Germany Sets Record For Investment In Kazakhstan's Economy

2024-09-23 12:16:52

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, September 23. Germany has set a new benchmark in Kazakhstan's economy in 2023, with direct investment inflows hitting a record $770 million, a 64 percent increase from the previous year, bringing the total investment to over $6.6 billion from 1992 through 2023, Trend reports via Kazakh Invest.

Currently, there are 32 joint investment projects between Kazakhstan and Germany, with total commitments exceeding $1.1 billion.

Additionally, 12 projects valued at approximately $51 billion are in the implementation phase, while 22 prospective projects, totaling around $2.8 billion, are in development.

The majority of these investments are directed towards non-resource sectors, including manufacturing, chemicals, building materials, agriculture, transportation, and logistics. One of the most promising areas for attracting German investment is sustainable energy development. Kazakhstan aims to increase the share of renewable energy sources in its energy balance to 11 percent by 2030. In this context, the German company Svevind is planning a multi-billion-dollar project that includes a desalination plant for hydrogen production.

MENAFN23092024000187011040ID1108702363

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.