The Kazakh comeback
A story from the February 2024 edition of The Steppe
Kazakhstan is one of Eurasia’s largest and most resource-rich nations, and for years has punched well below its weight when it comes to global trade. Coinciding with a raft of IPOs including app company Kaspi, which raised US$1bn, and flag carrier Air Astana which at the time of writing is shortly set to float in London, the government has launched a wave of new initiatives designed to bring in foreign investment and give it enhanced access to global markets.
Later this year, the country will roll out the National Digital Investment Platform, to complement the new Investment Promotion Council it created at the end of 2023. The digital investment platform aims to improve the investment climate and facilitate the implementation of projects in Kazakhstan.
Led by the Investment Committee of the Ministry of Foreign Affairs, the Eurasian Development Bank, and National Information Technologies JSC, this platform aims to streamline investor onboarding through a "one window" approach, speeding up project implementation and improving data exchange, making it a key tool to attract more foreign investment, even amid geopolitical challenges.
Kazakhstan’s commitment to economic transformation, reflected in its inclusion in the FDI Standouts Watchlist for 2024, aligns with its aspirations to diversify its economy from oil and gas.
Wary of not playing an unusually large and intrusive role in the economy, deputy prime minister and foreign minister of Kazakhstan Murat Nurtleu recently stated that his government’s agenda “includes plans for the privatization and stock market listing of a number of state companies, particularly in non-core sectors, to enhance market efficiency.”
As Kazakhstan strives to become a global investment hub, ongoing reforms, improved governance, and collaborative efforts are crucial for sustained investor appeal and the realization of the country’s ambitions.