ASTANA: Kazakh President Kassym-Jomart Tokayev has signed a landmark decree on Dec. 4 regarding measures to increase the efficiency of attracting investment into Kazakhstan’s economy and accelerating economic growth, reported the Akorda press service. The decree outlines a comprehensive plan to empower the Investment Promotion Council (Investment Headquarters) with unprecedented authority.
As stipulated in the decree, the Investment Promotion Council will have the power to make binding decisions on both central and local government bodies and entities in the quasi-public sector. Additionally, the Council is empowered to develop temporary regulatory legal acts with the force of law, supplementing the government’s efforts to create a conducive environment for investment.
According to Kazinform, this decree is a continuation of President Tokayev’s economic policy, as outlined in his state-of-the-nation address in September. This policy focuses on economic reforms, diversification, transparent tax policies, and equitable management practice Kassym-Jomart Tokayev.
Tokayev has consistently demonstrated a proactive approach to attracting foreign investment and strengthening economic ties globally. He often engages in meetings with investors, both domestic and foreign, particularly during official visits abroad. A recent example of such diplomatic engagement occurred during the Conference of the Parties of the United Nations (UN) Framework Convention on Climate Change (COP28) in Dubai, the United Arab Emirates (UAE). There, Tokayev met with UAE Minister of Investment, Mohammed Al-Suwaidi. During their discussion, they explored potential collaboration on joint projects between UAE’s Presight AI Holding and Samruk-Kazyna Sovereign Wealth Fund, as well as strategic agreements involving QazaqGaz and Kazakhstan Temir Zholy focusing on artificial intelligence. Overall, Kazakhstan signed 20 agreements with foreign companies worth $4.85 billion in green energy, infrastructure, and digitization on the sidelines of COP28. The enhancement of the investment policy reflects a key component of Tokayev’s broader economic strategy.
Andrey Chebotarev, author of the Finance.kz Telegram channel, praised the President’s initiative. “With the need to modernize the energy system, pursue ambitious industrialization plans, and maintain strict monetary policy, Kazakhstan urgently requires these investments,” he said.
