Foreign investors show interest in Kazakhstan

1 June 2016 18:12 (UTC+04:00)

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By Nigar Abbasova

As many as 30 foreign investors are expected to launch their enterprises in Kazakhstan in 2016. The Ministry for Investments and Development of Kazakhstan is currently engaged in the examination of over 200 initiatives proposed by foreign investors.

The government makes huge efforts to improve the investment climate of the county for the benefit of foreign investors and local companies.

The initiatives in total worth over $40 billion mainly concern the manufacturing industry.

Addressing the Council of Foreign Investors, Kazakh Minister for Investment and Development, Asset Issekeshev mentioned that particular attention is being paid to the work with transnational corporations.

He mentioned that Italian Tenaris Company is expected to launch its enterprise engaged in the production of oil pipes in June 2016.

Swiss EuroChem Company which is considered to be one of the world’s leading mineral fertilizer producers will start the construction of plant for the production of mineral fertilizers later this year.

Besides, the minister informed that a center for advanced materials and additive technologies established jointly with Materia Company from American, and a center for financial technologies called FinTech established jointly with IBM company.

The minister also added that more than 60 projects in the agricultural sector are currently implemented by foreign investors in the country. Korean Lotte Company will start the realization of the project on the production of confectionery products. French Lactalis and German Meggle will launch projects for manufacturing and processing dairy products in nine regions of Kazakhstan, while Italy's Cremonini will build a modern combine for production of a wide range of processed meat products.

The main objective of the Foreign Investor’s Council which is chaired by the President of Kazakhstan is promotion of direct dialogue between the government of the country and foreign investors as well as creation of favorable investment and legal conditions for the diversification of the economy.

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova