BAKU, Azerbaijan, November 11. A task was set in Kazakhstan to ensure the inflow of foreign direct investment (FDI), Deputy Chairman of the Board of KAZAKH INVEST National Company JSC Zhandos Temirgali told Trend on November 11.
Temirgali noted that according to UNCTAD [United Nations Conference on Trade and Development] data, the business and investment climate has significantly changed this year as the world is facing an unprecedented crisis.
"It's characterized by food shortages, high energy prices, rising interest rates in major economies, a decrease in the volume of announced new projects, disruption of established supply chains, regionalization of economies, and so on," he said.
According to him, the outlook for global FDI in 2022 remains negative due to multiple ongoing geopolitical and economic crises.
"Tighter financial conditions and heightened investor uncertainty are visible in the declining monthly trends in new project announcements. It’s predicted that global FDI flows in 2022 are likely to move on a downward trajectory, at best remaining at the level of 2021,” he noted.
Nevertheless, Temirgali stressed, the government of Kazakhstan has a clear vision of investment development.
“So, the investment attraction policy has been revised given the ESG [Environmental, Social, and Governance] requirements, the global energy and technological transition.
The government has set target indicators measuring the achievement of the goal of Kazakhstan’s Investment Policy Concept,” he further said.
“First of all, the task was set to ensure a total inflow of direct investment in the amount of at least $123.8 billion from 2023 through 2026, as well as the need to ensure investment in fixed assets at the level of 25.1 percent of GDP by 2026," added Temirgali.