ASTANA, February 20 (Itar-Tass) — On Monday Kazakh President Nursultan Nazarbayev signed amendments to the investment legislation.
“The document is aimed at bringing the legislation in conformity with Kazakhstan’s international agreements as well as at an improvement of investment climate conditions,” the presidential press service said.
In particular, under the law technological equipment, components and spare parts for it as well as raw materials and materials imported solely to be used in Kazakhstan – participant in the Customs Union, will be exempted from customs duties within the framework of the investment project's implementation.
Enterprises can be exempt for the period of three to five years from customs duties on imports of raw materials and materials for investment projects. Concrete terms of the preferences will be determined depending on the amount of investment in fixed assets.
Earlier, Kazakh Minister for Industry and New Technologies Aset Isekeshev reported that Kazakhstan intended to intensify work to attract investments in processing industries. He noted that “competition for investment escalates with regard to a difficult situation on the global markets as well as on the regional level”.