The Deputy Minister of Foreign Affairs of Kazakhstan spoke about the growth of ‘economic egoism’ of states.
Deputy Minister of Foreign Affairs of Kazakhstan Almas Aidarov presented updated information on the implementation of project activities during the pandemic. 41 investment projects worth US$1.6 billion that create 7,000 new jobs have been implemented since the pandemic began. The official emphasised that ‘economic egoism’ of states was growing during this period, the press office of the Ministry of Foreign Affairs of Kazakhstan reported.
According to the UNCTAD, global foreign direct investment collapsed in 2020, falling 42%, and Kazakhstan was no exception, where direct investment fell by 30%, the Deputy Minister said.
In 2020, the timely adoption of policy levers enabled Kazakhstan to attract foreign capital inflows totalling nearly US$ 17.1 billion to the national economy. This became possible thanks to financial and economic cooperation of Kazakhstan with Russia, China, EU, USA, UK, Japan, South Korea, Turkey and UAE.
Over the first four months of 2021, investment inflows to the manufacturing industry doubled totalling 397.7 billion tenge, as compared to 2020.
Currently, investment rates in the pharmaceutical, logistics, information and energy renewable technologies and agricultural processing sectors are growing upward. The global organisations forecast that it will take two years after the start of the pandemic-triggered recession for investment rates to return to pre-recession levels.
The Ministry of Foreign Affairs of Kazakhstan is taking measures to attract capital inflows to implement the national investment programmes for 2021-2025.
