US increases FDI into Kazakhstan

In the first half of 2014, U.S. direct investment into the economy of Kazakhstan reached $2.3 billion, which exceeded those made in 2013 two-fold, Tengrinews reports citing the press service of the Ministry of Foreign Affairs of Kazakhstan.

Major investments were channeled into the county's extractive industries, real estate market, business services, and financial sector.

In the second quarter of 2014, the trade turnover grew by 21 percent.

U.S. businessmen welcomed Kazakhstan’s steps to improve the business climate in the country and provide preferences for investors. They praised the high level of cooperation in trade and investment between the two countries.

As the press service notes, investments of the US into Kazakhstan were discussed during Erlan Idrissov’s visit to Washington earlier this month, where he took part in the round table discussion organised by the US-Kazakhstan Business Association.

Idrissov urged the businessmen to participate in construction of new transport and logistics infrastructure in Kazakhstan and informed them about Astana’s plans to privatize more than 650 state-owned facilities to further strengthen the private sector and stimulate growth of the middle class, noting that U.S. companies could take an active part in the privatization process.

Idrissov also had a meeting with the House Foreign Affairs Committee Chairman Ed Royce. They discussed further strengthening of inter-parliamentary relations, regional cooperation and international agenda.

Idrissov briefed Royce on the key points of Nazarbayev’s State of the Nation Address “Nurly Zhol” and said that the new economic policies were aimed at realising the ambitious plan of Kazakhstan to join the 30 most developed countries of the world.

“The implementation of this objective would also contribute to the fastest accession into the WTO. In this respect, we hope to receive the U.S. support,” the Kazakh Minister said. 

By Dinara Urazova