Investment potential of Kazakhstan in the engineering industry discussed in Astana
Within the framework of the XI Forum of Mechanical Engineers of Kazakhstan, which took place from May 10th to 12th of this year in Astana, a panel session was held on the topic "Investment Potential of Kazakhstan" with the participation of Almas Aidarov, Deputy Minister of Foreign Affairs of the Republic of Kazakhstan. During the session, the investment potential of Kazakhstan in the mechanical engineering industry was discussed, as well as the current issues that companies face in the process of localizing their production.
In his welcoming speech, Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Almas Aidarov spoke about the measures taken by the government of Kazakhstan to attract investments to the country, as well as about the successful experience of foreign investors in the engineering industry.
"Today, such world leaders in engineering as General Electric, Alstom, General Motors, Daewoo Bus Global Corporation, Hyundai Motor Company, and others successfully operate in Kazakhstan. Brands such as Kia, Hyundai, Renault, Chevrolet, and Jac are produced. The successful activities of these companies are a vivid testimony that all necessary conditions are being created in Kazakhstan for the development of the industry," said the Deputy Minister.
However, according to the Deputy Minister, this is currently not enough for the successful implementation of the import substitution policy. Thus, imports of goods to Kazakhstan last year amounted to about $50 billion, of which more than 40% accounted for engineering products. This is due to the absence of a number of engineering production facilities for both high-tech and mass production, which represents huge untapped potential for domestic production and investment attraction.
"Given the current geopolitical situation, a number of foreign companies are revising their strategy and operational activities in the region, which provides us with certain opportunities for developing new productions in Kazakhstan. We are ready to create the necessary conditions for the relocation of foreign businesses, including in the engineering industry. Kazakhstan attaches great importance to attracting foreign investments and creating the most comfortable conditions for foreign companies to come to the Republic of Kazakhstan," said Almas Aidarov.
Ruslan Ibraimov, Deputy Chairman of the Board of Kazakh Invest, spoke about the activities of the national company, investment opportunities provided by Kazakhstan, as well as state support measures.
"Thanks to the country's strategic location, access to major neighboring markets, favorable business environment, available and qualified workforce, as well as comprehensive state support measures, Kazakhstan continues to attract increasing attention from foreign investors," said Ruslan Ibraimov.
During the panel session, speeches were also given by Zühtü Bakır, Secretary General of MAKFED (Turkish Republic Federation of Mechanical Engineering), Erbol Abdrazakov, Deputy CEO of Samruk-Kazyna Invest, Galymzhan Nurlanov, CEO of Weir Minerals, and Gökhan Bayhan, Senior Vice President of Wabtec Corporation for Russia/CIS, Europe, Middle East, and North Africa. The moderator was Ayan Yerenov, Chairman of the Board of the Chamber of Commerce of Kazakhstan.
Overall, the panel session was a productive platform for exchanging ideas, discussing current problems of the engineering industry development in the country, and possible ways to solve them.