BAKU, Azerbaijan, November 12. Kazakhstan continues to offer a stable investment climate to foreign investors, Deputy Chairman of the Management Board of NC KAZAKH INVEST JSC Zhandos Temirgali said in an interview with Trend.
According to the International Monetary Fund (IMF), the global economy is facing massive and sharper slowdowns than experts predicted. Rising energy prices, high inflation rates, tighter monetary conditions in most regions, geopolitical conflicts, sanctions, and the protracted COVID-19 pandemic have had a strong impact on the long-term outlook.
Following the IMF expectations, global economic growth will almost halve this year (from six percent in 2021 to 3.2 percent in 2022), thus decreasing to 2.7 percent in 2023. This is the lowest since 2001, except for the global financial crisis (GFC) and the acute phase of the COVID-19 pandemic.
“Despite the recent world events, Kazakhstan keeps providing a favorable investment climate to foreign investors. The country remains attractive for foreign direct investment (FDI) and is the largest recipient of FDI in Central Asia,” Temirgali stated.
As he noted, in July 2022, the Government of Kazakhstan approved a new Investment Policy Concept until 2026, which is aimed at revising approaches and creating good conditions for existing and new investors.
“Furthermore, in recent years the country has introduced new mechanisms for supporting investors and is making every effort to improve the existing supportive measures to establish a legislative and legal basis,” he said.
Following the Kazakh National Bank's data for 2021, Temirgali emphasized that investment flows to the country exceeded the 2020 figures by 38.9 percent and amounted to $23.8 billion, which is almost the same as the pre-crisis 2019 level.
“In total, over the 30-year independence, gross FDI inflows into Kazakhstan's economy rose above $400 billion,” Temirgali added.