Kazakhstan to review conditions to attract investments

Astana, Kazakhstan, Feb.17 By Daniyar Mukhtarov - Trend: The government of Kazakhstan must review the current conditions for attracting investments into the country's economy, Kazakh Prime Minister Serik Akhmetov said on Feb.17 at a meeting on issues of fulfilment on the president's orders declared during an expanded government meeting on Feb.14. "We should have a clear plan for attracting foreign and domestic investments. It is necessary to determine a list of top multinational companies for each priority sector and to develop strategies to attract each one of them," the prime minister said. The prime minister stressed it is necessary to eliminate all obstacles that impede investors. Drawing the attention of members of the government to the necessity for development of geological exploration, Akhmetov ordered the Ministry of Industry and New Technologies and the Ministry of Oil to submit proposals for creation of a separate state body supervising this sphere. "I am waiting for proposals from you for the creation of a separate state body supervising this issue. The Ministry of Industry and New Technologies and the Oil Ministry should clearly define what kind of state body it must be. If this state body is unable to determine the policy in the sphere of geological exploration, then put forward a question and provide clear justification for the creation a separate ministry, as if there is a committee created that will not determine policy in this sphere," the prime minister said. Kazakh President Nursultan Nazarbayev earlier warned that he will dismiss the government if the Cabinet of Ministers doesn't move from the stance of just saying words, to act in the issue of attracting foreign investors. "If we want as we say, to create conditions such as a haven for investors, then let's create them," the president said addressing the Minister of Industry and New Technologies Asset Issekeshev at an expanded government meeting on Feb.14. The president recalled that the country has nine special economic zones where it will be possible to create all the right conditions for investors. The president pointed out that the attraction of investments in the processing industry and in small and medium business should be the main issues of the agenda. "We should find a common language with investors. If you don't do this, this will be done by another composition of the government. I warn you," Nazarbayev said. The volume of foreign investments in Kazakhstan's economy has increased in the past two years. Earlier, Deputy Prime Minister and Minister of Industry and New Technologies of Kazakhstan, Asset Issekeshev said that against the background of a general drop in the volume of international direct foreign investments, Kazakhstan attracted $14 billion in 2012 which allowed it to rank second among the CIS countries for this indicator. The volume of gross direct investments amounted to $18.1 billion in the nine months of 2013. Some $1.5 billion worth of 40 bilateral documents was signed in 2013 in order to promote Kazakhstan's investment opportunities, according to the minister. Translated by L.Z. Edited by S.M. Follow us on Twitter @TRENDNewsAgency