Kazakhstan wants to attract at least $150 bln in foreign investment by 2029 - PM

ASTANA. Nov 27 (Interfax) - The government of Kazakhstan expects to attract at least $150 billion of foreign investment into the country by 2029, Prime Minister Alikhan Smailov said.

During a meeting of the Council of Foreign Investors on Saturday, Prime Minister Smailov said the government of Kazakhstan faces the ambitious task of doubling the size of the economy to $450 billion by 2029.

"The Kazakh government aims to attract at least $150 billion in foreign investments by 2029. This goal includes the integration of ESG (Environmental, Social, and Governance) principles as a key strategy. To facilitate this, the government is implementing systematic measures to enhance the country's investment climate, increase investment, bring in advanced technologies, set up local production, and create industries that add more value. The primary focus will be on the rapid development of the processing sector," Smailov said.

Smailov made assurances that the necessary legislative and institutional frameworks are in place to support these objectives.

"The government is committed to maintaining economic growth and enhancing the investment climate. We are encouraging foreign partners to invest in projects in Kazakhstan" the Prime Minister said.

Representatives from Ernst & Young, TotalEnergies , Knauf, and KPMG, as well as the heads of central state bodies in Kazakhstan, also spoke during the meeting.

The Council of Foreign Investors is a consultative and advisory body under the President. Its main task is to develop recommendations and proposals to determine the main directions of investment policy in Kazakhstan, improve the investment climate and improve the regulatory framework for investments. Currently, the council includes the heads of 33 large transnational foreign companies and international organizations, as well as nine foreign observers.