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Hosting EXPO-2017 in Astana will cost $3 billion, Tengrinews reports citing LS magazine. $500 million has already been invested by Kazakhstani investors.
Hosting EXPO-2017 in Astana will cost $3 billion, Tengrinews reports citing LS magazine. $500 million has already been invested by Kazakhstani investors.
BI Group, Basis A and SredAzElectroMontazh construction companies are among major investors of the exhibition. “These companies will be responsible for construction of residential and business zones at the exhibition, entertainment and business centers, service centers and car sales,” Astana EXPO-2017 national company that runs the preparations told LS.
The developer companies involved in designing and construction of EXPO facilities will be getting tax preferences, so the interests towards the project is high and the government expects the private investments to continued beyond these $500 million.
The Head of the national company Talgat Yermegiyaev said that cost recovery depended on exploitation of the infrastructure after the exhibition. “We have a goal of making every square meter work and now at the stage of planning we are taking this into account. For example, in rooms that are eight meters high we are leaving special notches in the walls to remodel them into standard office rooms (…). We have allocated funds for remodeling after the exhibition,” Yermegiayev said.
There are a number of suggestion on what to make of the facilities built for EXPO-2017 after the exhibition. Facilities could be used for a science and technology park or an international IT center for IT industry giants from all over the world. In addition, EXPO-2017 facilities can be used for international events and forums.
"We have a deficit of A Class (top class) office spaces in Kazakhstan, and there is a demand for large spaces. The exhibition zone could be used for large-scale events thanks to its spaciousness and proximity to hotels, malls and other infrastructure," Yermegiayev said.
The Head of the national company promised to return all money spent from the state budget on the exhibition. $385 million were allocated from the budget. “We plan to return $385 million back into the budget. It is one of the indicators of successful hosting of the exhibition. (…) The main way is through sponsorship. The second way of recovering the money is through our business activities. During the exhibition there will be various sales and services provided for the guests. We will have our share in these services to cover the budget expenditures,” Yermegiayev said.
The EXPO-2017 will take place in Astana in 2017. The construction of the venues and facilities is planned to be concluded by the end of 2016. Over 100 countries will take part in the exhibition. Astana expects over 3 million visitors for the exhibition.
Writing by Gyuzel Kamalova, editing by Tatyana Kuzmina
