Kazakh govt adopts new investment policy concept

NUR-SULTAN. June 23 (Interfax) - Kazakhstan's government has approved a new investment policy concept in order to create a most favorable environment for investors, Kazakh Prime Minister Alikhan Smailov said.

"Kazakhstan is attractive for foreign direct investment and the leader in the Central Asian region by investment it has received. To strengthen this position in the current conditions, we need to take a proactive approach towards foreign investment and to create most favorable conditions for investors," Smailov said at a Thursday meeting of the government.

The government has developed a new concept of the investment policy aimed at attracting high-quality foreign and domestic investment, boosting economic activities and increasing the individual income of the population by creating new permanent jobs.

"The investment policy concept which has been presented today will ensure the launch of a new investment cycle that will become a driver for development of the economy and improvement of the welfare of the population. The concept sets forth rather ambitious target indicators: to increase fixed capital investment to 25.1% of GDP by 2026 and to boost foreign direct investment to $25.5 billion," Smailov said.

The Cabinet approved the presented concept. The document is developed for a period ending in 2026, according to the Ministry of National Economy.