Kazakh president orders that favorable climate be created for foreign companies relocating from Russian market

NUR-SULTAN. July 14 (Interfax) - Kazakh President Kassym-Jomart Tokayev has ordered that favorable climate be created for the relocation of foreign companies that left the Russian market to Kazakhstan.

"We bear witness to the global fight for investment capital. Half of nearly 1,400 major foreign companies have suspended operations or completely left the Russian market. The government should create favorable climate for their relocation to Kazakhstan," Tokayev said at a government meeting on Thursday.

That will be a good opportunity for Kazakhstan to increase the output of products of a higher value-added level, he said.

"I have tasked the government with preparing a pool of investment projects in processing industries and discussing it with potential investors. The work is continuing in the mode of conferences and meetings. We have little to boast of in terms of practical results. In fact, there are no new projects," Tokayev said.