The 36th Plenary Session of the Foreign Investors' Council chaired by the President of the Republic of Kazakhstan

31 October 2024

On October 31, 2024, the 36th Plenary Session of the Foreign Investors' Council was held under the chairmanship of President Kassym-Jomart Tokayev. The main theme of the meeting focused on improving the investment climate and attracting foreign investments to the country.

In his opening remarks, the President emphasized that the Council remains a key platform for discussing cooperation with international investors. According to the International Institute for Management Development (IMD), Kazakhstan is now ranked among the top 35 most competitive countries in the world. The President set an ambitious goal to attract an additional $150 billion in foreign direct investments by 2029. To achieve this, an Investment Headquarters has been established under the Government, with expanded authority to address emerging challenges efficiently.

Priority Areas for Foreign Investments

Geological Exploration and Extraction of Mineral Resources

The President highlighted that Kazakhstan possesses a unique mineral resource base. Over the past 6 years, private investments in geological exploration have exceeded $1 billion. Currently, approximately 1.6 million square kilometers of the country’s territory are open for subsurface use. This presents new opportunities for international investors.

Infrastructure Development

The National Infrastructure Plan until 2029 has been adopted, which includes the implementation of around 200 major projects valued at over $86 billion. The government also plans to localize production through offtake contracts, which should stimulate the development of domestic manufacturing.

Petrochemical Industry

In 2022, Kazakhstan launched the largest polypropylene production plant in Central Asia with a capacity of 500,000 tons per year. This year, construction began on a polyethylene plant with a capacity of 1.2 million tons per year. The plans include the development of petrochemical projects worth more than $14 billion.

"Green" Energy and Nuclear Industry

Kazakhstan has reached agreements to implement 43 GW of renewable energy projects in cooperation with companies such as Total, Svevind, ACWA Power, and Masdar. The country is also considering the creation of an international consortium to build its first nuclear power plant, following a national referendum.

Agricultural Sector

The President noted the strategic importance of agriculture in ensuring food security. Over the past 6 years, exports of agricultural products have doubled, exceeding $5 billion. The plans include implementing more than 100 projects worth $5 billion with the participation of foreign investors.

Transport and Logistics

Kazakhstan aims to strengthen its position as a key Eurasian transit hub. In the coming years, the country plans to modernize 11,000 kilometers of old railways and build over 5,000 kilometers of new ones. Special attention is being given to the development of the Trans-Caspian International Transport Route.

Improving the Investment Climate and Digitalization

The President focused on measures to protect investor rights and enhance regulatory policies. By the end of the year, the launch of a National Digital Investment Platform is planned, which will enable real-time project tracking. A new Tax Code will stimulate investment by offering tax incentives for the acquisition of equipment and software.

Special attention was given to the operations of the Astana International Financial Centre (AIFC), which combines the best practices of leading financial centers globally.

Speeches and Recommendations of Foreign Investors

During the session, the following participants also delivered speeches:

Odile Renaud-Basso, President of the European Bank for Reconstruction and Development
Nurlan Baibazarov, Deputy Prime Minister and Minister of National Economy
Yerlan Dosymbekov, Chairman of the Governing Board of the Kazakhstan Foreign Investors’ Council Association
Zhang Daowei, Vice President of CNPC
Nikolay Podguzov, Chairman of the Eurasian Development Bank
Andrew DeLeone, President for Africa, Middle East, and Central Asia at Alstom
Vadim Vorobyov, CEO of PJSC Lukoil

Participants emphasized the importance of the topics discussed and expressed their readiness for continued cooperation.