In the first half of 2023, Kazakhstan experienced a substantial increase of $4.1 billion in net inflow of foreign direct investment (FDI), marking an impressive 86% surge compared to the previous year, as revealed by Zhandos Temirgali, the Acting Chairman of the Kazakh Invest National Company. This information was shared in an interview with Forbes and reported by the Kazakh Invest’s press service on December 28, 2023.
Notably, the country witnessed a remarkable 60% surge in investments specifically directed towards the manufacturing industry during this period. The heightened business activity resulted in a record-breaking 22 significant investment events organized by Kazakh Invest, with the active participation of President Kassym-Jomart Tokayev in eight of them, and three involving Prime Minister Alikhan Smailov.
With the support of Kazakh Invest, 47 new production facilities, valued at $1.1 billion and involving foreign participation, were successfully put into operation. These facilities collectively generated over 4,500 job opportunities for citizens. Furthermore, construction and installation work commenced on 42 projects worth over $3 billion in 2023, encompassing initiatives such as the production of thermal insulation materials by the Italian company Cormatex, the construction of a new KIA plant valued at $250 million, and the creation of 1,500 jobs.
Discussing corporate relocation, Temirgali highlighted that 80 companies are currently under consideration, with 41 having completed the process in the years 2022-2023. The total cost of these relocation projects approached $1.5 billion. Noteworthy relocations include Wabtec’s establishment of a regional office for locomotive and component production, Microsoft Corporation opening multi-regional hubs, Wika launching equipment production for the oil and gas industry, and Honeywell moving its regional office to Almaty and initiating production facilities in various regions of Kazakhstan.
Kazakhstan’s global standing in attracting net investments in renewable energy projects from 2015 to 2022 is also commendable, securing the fifth place among the world’s developing economies. The country accumulated a total of $56.3 billion in this sector, drawing interest from prominent international companies such as Italian ENI, French TotalEnergies, German Svevind, China Power, Emirati Masdar, Saudi ACWA Power, and others, all keen on contributing to the development of renewable energy sources in Kazakhstan.
