Kazakhstan’s investment regime in new global geopolitical conditions discussed in London
The event aimed to inform the UK businesses about the country’s large-scale political reforms, new economic policy and priorities of building a New Kazakhstan with a focus on creating a more favourable investment climate.
Ambassador of Kazakhstan Erlan Idrissov and Partner of Armstrong Teasdale Daniel O’Connell delivered welcoming speeches at the conference.
The Kazakh diplomat noted Kazakhstan’s growing investment attractiveness, which is evidenced by the 37 percent increase in the inflow of foreign direct investment into the economy in 2021.
Ambassador Idrissov briefed the audience on the progress of Kazakhstan’s economic modernisation, investment strategy, as well as new prospects for investment and economic cooperation between Kazakhstan and the UK.
According to him, a real boost to the growth of new investments from the UK to Kazakhstan is the Astana International Financial Centre (AIFC), which operates based on English common law, as well as the robust work of arbitration institutions consisting mainly of renowned British judges.
AIFC Chief Investment Officer James Martin spoke about the new investment prospects in Kazakhstan after the January events and in light of the ongoing conflict in Ukraine. In his words, the turbulent processes in the region «have not caused the resetting of the clock, they’ve merely accelerated the things that were already in plan.» He stressed that the country is an island of investment and economic stability, as illustrated by the massive transfer of businesses to Kazakhstan from neighbouring countries.
According to Martin, the AIFC occupies a special place in Kazakhstan’s investment architecture as it offers high-quality business support services for potential and existing investors.
Conference speakers also included Aida Sitdikova, Director for Energy and Natural Resources in Eurasia at the European Bank for Reconstruction and Development, Aiman Mukanova, Executive Director and Head of Central Asia of MUFG Bank, Rashid Gaisin, Partner of Armstrong Teasdale, and Assel Suankulova, Deputy Director of the Investment Promotion and Marketing Department of Kazakh Invest.
Kazakh Invest representative highlighted the intensification of foreign businesses’ investment activity in Kazakhstan and stressed that Kazakh authorities are doing everything possible to further improve the business climate in the country.
According to Suankulova, Kazakhstan’s «centre – regions – embassies» three-tier system of investment promotion and assisting foreign companies in entering the Kazakh market has proved its efficiency in practice.
In addition, the Kazakh Invest representative spoke about the special role of new green technologies hold in Kazakhstan’s investment portfolio, which brings the country to the forefront of nations decarbonising their economies.
Sitdikova stressed in her speech that the energy transition and decarbonisation is a necessary condition for increasing the competitiveness of the Kazakh economy.
In her opinion, the development of a green economy will soon become the main source of foreign direct investment, therefore, gradual turning away from energy sources with high carbon footprint is the key to Kazakhstan’s positive investment image projected into the future.
The conference was moderated by the founder of Fintech Ireland and Fintech UK and Consultant at Armstrong Teasdale Peter Oakes.