Kazakhstan Eyes Increased 2023 Foreign Direct Investment Worth US$25 Billion

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Alikhan Smailov, the Prime Minister of Kazakhstan, has stated that the country Kazakhstan aims to attract foreign direct investment (FDIs) worth around US$25 billion in 2023, following 2022’s increase of 17.8% from 2021.

Aidarov said that 46 projects involving international financial investments were implemented in the country during 2022 in renewable energy, metallurgy, agriculture, mining industry, and engineering. Kazakhstan’s top-10 FDI donors in 2022 included the Netherlands, the US, Switzerland, Belgium, Russia, South Korea, China, France, the UK, and Turkiye.

He added that the country retained its positive image despite existing geopolitical circumstances. Speaking in late December 2022, the Deputy Minister said that Kazakhstan expects to attract around US$150 billion worth of FDI during the coming seven years 2023-2030.

Kazakhstan has become a Central Asian magnet for investors of a sort as it sits between the Caspian Sea and China, making it a valuable overland conduit for European, Turkish and Caucasian cargo to China and other Central Asian markets. Uzbekistan, for example, has a significant trade agreement with the EU.

Other impetus is likely to come from the rapidly improving INSTC, which bypasses Iran from its Caspian Sea Ports to Ports on the Persian Gulf, opening up market access to the Middle East, East Africa, and South Asia.

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