ASTANA, Kazakhstan, March 29. The government of Kazakhstan is ready to act as a reliable investment partner for entrepreneurs, said Prime Minister Olzhas Bektenov following a meeting of the Council for Improving the Investment Climate in Kazakhstan, Trend reports.
"President of Kazakhstan Kassym-Jomart Tokayev always focuses special attention on the need to improve the country's investment climate. The government is ready to act as a reliable investment partner for everyone who comes to our country to conduct honest and open business. We intend to support the expansion of production, increased localization, and the implementation of new projects that are important for the country," he said.
Notably, during the meeting, it was noted that the government of Kazakhstan is carrying out systematic work to further improve the investment attractiveness of the country. A new tax code is currently being developed, within which a service administration model will be introduced. Thus, the taxpayer will be provided with fiscal assistance, from registration to deregistration.
It is expected that, as a result, tax reporting in the country will be reduced by 30 percent and the number of tax payments - by 20 percent. At the same time, effective incentives for business will be saved.
The Concept for the Protection and Development of Competition in Kazakhstan until 2026 is being implemented, according to which the government seeks to reduce the state’s share in the economy to 14 percent by 2025.
In addition, active work is underway to combat systemic corruption risks.
Meanwhile, the volume of investments in fixed capital in Kazakhstan amounted to 1.8 trillion tenge (about $4 billion) from January through February 2024. This is an increase of 7.9 percent compared to the same period in 2023.
As previously stated by the Minister of National Economy Nurlan Baybazarov, Kazakhstan plans to attract 22.1 trillion tenge (about $48.8 billion) of investments into fixed capital in 2024, 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.
Furthermore, 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.