Kazakhstan Attracts $4.1 Billion in FDI in First Half of 2023
During the initial half of 2023, Kazakhstan experienced a notable increase in foreign direct investment, reaching $4.1 billion, marking an 86% rise compared to the previous year. This information was shared by Zhandos Temirgali, Acting Chairman of the Kazakh Invest National Company, in an interview with Forbes published on December 28, 2023, according to a press release from Kazakh Invest.
There was a notable 60% increase in investments specifically targeting the manufacturing sector in the country, as highlighted by Temirgali. The heightened business activity during this period led to a record-setting 22 significant investment events organized by Kazakh Invest. Notably, eight of these events involved the participation of President Kassym-Jomart Tokayev, and three included Prime Minister Alikhan Smailov.
With Kazakh Invest’s support, 47 new production facilities worth $1.1 billion with foreign participation were put into operation, generating over 4,500 jobs for citizens.
Also, 2023 marked the commencement of construction and installation work on 42 projects valued at over $3 billion, including the production of thermal insulation materials by the Italian company Cormatex, the construction of a new KIA plant valued at $250 million, and the establishment of 1,500 jobs.
Speaking about corporate relocation, Temirgali noted that 80 companies are currently under consideration, with 41 having completed the process in 2022-2023. The total cost of these projects approached $1.5 billion.
“The Wabtec company relocated its regional office and began implementing a project to produce locomotives and components. Microsoft Corporation opened multi-regional hubs in Kazakhstan, Wika launched equipment production for the oil and gas industry, and Honeywell moved its regional office to Almaty and opened production facilities in several regions of Kazakhstan,” he said.(Source:astanatimes)
Kazakhstan secured the fifth place among the world’s developing economies for attracting net investments in renewable energy projects from 2015 to 2022, accumulating a total of $56.3 billion.
“Italian ENI, French TotalEnergies, German Svevind, China Power, Emirati Masdar, Saudi ACWA Power, and others are interested in the development of renewable energy sources in Kazakhstan,” he shared.
