The Prime Minister of Kazakhstan

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There was not issue of sale of farmland to foreigners - Nazarbayev

06 May 2016, 03:21

During the preparation of rules of the Land Code the foreign experience was taken into account, but there was not issue to sell farmland to foreigners, the President of Kazakhstan Nursultan Nazarbayev said at the meeting in Akorda.

"In the world practice we need 10-15 years to pay off funds invested in agriculture. In Kazakhstan there is the law on 10-year lease of agricultural land, including foreigners. However, this area has not received any tangible investments. Foreigners work only at 65 thousand hectares, it is 0.06% of leased land, thus providing high performance," Nursultan Nazarbayev said.

He noted that around the world a long-term lease of land is a way to attract investment, and countries such as Belgium, Germany, Greece, the Netherlands did not put any restrictions in matters of ownership or lease of land for foreign investors.

"In France the longest term of lease of land to foreign investors is 99 years old. During the preparation of the rules of the Land Code their experience was taken into account. But at the same time, there was not any question to sell land to foreign citizens," the President said.