Kazakhstan: The National Plan "100 Concrete Steps" Towards Foreign Investments

Last Updated: 18 July 2016
Article by Colibri Kazakhstan LLP

Kazakhstan is a country of great potential, where every industry is in need of international involvement for the purposes of implementation of foreign standards. Due to this instance, representatives of the Governments of the Republic of Kazakhstan along with entrepreneurs from private sectors cooperating tightly for the creation of comfortable environment for the foreign investors. According to the National Plan "100 Concrete Steps" proposed by the President of the Republic of Kazakhstan last year, Kazakhstan should work towards attraction of transnational corporations for improvement of the production sectors, which consequently will ensure Kazakhstan's entrance to the world market and international recognition. This issue of Market Eyesight will be devoted for analysis of recent news in various spheres of the development in Kazakhstan such as healthcare, food and agriculture, trade and mining.

Kazakhstan is a country with a promising future for fast economic growth. However, this can be accomplished significantly faster with the expansion of the knowledge of international standards by involving foreign investors. Hence, the Committee for the attraction of investors was established in the of planned International forum, organisational purpose of which to attract new sources of investment. The second "5 year program" of industrialisation administrates realisation of projects in various industries. Thereupon, it is planned to render 30 projects totally costing $461 billion, and ingress another 14 projects of manufacturing industry totally costing $73 billion.

Healthcare and Pharmaceutics

April 3rd became significant for multilateral relations between Cuba and the Republic of Kazakhstan. During the official visit of the President of Kazakhstan, both parties discussed possible ways of tightening multilateral cooperation. It was stated by the Chairman of the State Council Raul Castro, that a great advantage for both countries would be an expansion through trade and economic cooperation, particularly emphasising on collaboration in the sphere of healthcare, pharmaceutics and biotechnology.

Trade and Transit

Last week was marked as one of the significant from the beginning of this year for transit future of Kazakhstan. Our country made step closer for transit and trade routes expansion by performing the docking of the largest bridge in performing the docking of the largest bridge in Central Asia. Moreover, part of the project "Western Europe - Western China", which our company is actively consulting on construction, "Almaty - Khorgos" road is soon to be completed as well. Project "Western Europe - Western China" will allow the reduction of the time of cargo deliveries by 65 km. It must be reminded that European Union is one of the main political and economic partners of Kazakhstan, which for the past 10 years provided the inflow of direct investment from EU countries into Kazakhstan's economy amounted to $107.4 billion.

Agricultural convention

Beginning of February was marked as a key month for Kazakhstan-Iranian trading economic relations. Kazakhstan's "trade mission" organized in this regard, the first event leading to the development of relations between two countries after the removal of international sanctions from Iran. During the visit of Kazakh delegation to the Islamic Republic, in which our partner Artem Timoshenko participated, Memorandum on joint investment cooperation worth $1 billion was signed between the countries. During the work of Business Council 50 cooperation agreements signed, nice documents of which worth $304 million were concluded between the companies and partners of the "Baiterek" holding. Among these agreements, attention must be paid to the reached convention on export contracts for the supply of agricultural and engineering products from Kazakhstan to Iran.

Food and Processing

As it was stated in the National Plan "100 Concrete steps", Kazakhstan is driving forward, expanding its' horizons through foreign investment. Like, for instance, can be seen in Mangistau region, where attraction of foreign contribution into region's economy rose by 7% within the last year. Foreign investment, not only facilitates financially, significantly improving economic flow, but also contributes by implantation of innovative technologies. Much the same was implanted in Mangistau region, with opening of Production and Logistics centre in Aktau city, which will provide dry region of Kazakhstan with expensive products of high quality (vegetables, fruits, etc.) This became possible through introduction of innovative technologies for storage and transportation of products. Mangistau region by itself is a perfect area for international investment. The vast amount of various sectors are still developing in Aktau, allowing investors to choose and carefully analyze an input of their finances. As an example, Mangistau region has already attracted two major companies, which are ready to contribute as much as $84 billion into further development of the region.

Subsoil and Mining

As part of the National Plan "100 Concrete Steps", Kazakhstan aims to increase the transparency of subsoil use through implementation of the international standards. Kazakhstan introduces International reporting standards on mineral reserves CRIRSCO. It is done in order to ensure more disclosure of the geological and technical information about their projects for exploration and/or mining by the extractive companies to a wide range of people, especially to investors. It is assumed that such information, prepared on the basis of the CRIRSCO template, guarantees investors a reasonable level of assurance that the provided information is reliable and truthful. This will not only allow Kazakhstan to stand on the same lath with world-leading countries on international arena, but also will provide comfortable environment for investments' attraction in geological exploration of the country.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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