Kazakhstan’s innovation programme aims to attract $150 billion in foreign investment over the next five years while doubling the country’s GDP. Kazakhstan’s President Kassym-Jomart K. Tokayev is counting on Europe to realise the funding project, Euractiv reports.
President Tokayev’s innovation programme transcends national borders and looks directly to Europe for new cooperation. Kazakhstan aims to unlock untapped potential and accelerate economic growth by developing partnerships with European partners.
Tokayev signed a landmark decree in December empowering the Investment Promotion Council (also known as the Investment Headquarters) to improve the efficiency of the country’s investment attraction process, with the specific aim of supporting the president’s goal of doubling GDP to $450 billion by 2029. To achieve this goal, Kazakhstan must attract at least USD 150 billion of foreign investment.
Over 44,900 companies in Kazakhstan have foreign ownership, with around 7% (over 3,200 companies) having EU shareholders and capital.
Notably, the Astana International Financial Centre (AIFC) hosts nearly 2,800 registered companies, including 143 with EU capital. Renat Bekturov, Governor of the AIFC told Euractiv:
Most of them are from Cyprus, the Netherlands, Germany, Italy and Poland, they span various sectors, such as financial services, IT, communications, trade and manufacturing.
Since its establishment in 2018, the AIFC has attracted $11.9 billion in investments. Bekturov also said:
Our mission extends beyond Kazakhstan’s borders – we are a financial hub serving the Central Eurasian region and we aim to increase the number of investments and attract mainly financial institutions with well-known brands.
Drawing inspiration from successful financial centres such as Hong Kong and Dubai, the AIFC operates in accordance with English common law principles.
