$57 bln attracted in Kazakhstan economy over 3 years
Almaty. July 11. Kazakhstan Today - Implementation of the industrialization program allowed developing a system approach to attraction of foreign investments, Kazakhstan Today reports.
As the Prime Minister's official website informs, $57 bln of investments has been attracted to the country's economy since 2009. This is 39% of the total amount of foreign direct investments attracted during the period of independence.
"Social importance of industrial-innovative projects is undisputable. The program remains the main direction of economic modernization. This work is the priority for all state bodies. 288 projects totaling 970 billion tenge were implemented in the country last year," President Nursultan Nazarbayev said in his Address to the Nation.
In accordance with the Ministry of Industry and New Technologies, USD 143.6 bln of foreign direct investments has been attracted to Kazakhstan since 1993. USD 87 bln or 39% of them was invested in the country over the last three years (19 017 mln U.S. dollars in 2009, 18 144 mln in 2010, 19 850 mln in 2011).
As a result of the measures taken by the Government, the inflow of foreign investments to the processing industry increased by 60% and to the extracting industry reduced by 14% over the last 2.5 years.
Thus, KZT 1541.3 bln was invested to the stock capital over five months of 2012. This is 5.9% more than in the same period of 2011. Essential investments growth was achieved in the non-primary sector.
The foreign investments inflow to the processing sector made USD 2868.3 mln last year. This is 39% increase against the corresponding period of 2010.
The National Plan on investments attraction providing a set of legal and systemic measures was approved to support foreign investors. It includes such measures as administrative and visa exemptions, creation of favorable conditions for investors staying in the country, support and all-round assistance for investors at the central and local levels. Besides, 20 investor countries and 150 technology leaders of these countries were selected for cooperation.
The Ministry of Industry and New Technologies held a number of road shows in foreign countries. Presently, over 400 investment initiatives worth 20 billion U.S. dollars are negotiated.
Kazakhstan also launched the national investment website in 12 languages which contains detailed information about Kazakhstan for foreign investors. The website was visited by over 100 thousand visitors from 160 countries of the world (CIS - 58.3%, Europe - 14%, Asia - 12%, America - 4.5%).
Besides, a database of investment projects and foreign investors www.baseinvest.kz is functioning. It helps to automate the process of investments attraction, monitor the activity of foreign investors in Kazakhstan and provides information about projects requiring investments as well as statistical data.
Further activities on attraction of potential foreign investors will allow to attract additional funds to sustainable development of the country's economy.
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The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
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National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge
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ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
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