Kazakhstan needs high-quality investments based on latest technologies says president

Taking the floor at the government's meeting, the Kazakh president stressed the need to intensify the government’s investment activities, Kazinform News Agency reports.

Otherwise, the president said, Kazakhstan may lag extremely behind in current trends amid heightened competition. The head of state said the country needs high-quality investments. As a rule, foreign investors propose projects based on the latest technologies and oriented at foreign markets. For the nine months of 2024, the foreign direct investments hit 12.7 billion US dollars that is 36% less as compared to the same period of 2023. He said foreign direct investment attraction decreased in Aktobe, Almaty, Atyrau, East Kazakhstan, Zhambyl, Pavlodar, North Kazakhstan regions and Almaty city.

Reduction in private investments is compensated by budgetary means. The President said the Government should create an integrated ecosystem to increase search, support and protection of investors at all levels, overseas, in regions. This policy concerns both foreign and domestic investors. At the same time, investors that gained support should suggest rational mutual obligations to preserve workplaces, update production and follow ecological rules. As earlier reported, the expanded meeting of the Kazakh government under the chairmanship of the Head of State Kassym-Jomart Tokayev kicked off in Astana.

Addressing the meeting, Prime Minister Olzhas Bektenov proposed to increase VAT rate. The Government also proposed to reduce VAT thresholds from 78 million tenge to 15m tenge.

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