On July 14, President Kassym-Jomart Tokayev of Kazakhstan ordered the government to take measures needed to facilitate big western companies to relocate to Kazakhstan from Russia.
As the president noted, all of us are witnesses of the global competition for investment capital.
«One in two from about 1,400 big foreign companies has suspended its business activities in Russia or even left that country. Kazakhstan’s government should do everything needed to make our country attractive for their relocation. This is going to be very helpful in creating new opportunities for the production of different value-added products,» he said.
Tokayev noted that he had already ordered the government to prepare a pool of investment projects in the field of the processing industry.
«Unfortunately, there are no real interactions with potential investors yet other than discussions and meetings. No concrete results. No new projects. Since all these projects must be implemented in regions governors have the same responsibility for attracting investors and finishing the projects as ministers,» highlighted Tokayev.
However, due to tightened tax legislation in Kazakhstan, some foreign companies may prefer Uzbekistan for their potential relocation from Russia.