As a country leading the region in terms of social and economic growth, Kazakhstan could play a key role in expanding of the Finnish export to the region of Central Asia and CIS.
In the Global Competitiveness Index drawn by the Davos-based World Economic Forum, Kazakhstan is ranked 42nd in the world. In the world ranking of the countries that create the most favorable conditions for business, the World Bank’s “Doing Business” report, Kazakhstan is ranked 41st.
At this time, attracting investment capital to the economy of the Republic is one of the higher-priority tasks of the government. According to expert’s estimates over 80% of all direct investment in Central Asia was made in Kazakhstan. The World Bank ranked Kazakhstan as one of the twenty most attractive countries in the world for investors.
Foreign investors are becoming increasingly interested in the Kazakh market. As of September 30, 2014, total foreign investment in Kazakhstan reached USD 211.5 billion. These figures make it possible to describe Kazakhstan’s investment environment as liberal, enabling foreign investors to operate in virtually all sectors.
In 2014 Kazakhstan adopted some incentives which have contributed to enhancing the country’s investment image and, accordingly, the inflow of foreign investment in its economy. According to them Kazakhstan will suspend corporate and land tax for 10 years for foreign investors setting up businesses outside its oil industry in new incentives meant to diversify the economy. In addition to suspending land and corporate tax for 10 years, foreign investors will be exempted from paying tax on non-land assets for 8 years and be reimbursed 30 percent of the costs of building new plants. The land-locked country would also allow non-oil investors to bring in foreign labourers without any quotas or permits to work for one year after the launch of a new business. The country has also suspended the requirement for visas for business executives from countries that have invested steadily in Kazakhstan and Finland is among those countries.
To facilitate navigation of regions for potentials projects Kazakh Government launched Interactive Map of Regional Development. The map includes analytical overview on the economic data of the 14 regions and two cities – Astana and Almaty. The complete information on natural and mineral resources, logistic, market, existing barriers, energy capacity, diagrams of connections, large, medium or small business operating areas is now available online. Any domestic or foreign entrepreneur, who has an intention to invest in the economy of Kazakhstan can receive a comprehensive visual information on a particular region.
Information on regions in Kazakhstan can be found http://www.businessnavigator.kz/en/ (Information by the Kazakhstan Embassy in Finland)
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