Commercial documents worth over $ 7 billion were signed during the official visit of the President of the Republic of Kazakhstan to the United States

Commercial documents worth over $ 7 billion were signed during the official visit of the President of the Republic of Kazakhstan to the United States

Within the framework of the official visit of the President of the Republic of Kazakhstan N.Nazarbayev to the United States, a round table was held with representatives of the US business circles, organized by the US Chamber of Commerce with the support of the Embassy of the Republic of Kazakhstan in the United States and the national company “Kazakh Invest". During the meeting, more than 20 bilateral economic documents were signed for a total of over $ 7 billion in investment and trade and economic cooperation.

More than 50 representatives of the largest US business companies - members of the US Chamber of Commerce participated in the meeting, as well as 250 businessmen attended a reception in honor of the President of the Republic of Kazakhstan N.Nazarbayev, organized by the US Chamber of Commerce, which represents the interests of more than 3 million members and 3 thousand regional chambers.

“Kazakhstan is in an extremely important region of the world, which has great potential for American business," said Thomas Donohue, chairman of the US Chamber of Commerce.

Joint projects involving US capital will cover various areas of Kazakhstan's economy. So, during the meeting, commercial documents on investment and trade and economic cooperation, as well as technology transfer in the spheres of aviation and space industry, agriculture, transport, etc. were signed with leading American companies – “Chevron Overseas”, “W. R. Grace&Co”, “GE Transportation Parts LLC”, “Pfizer”, “John Deere”, “Amity Technology”, “Global Beef Investments LLP”, etc.

In addition, in accordance with the instructions designated by the Head of State in the Address “New Opportunities for Development under the Conditions of the Fourth Industrial Revolution,” documents were signed aimed at digitizing the economy of the republic.

Among them, the agreement between IFC, ACP "PIT" and "IBM" on the creation of an incubator on financial technologies on the basis of the IT Technopark Astana Startup HUB, the agreement between ACP "PIT" and "Global Venture Alliance" on the creation of a fund for the digitalization of industry, and also a strategic partnership agreement between GE Digital and Samruk-Kazyna JSC on the implementation of digitalization projects in railway transport, energy, oil refining and other sectors of the economy.

One of the most significant events for the further development of the Kazakh-US economic, trade and investment relations, as well as the convergence of business circles of the two countries was the signing of documents by the Chairman of the Board of “Kazakh Invest” S.Tuyakbaev on financing joint investment projects and trade transactions totaling 3 billion US dollars with such major financial institutions of the United States as the Overseas Private Investment Corporation (OPIC) and Oppenheimer.

Thus, the chairman of the Board of “Kazakh Invest” S.Tuyakbaev and President of financial-credit agency "Corporation of foreign private investment" R.Uoshbornom signed a memorandum on cooperation in financing projects with participation of US companies from of OPIC, and together with the Managing Director of the American Foundation "Oppenheimer" Peter Albano signed a memorandum of understanding on attracting funds from American financial institutions to finance or invest in infrastructure projects in Kazakhstan. 

For reference: Oppenheimer & Co. Inc., established in 1969, is a leading investment bank and a comprehensive investment firm that provides financial services and advice to investors, individuals, businesses and institutions. The company operates in four areas: "Capital Management", "Asset Management", "Capital Markets", "Investment Banking". The credit rating of the international rating agency Moody's is B1. For the period of 2016, the portfolio of client assets under management amounted to about 77.2 billion US dollars.

“The Kazakhstan market is attractive for American investors who express interest in cooperation in the field of IT and engineering, transport and logistics, agriculture and infrastructure development. In turn, “Kazakh Invest” as a single negotiator with foreign investors on behalf of the Government of the Republic of Kazakhstan will accompany investors on the principle of “one window” throughout the entire investment cycle - from the idea to its full implementation, as well as provide post-investment support, "- said Saparbek Tuyakbaev, Chairman of the Board of Kazakh Invest, at the end of the event. 

For reference:  As part of the execution of the instruction of the Head of State, “Kazakh Invest” together with the World Bank developed the National Investment Strategy for 2018-2022. The work is carried out in three directions: improving the investment climate in Kazakhstan; implementation of effective operational measures and development of new approaches to attract investment; privatization and public-private partnership. In the National Strategy, priority sectors for attracting foreign investments (agribusiness, machine building, chemistry and petro chemistry, infrastructure, mining and metallurgy, trade) and 11 priority countries, which account for up to 80% of investments in the world (USA, Russia, Great Britain, Germany , France, Italy, China, Japan, South Korea, Turkey, United Arab Emirates). By 2022 it is planned that the gross inflow of FDI will increase by 1.26 times; the ratio of gross FDI to GDP in 2022 will increase to 19%; FDI focused on increasing efficiency will increase by 1.5 times; the volume of investments in the fixed capital of the non-extractive sector of the economy will increase by 1.46 times; the volume of foreign investment in the fixed capital of the non-primary sector of the economy will increase by 1.5 times.