Prime Minister Alikhan Smailov held the regular meeting of the Investment Climate Improvement Council with the participation of representatives of major foreign companies, the diplomatic corps, central government agencies and Atameken NCE.

In his speech, Alikhan Smailov pointed out that despite external challenges Kazakhstan's economy maintained positive growth rates and investment attractiveness in 2022. In particular, the gross inflow of foreign direct investment into the country in the first 9 months of last year grew by 17.8% to $22.1 billion.

"In the context of the new economic reality, the Government of Kazakhstan continues to improve the conditions for foreign investors. Business projects are also provided with comprehensive support on an ongoing basis, including fiscal and non-fiscal incentives as well as preferences," he said.

Referring to the new instruments implemented in the Republic of Kazakhstan, the Prime Minister mentioned the Agreement on Investments Obligation, the improved model contract and the simplification of the process of signing the Agreement on Investments.

According to him, another important aspect of improving Kazakhstan's investment attractiveness is a predictable and transparent tax policy. In this regard, a new Tax Code is being developed to reset fiscal regulations. It provides for digitalisation of tax control, transition to differentiated rates, incentives for technological modernisation, simplification of special tax regimes, etc.

During the meeting, the participants discussed the elimination of administrative barriers for business, improvement of taxation, development of new technologies, the impact of global economic trends on the economy of Kazakhstan, and others.

At the end of the event the Prime Minister stressed the openness of the Government to discussions, recommendations and new projects aimed at increasing mutually beneficial cooperation.

"We highly appreciate the active participation of foreign partners and the diplomatic corps in improving the investment climate in Kazakhstan. For our part, we are ready to provide the necessary support to promising projects," Alikhan Smailov concluded.