Kazakhstan has claimed the sixth spot in the foreign direct investment (FDI) Standouts Watchlist 2024.
The first half of 2023 saw a $13.3 billion influx of foreign direct investment (FDI) into Kazakhstan. The Netherlands, the US, Switzerland, Russia, China, South Korea, Belgium, France, UAE, and Luxembourg emerged as the top contributors. Astana is keen for increased investments by India.
The mining sector attracted the largest share of FDI by industry ($5.6 billion), followed by manufacturing ($2.9 billion), wholesale and retail trade ($2.5 billion), financial and insurance activities ($488.2 million), transport and warehousing ($577.8 million), construction ($189.8 million), professional and technical activities ($159.6 million), and real estate operations ($234.3 million).
The net inflow of FDI at the end of the first half of 2023 reached $4.1 billion, indicating an impressive 86.6% increase compared to the same period in 2022. Kazakhstan is India’s largest trade & investment partner in Central Asia.
Meanwhile allocating funds to bolster 40,000 ongoing and 20,000 new small and medium-sized enterprises (SMEs) projects is a key priority outlined in this year’s budget, announced Alibek Kuantyrov, Minister of National Economy, during a Jan. 30 meeting chaired by Prime Minister Alikhan Smailov.