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CU creation allows Kazakhstan to raise inflow of investment by 34% - ministry

January 17, 2014, 15:56 UTC+3 ASTANA
Drawing investments is one of the key goals of Kazakhstan’s participation in the Eurasian integration processes - minister
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ASTANA, January 17. /ITAR-TASS/. Drawing investments, including those into the processing sectors of the economy, is one of the key goals of Kazakhstan’s participation in the Eurasian integration processes, Republican Deputy Minister of Economy and Budget Planning Timur Zhaksylykov told a briefing early this week, adding that the setting up of the Customs Union made it possible to increase inflow of direct foreign investments in the Kazakh economy by 34 percent.

“Since the creation of the Customs Union, the inflow of direct foreign investments in the processing industry of Kazakhstan has gone up by 88 percent - from 1.8 billion U.S. dollars in 2009 to 3.4 billion U.S. dollars in 2013. Herewith, overall growth of direct foreign investments over the designated period made up 34 percent - from 21.4 billion U.S. dollars to 28.3 billion U.S. dollars,” Zhaksylykov said.

Moreover, he stated that Kazakhstan’s further foreign economic activity will be determined by a Eurasian Economic Union Treaty, which Belarus, Kazakhstan and Russia are planning to sign in 2014.

“This document is of huge significance for us, as it will establish the basis for the country’s foreign economic policy for many years ahead,” the Kazakhstani economic minister said, adding that the terms of the treaty have been agreed by its participants by 60%.

“This is a very long document of about 800 pages. It embraces roughly 90 international agreements, which were signed in the format of the Customs Union and the Common Economic Space [CES]. If all the matters are solved and ratification takes place before the end of the year, the treaty will come in force in January 2015,” Zhaksylykov said.

 

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