstan updates 2029 Investment Policy Concept, plans to attract at least $150bln
Photo credit: t.me/KZgovernment

At a briefing held after the Cabinet’s weekly meeting, Deputy Prime Minister-Minister of National Economy, Nurlan Baibazarov, told mass media about the course of fulfilment of the tasks set by the President in his Address to the Nation “Just Kazakhstan: Law and Order, Economic Growth, Public Optimism” on the launch of a new investment cycle, Kazinform News Agency reports.

For this purpose the Government has updated the 2029 Investment Policy Concept which aims at attraction of at least $150 billion foreign direct investment and increasing their inflow to  fixed capital to 23% against GDP. 70 new projects will be launched this year, 34 out of which have already started operating.

As part of ratification of the Intergovernmental Agreement with Qatar, the Kazakh Government plans to implement nine projects with the attraction of around $20 billion of investments into industrial and infrastructure projects.

“Financial institutions of the Islamic Bank group and investment funds of the Persian Gulf are interested in Kazakhstan as investors. An agreement worth over $1 billion on financing and implementation of water projects is expected to be signed with the Islamic Development Bank in the nearest future. There is also a preliminary intention on financing around 30 projects in Kazakhstan worth more than $7 billion in such sectors as water resources management, construction and reconstruction of transport infrastructure, healthcare, oil and gas, and education,” Bibazarov said.

Earlier, Nurlan Baibazarov reported about the results of the country’s socio-economic development and utilization of the national budget for in January-September 2024. 

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