"We have set an ambitious goal": Tokayev discusses Kazakhstan's plans for 2029.

Welcoming the event participants, President Kassym-Jomart Tokayev highlighted that the Council has become a crucial platform for dialogue concerning the enhancement of the investment climate.

Referring to data from the International Institute for Management Development (IMD), he emphasized that our country has entered the top 35 competitive nations in the world.

"We have set ourselves quite an ambitious goal - to attract an additional 150 billion dollars in foreign direct investment by 2029. To achieve this goal, the Investment Headquarters under the government has been granted expanded powers to address emerging issues promptly. In May of this year, I signed a decree that strengthened the foundation for significant liberalization of the national economy. We will continue to take consistent systematic steps aimed at improving the working conditions for investors in the country," said Tokayev.

Kassym-Jomart Tokayev stressed that Kazakhstan possesses a unique mineral resource base and discussed measures to enhance efficiency and transparency in the processes of geological exploration and mineral extraction. According to him, Kazakhstan has attracted private investments in geological exploration totaling over 1 billion dollars in the last six years.

Currently, approximately 1.6 million square kilometers of the country are open for obtaining rights for subsoil use in geological exploration.

"The recently adopted National Infrastructure Plan until 2029 opens a 'window of opportunities' for local producers. Around 200 major infrastructure projects worth over 86 billion dollars will be implemented. The government will compile a list of goods for the localization of off-take contracts. A highly skilled workforce is essential for industrial growth. Therefore, I declared 2025 as the Year of Working Professions. We are looking for investors willing to enhance the quality of technical and vocational education in Kazakhstan and develop the corresponding infrastructure," the president stated.

Describing the situation in the energy sector, Tokayev noted the contributions of international oil companies, which played a significant role in the country's development.

"Foreign investors have invested capital, provided advanced technologies, and brought in highly skilled labor. Their investments have contributed to the growth of our energy sector: over the past 30 years, oil production has tripled. As a result, Kazakhstan has entered the top five countries with high rates of oil production growth. Looking to the future, we aim to surpass the threshold of 100 million tons per year," the president said.

It was further noted that the expansion of the petrochemical industry is also crucial for diversifying the economy.

"In 2022, we launched the largest polypropylene production plant in Central Asia with a capacity of 500 thousand tons per year. Currently, this enterprise covers nearly 60% of domestic demand and exports products to Europe, Turkey, and China. In September of this year, construction began on a polyethylene production plant with a capacity of 1.2 million tons per year. Several petrochemical projects worth over 14 billion dollars are in development," reported Kassym-Jomart Tokayev.

Particular attention in the speech was devoted to increasing the investment attractiveness of the "clean energy" sector. Specifically, concrete agreements have been reached to implement 43 GW of "green" projects in Kazakhstan with global companies such as Total, Svevind, ACWA Power, and Masdar. Additionally, Kazakhstan has immense potential for the development of nuclear energy.

"Our country is the largest producer of uranium in the world. As you know, recently at the national referendum, citizens supported the construction of the first nuclear power plant, which will serve as a long-term investment in our energy security. Currently, we are considering the possibility of creating an international consortium to implement this project," the president added.

The next sector that deserves investors' attention was identified as the agro-industrial sector.

"The development of Kazakhstan's agriculture is a strategic priority for ensuring food security in the Central Asian region. Our country ranks sixth in the world in terms of agricultural land area, which exceeds 200 million hectares. Over the past six years, sectoral exports have doubled, exceeding 5 billion dollars. As we strive to transform the agro-industrial complex into a high-tech sector, over 100 projects worth 5 billion dollars will be implemented with the participation of foreign investors," said Tokayev.

In the transport and logistics sector, Kazakhstan aims to strengthen its position as a key Eurasian transit hub. The country plans to repair 11 thousand kilometers of old railways and build more than 5 thousand new ones. A priority is the development of the Trans-Caspian International Transport Route, which is why key attention is given to investments aimed at developing its infrastructure through the construction of new cargo terminals and the production of transport vessels.

Kassym-Jomart Tokayev specifically addressed issues related to investor rights protection and regulatory policy improvement.

It was noted that one of the tasks of the ongoing modernization of the legal and judicial system is to create a favorable investment climate. Digital interaction between the government and investors is being expanded. By the end of the year, the launch of the National Digital Investment Platform is planned, which will allow real-time tracking of project implementation.

The new Tax Code will promote the activation of the investment cycle by establishing tax preferences, which allow for the deduction of all expenses related to the acquisition of machinery, equipment, and software.

In the context of strengthening cooperation in the financial sector, Kazakhstan emphasizes the work of the Astana International Financial Centre (AIFC). The AIFC is a unique institution for the region that brings together the best practices from leading financial centers around the world.

In conclusion, the president stated the importance of continuing the dialogue between Council members and government bodies aimed at improving the investment climate in the country, implementing new initiatives and specific projects.

During the event, speeches were also made by EBRD President Odile Renaud-Basso, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov, Chairman of the Kazakhstan Foreign Investors Council Erlan Dosymbekov, Vice President of CNPC Zhang Dawei, Chairman of the Board of the EDB Nikolai Podguzov, President of Alstom for Africa, the Middle East, and Central Asia Andrew Deleoni, and CEO of Lukoil Vadim Vorobyov.

It should be noted that the Council of Foreign Investors is an advisory body under the President of the Republic of Kazakhstan. The head of state serves as the chairman of this body.

The main task of the Council is to develop recommendations and proposals on issues:

Exclusive content and news just for you! Subscribe to Telegram!