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Sunday, October 21, 2018

Kazakhstan to encourage foreign investment in economy

Yerbolat Dosayev, the Kazakh minister for economy and budget planning, said on Wednesday that Kazakhstan has plans to introduce additional measures to improve the investment climate.

Kazakhstan plans to establish unilateral visa-free requirements for most developed countries for a 90-day period and to grant investor visas to heads of foreign companies, AzerNews reports.

The country will also increase the terms on leases of agricultural land for foreigners investing in commodity agricultural production. The initiative also includes the creation of a one-stop shop principle for investors and an investment ombudsman institute.

The new measures come just after President Nursultan Nazarbayev recently urged the government to adopt laws that will attract more foreign investment in the country. One such law, which will be introduced at the Kazakh parliament before the end of the month, includes a new contract which will require investors to describe government support measures in detail, according to AzerNews.

Kazakhstan plans to allocate $5.5 billion toward economic development in 2014-2015.