Multimillion-dollar spending on image-building forums pays off through investment flows to Kazakhstan, according to Arman Kassenov, deputy minister of national economy. He said such events are a crucial tool for attracting capital and promoting exports.
«Image-building events are not used exclusively by Kazakhstan but are a common practice worldwide. They promote exports and attract investment. Therefore, a reasonable number of such events is justified,» Kassenov said during a meeting of the country’s cabinet.
He highlighted that Kazakhstan receives around $20 billion in foreign investment annually and an average of $50 million daily. According to Kassenov, the majority of those funds are attracted thanks to such events.
«Considering that the country receives $50 million in investments daily, forum expenses ranging from $1 million to $3 million are quite justified,» he elaborated.
On top of that, Kassenov noted that most of these events are funded by sponsors, not the government.
Speaking of the government, the official recalled that it had already cut expenses by roughly $801.6 million. However, he did not specify which events were canceled.
Last month, Deputy Prime Minister Serik Zhumangarin commented on criticism over spending approximately $9 million on the Astana International Forum amid the government’s «tightening belts» agenda. He said the country has the financial capacity to host the event.
