5 Mar 2024 15:48

More than 40 foreign cos relocate from Russia to Kazakhstan - ministry

ASTANA. March 5 (Interfax) - More than 40 foreign companies have successfully relocated from Russia to Kazakhstan.

"Today, the government is facilitating the relocation of foreign companies, particularly large enterprises. Our efforts encompass approximately 400 companies from over 30 countries. Notably, 41 companies, such as InDriver and TikTok, have already been successfully relocated, with a combined value exceeding $1.5 billion," Deputy Minister of National Economy Bauyrzhan Kudaibergenov said at a government briefing.

Kudaibergenov said the companies being relocated span various sectors, including manufacturing, IT and digital transformation and mining sectors.

Another 37 more companies, including some from Russia, with a collective value of around $1 billion are in the process of relocating.

"I can't guarantee that it will be precisely 37 companies. It might be slightly fewer or more, but our goal is to complete this work by the end of the year. Each company's relocation is handled on an individual basis," Kudaibergenov said.

In 2023, Kazakh Invest reported that 72 companies from the Russian market expressing interest in relocating to Kazakhstan. Kazakh President Kassym-Jomart Tokayev asked that favorable conditions be out in place to facilitate their relocation.