(MENAFN- Trend News Agency) ASTANA, Kazakhstan, March 29. The government ofKazakhstan is ready to act as a reliable investment partner forentrepreneurs, said Prime Minister Olzhas Bektenov following ameeting of the Council for Improving the Investment Climate inKazakhstan, Trend reports.
"President of Kazakhstan Kassym-Jomart Tokayev always focusesspecial attention on the need to improve the country's investmentclimate. The government is ready to act as a reliable investmentpartner for everyone who comes to our country to conduct honest andopen business. We intend to support the expansion of production,increased localization, and the implementation of new projects thatare important for the country," he said.
Notably, during the meeting, it was noted that the government ofKazakhstan is carrying out systematic work to further improve theinvestment attractiveness of the country. A new tax code iscurrently being developed, within which a service administrationmodel will be introduced. Thus, the taxpayer will be provided withfiscal assistance, from registration to deregistration.
It is expected that, as a result, tax reporting in the countrywill be reduced by 30 percent and the number of tax payments - by20 percent. At the same time, effective incentives for businesswill be saved.
The Concept for the Protection and Development of Competition inKazakhstan until 2026 is being implemented, according to which thegovernment seeks to reduce the state's share in the economy to 14percent by 2025.
In addition, active work is underway to combat systemiccorruption risks.
Meanwhile, the volume of investments in fixed capital inKazakhstan amounted to 1.8 trillion tenge (about $4 billion) fromJanuary through February 2024. This is an increase of 7.9 percentcompared to the same period in 2023.
As previously stated by the Minister of National Economy NurlanBaybazarov, Kazakhstan plans to attract 22.1 trillion tenge (about$48.8 billion) of investments into fixed capital in 2024, which is22 percent more than last year.
At the same time, within the framework of the Unified Pool ofInvestment Projects, the implementation of 234 projects worth 2.3trillion tenge (about $5 billion) is expected.
Furthermore, last year, the volume of investments in fixedcapital in Kazakhstan increased by 13.7 percent and amounted to$39.5 billion, while over the first nine months of 2023, $19.7billion of foreign direct investment was attracted.
In addition, foreign trade turnover increased by 2.2 percent andamounted to $126 billion; the positive trade balance exceeded $16billion.
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