Kazakhstan aims to attract large foreign direct investments (FDI) to the country by 2029, the country’s Prime Minister Alikhan Samilov said during the sixth edition of the Kazakhstan Global Investment Roundtable.

According to the media outlet Trend, citing Samilov, the government in Astana is looking to pull in at least $150bn of foreign investment by the end of the decade as part of the National Investment Policy.

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“To achieve this, we continue to create favourable conditions for investors, including improving investment support tools,” he stated.

The announcement came after Kazakhstan’s President Kassym-Jomart Tokayev on Tuesday (21 November) received the visiting Nusrat Ghani, the UK’s Minister of State for Industry and Economic Security, at the Department for Business and Trade.

The meeting occurred amid rising trade between the two countries, which increased by 60% to $1.8bn last year.

“We are interested in expanding our trade and investment ties with London. I am pleased to observe that the British side is also interested in developing comprehensive cooperation with Kazakhstan,” Tokayev said.

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Despite pulling in investment in its mineral, petroleum, and natural gas resources, FDI net inflows in Kazakhstan have steadily declined over recent years. In 2022, they stood at $4.91bn, down from $7.21bn in 2020 and $17.22bn in 2016, according to the World Bank.

However, Russia’s war in Ukraine and the growing competition between the West and China in Central Asia have turned investors’ attention to Kazakhstan. In November, South Korea-based automobile manufacturer Kia began work on a new full-cycle plant in Kostanai, 700km northeast of Astana.

Speaking about plans to increase investment in the country, Smailov said: “Last year, total foreign direct investment rose by 18% to $28bn. Over the first six months of this year, about $14bn more were attracted into the national economy. The stability of Kazakhstan’s sovereign credit rating is confirmed by international agencies Fitch, S&P and Moody’s.”