FEZ "TURANSEZ" will be created in the Turkestan region

A special economic zone "TURANSEZ" will be created in Kazakhstan, uniting Turkic-speaking countries, said the Minister of National Economy of Kazakhstan Aset Irgalyiev at the conference on trade and economic cooperation between Turkey and Turkic-speaking countries "Common vision in the year of the 30th anniversary of Independence."

The Minister stressed that the FEZ in Turkestan is being created on behalf of the Head of State, given during the informal summit of the Cooperation Council of Turkic-speaking States in 2020.

"TURANSEZ" on the territory of the Turkestan region assumes the formation of an industrial and production cluster, which includes the processing of agricultural products, mechanical engineering, production of electrical equipment, tourist and educational clusters, as well as promoting mutually beneficial trade relations, "said Aset Irgaliyev.

The minister noted that over 30 years of independence, Kazakhstan has attracted $ 380 billion in foreign direct investment, which is 70% of the total inflow of investment in the Central Asian region. At the same time, the pandemic has made a number of adjustments, both in relation to trade and economic relations of all countries of the world, and in the development of the national economy.

The economy of Kazakhstan is currently on a recovery path. According to the results of 10 months, GDP growth amounted to 3.5%. By the end of the year, it is projected to reach 4% growth.

The head of the Ministry of National Economy spoke in detail about measures to improve the investment climate in Kazakhstan. Under the leadership of the Prime Minister, there is a Coordination Council for attracting foreign investment. He considers and develops practical solutions on issues arising in the process of implementing investment projects.

“Our country provides the most comfortable tax incentives. The general rate on taxes and social charges, in comparison with the EU and OECD countries, is lower than about 10%, ”he added.

Investors in priority sectors are exempt from corporate income and land taxes for a period of 10 years, property tax - for 8 years.

In addition, the Astana International Financial Center operates in Nur-Sultan, whose work is based on English law and creates conditions for absolutely safe investment in the country. The AIFC Exchange was launched in cooperation with the Shanghai Stock Exchange and NASDAQ.

The Center has a favorable tax regime with a zero tax rate on corporate and individual income, as well as a simplified visa regime.

A new support tool has been legislatively introduced - the Investment Agreement with the provision of individual support measures to each investor.

“I would like to note that quite favorable conditions have been created in our country for investors. We offer partners from the Turkic states to create high-tech joint ventures in Kazakhstan, including with an eye on the market of the EAEU countries with a population of more than 180 million people, ”concluded Aset Irgaliyev.