ASTANA, Kazakhstan, March 5. Kazakhstan plans to attract 22.1 trillion tenge (about $48.8 billion) of investments into fixed capital in 2024, said Minister of National Economy Nurlan Baybazarov during a government meeting, Trend reports.
"In 2024, it is planned to attract 22.1 trillion tenge of investments into fixed capital, which is 22 percent more than last year. At the same time, within the framework of the Unified Pool of Investment Projects, the implementation of 234 projects worth 2.3 trillion tenge (about $5 billion) is expected," he said.
Today, the country has a number of effective tools for stimulating private capital. Thus, to attract large investors, the mechanism for concluding an investment agreement has been improved. In addition, an Agreement on Investment Commitments has been introduced, which guarantees the stability of tax legislation for 10 years. This allows commodity producers to plan financial flows for the long term and predict the return on investment.
As the minister noted, to attract private funds to geological exploration and replenish the mineral resource base of the oil and gas industry, fiscal incentives were introduced when concluding the Improved Model Contract.
"In general, today, the process of updating the investment policy concept until 2029 is actively underway. In parallel, work is underway with the business community to improve existing support measures," Baybazarov said.
Meanwhile, last year, the volume of investments in fixed capital in Kazakhstan increased by 13.7 percent and amounted to $39.5 billion, while over the first nine months of 2023, $19.7 billion of foreign direct investment was attracted.
In addition, foreign trade turnover increased by 2.2 percent and amounted to $126 billion; the positive trade balance exceeded $16 billion.