How to manage foreign direct investment in Kazakhstan - economist's opinion
Kazakh economist Rakhim Oshakbayev discussed in a Facebook post the importance of active foreign direct investment (FDI) management in Kazakhstan. He noted that despite Kazakhstan's successful leadership in the CIS in terms of FDI per capita, investments in the country require constant attention and support in order to avoid corruption barriers and other administrative obstacles, El.kz reports.
Oshakbayev mentioned his experience as Vice Minister for Investment and Development in 2015, where he was involved in organizing the work of the Foreign Investors' Council under the Government. The Council provided investors with direct access to the Prime Minister, which helped resolve disputes and motivated investors.
"Today, the President signed a decree "On measures to improve the efficiency of work to attract investment in the country's economy".
According to the decree, the work of the Investment Headquarters, created in 2021, is resumed, but with new powers. From now, it will be able to:
- make binding decisions on central and local state bodies, as well as quasi-public sector entities
- develop temporary legal acts that have the force of law
—make proposals to the President and the Prime Minister on bringing to disciplinary responsibility, including dismissal of the heads of central and local state bodies, as well as quasi-public sector entities for non-fulfillment or improper execution of the decisions of the Investment Headquarters," Rakhim Oshakbayev wrote.
These changes strengthen the powers of the Council to attract investments and increase the responsibility of officials, stimulating them to actively cooperate with investors and successfully complete projects. It is noted that these measures apply to both foreign and domestic investors, and the key indicator of the effectiveness of the headquarters will be the number of disciplinary measures, including dismissals.