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American business invested US$47 billion in Kazakhstan

1 July 2019 14:26
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American business invested US$47 billion in Kazakhstan

NUR-SULTAN. KAZINFORM - Today, upon invitation of the US Secretary of State Mike Pompeo Kazakhstan's Foreign Minister Beibut Atamkulov begins his official visit to the United States of America, the Kazakh MFA's press office informs.

The United States is among the leading investment partners of Kazakhstan. Trade turnover between the countries amounted to US$2.3 billion in 2018. The share of direct American investments in the total basket of foreign investment reached 22% and amounted to US$5.3 billion. During the years of Independence, American business has invested about US$47 billion into the economy of Kazakhstan.

According to the Statistics Committee of the Ministry of National Economy of Kazakhstan, about 160 representative offices of US companies and over 350 Kazakhstan-US joint ventures operate in Kazakhstan.

In recent years, American companies such as Primus Power, Spancrete, Uber, Starbucks, McDonald's, and Netflix have entered into Kazakhstan market.

On May 15, 2019, The 3rd Annual Kazakhstan-US Business Forum "Competitive Kazakhstan" was held at Kazakhstan's Foreign Ministry. Heads of the ministries of foreign affairs, agriculture, health, and others, as well as the heads of 28 major American companies, including Coca Cola, Gilead, HP, Microsoft, Valley Irrigation, took part at the Forum.

Kazakhstan's Government measures on further improvement of the business environment in the country, including creating a single ecosystem for working with foreign investors, as well as the implementation of state programs on modernization, diversification, and digitalization of the domestic economy were presented within this dialogue platform

American investors have implemented a number of projects in mining, engineering, manufacturing, etc.

Chevron has implemented a project for the production of pipe fittings in the Atyrau region. The plant produces a new type of valves and fittings, the main features of which is a long life-span.

In Nur-Sultan, with the participation of General Electric Transportation, a plant was built for the production of new generation GE Evolution locomotives, which are distinguished by low fuel consumption and high ecological purity. The launch of the plant opened a new direction for the export potential of Kazakhstan and made it possible to supply innovative products to the countries of Central Asia.

At present, the Investment Committee of Kazakhstan's Foreign Ministry, in conjunction with the JSC "NC" Kazakh Invest ", is developing about 20 projects with the participation of US capital in agro-processing, pharmaceutical industry, renewable energy sources, etc.


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