Fifty Foreign Companies to Relocate to Kazakhstan, Says PM Smailov

ASTANA – Up to 50 companies are considering relocating to Kazakhstan, Prime Minister Alikhan Smailov said during the tenth Forum of Machine-Builders of Kazakhstan on Sept. 22, reported the Prime Minister’s press service.

PM Alikhan Smailov at the Forum of Machine-Builders of Kazakhstan. Photo credit: primeminister.kz

“To date, around 50 foreign companies have closed their production in the neighboring country and have expressed a desire to relocate their production and offices to Kazakhstan. According to the results of eight months, investments in fixed assets grew in real terms by 6 percent, and the inflow of foreign direct investment in the first quarter increased by 54 percent,” Smailov said.

In his opening remarks, the Kazakh PM also stressed the role of the machinery industry in the country’s economic development, citing the increased production volume. In 2021, it grew six times and reached 2.3 trillion tenge (US$4.8 billion). The industry grew by 20 percent over the last three years.

Smailov added that the situation with imports exceeding exports needs to be addressed, going on to propose a plan for the machinery industry.

“This issue requires systemic and comprehensive measures. The time has come to think about developing and adopting a policy document such as a comprehensive plan for the development of the machinery industry. Because only a long-term approach will allow us to achieve serious results in this direction,” he said.

At the end of the forum, he visited the Kazakhstan Machinery Fair, where more than 240 companies from 17 countries presented their products.

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