US investment in Kazakhstan has reached over 40 billion dollars

25 October, 2018, 13:13 340
US investment in Kazakhstan has reached over 40 billion dollars

The amount was invested by American investors in the twenty-six years of independence of Kazakhstan.

During the years of independence of Kazakhstan, American investors have invested more than forty billion dollars in the country's economy. In the current year, the trade turnover between the countries increased by 20%. First Deputy Prime Minister of Kazakhstan, Askar Mamin said during the Kazakh-American business forum, which takes place in Astana, the Bnews.kz correspondent reports.

“From the very beginning of our independence, the United States was a reliable economic partner. The United States is one of the top investors, they have invested more than 40 billion dollars in our country. Such companies as Chevron, Exmomil, and Electriks are widely represented in our industries - engineering, power engineering. This year we are expanding bilateral relations with the trade mission. The successful visit of Nursultan Nazarbayev to the USA in January has marked a new milestone in our cooperation. And as a result, agreements worth 7 billion dollars were signed," said Askar Mamin.

According to Mamin, the trade turnover between the states has increased by 20% over 8 months of the present year. And the sides intend to increase this figure in the near future. 

"The joint statement on the expansion of the strategic partnership adopted by our heads of state has become the basis for the further expansion of trade and investment between our economies. 7% of our GDP and 8% of direct investment are contributed by America. We see that our economy is growing, thanks to this our GDP increased by up to 4% from September 2018 and it will grow in the long run," he said.

As Mamin stressed, at present Kazakhstan’s economy is of interest to foreign partners. At the same time, the Kazakh side creates favourable conditions for foreign investors.

Speaking about the country's investment policy, Mamin told foreign partners about the intention of Kazakhstan to open a private investment fund worth one billion dollars.

"We plan to open a private investment fund with a cost of 1 billion dollars, as well as we expand our projects in the commodity sector. We also invite our partners from the United States to participate in the financing and management of the fund. To improve the business climate, the private sector is being attracted to the economy. And our largest companies will be privatized thanks to the PPP principle. Today we are successfully engaged in PPP projects, so I want to invite our American partners to participate in these projects," said Mamin while addressing foreign investors.

8 bilateral documents in several sectors, including agriculture, infrastructure, aviation, digitalization and IT, were signed within the Kazakh-American business forum. Among signatories such large companies as Valmont, MasterCard, Honeywell and Sierra Nevada Corporation.