Kazakhstan is tired of being an “overlooked powerhouse” and has set the goal of becoming one of the world’s next big investment destinations as the New Silk Road brings opportunities.
The message was delivered to over 200 investors by the country’s deputy prime minister, Askar Zhumagaliyev, at the Kazakhstan Global Investment Forum in London.
Several billion pounds of inward investment is expected to enter Kazakhstan over the next five years, as global organizations seek to benefit from a streamlining of government services, additional opportunities linked to the New Silk Road and increased investment support.
The forum was devoted to new opportunities in the field of business and investment, as well as the prospects of Kazakh-British projects in the fastest growing sectors of the economy of Kazakhstan.
Kazakh Invest head, Saparbek Tuyakbayev, told forum participants that the national organization for attracting global FDI he runs had identified and prepared 70 specialist projects across agriculture, chemicals, mining and metallurgy, engineering, retail, tourism, and energy, which offered attractive opportunities for international investors.
Askar Zhumagaliyev said the country is “emerging as a regional hub for business, investment and transit.”
The UK is among the top 10 trading partners in terms of turnover, as well as among the six largest investors in Kazakhstan, which accounts for almost 5% of the total volume of attracted foreign investment.
Bilateral trade between Kazakhstan and the UK in 2017 increased by 1.5% and amounted to $1.28bn. Exports rose to $926.7m. In the first quarter of 2018, the total turnover of mutual trade amounted to $252.6mn, exports from imports reached $158.8m and $93.8mn, respectively.
More than 800 legal entities, branches and representative offices with British participation are registered in Kazakhstan.
The forum was the first of several senior level roadshows being co-hosted by Kazakh Invest internationally. The next event is scheduled in New York.