During the official visit of Kassym-Jomart Tokayev to Rome, a meeting with representatives of the Italian business community took place, involving approximately 30 internationally renowned companies.
As reported by Akorda, in his address, Kassym-Jomart Tokayev extensively discussed investment opportunities in Kazakhstan with giants of the Italian business. Despite the geopolitical situation globally, our country confidently maintains its position as the largest and one of the fastest-growing economies in the region.
Last year, we recorded economic growth at the level of 5.1%, which is almost twice the predicted global indicator. In the medium term, we set a strategic goal to achieve growth in the range of 6-7%, which will allow us to double the size of the economy by 2029. This requires extensive reforms.
Alongside political transformations, we are strengthening our market-oriented and competitive economy, which I consider a necessary condition for success. Today, I can confidently inform you that important and fundamental reforms will soon begin in Kazakhstan, making our economy more transparent, sustainable, and dynamic.
Our goal is to bring the standards, rules, and business practices in Kazakhstan to the level of the OECD. We aim to create an investment climate that meets the highest global standards,
emphasized the Head of the state.
The President informed Italian entrepreneurs about planned practical and legislative measures aimed at expanding the inflow of foreign direct investments into the country’s economy.
We have identified and eliminated unnecessary requirements for businesses to create a more flexible and investor-friendly environment. Recently, an Investment Council was established with broad powers that will contribute to the implementation of investment projects through prompt decision-making and comprehensive state support,
noted the President.
According to Kassym-Jomart Tokayev, the energy sector is a key focus of economic cooperation between the two countries.
More than 80% of Kazakhstan’s oil is exported to Europe, meeting about 10% of the EU’s needs. I want to express gratitude to Italy – a longstanding and reliable energy partner of Kazakhstan. We highly appreciate the contribution of the Italian flagship company Eni to the economy of Kazakhstan.
Kazakhstan provides extensive opportunities in oil and gas exploration. We are implementing the best global practices to discover significant deposits. We also invite Italian companies to participate in the servicing of the oil and gas industry,
stated the Head of the state.
Speaking about prospects in the renewable energy sector, the President emphasized that Kazakhstan became the first country in the region to ratify the Paris Agreement, committing to carbon neutrality by 2060.
«Our potential in renewable energy is estimated at 1 trillion kWh. It has attracted interest from major global companies such as French Total, Saudi ACWA Power, UAE’s Masdar, and German-Swedish Svevind Energy Group. These companies intend to implement projects generating 43 GW of renewable energy. As far as I know, in Italy, one-third of electricity is generated from ‘green’ sources. Given their experience, Italian companies could contribute to these efforts,» said the President.
Considering the technological revolution and the projected multiple growth in global demand in the foreseeable future, the Head of the state called on Italian businesses to collaborate in the extraction and processing of critical raw materials.
According to the World Bank, there are over five thousand unexplored deposits in Kazakhstan valued at over 46 trillion dollars. Today, we already produce 19 out of 34 essential types of raw materials needed for the European Union’s economy. Deposits of another 9 types of minerals, such as cobalt, tungsten, lithium, and others, can be developed with the necessary investments,
stated Kassym-Jomart Tokayev.
In the President’s opinion, another relevant area of cooperation is the transport and logistics sector. Kazakhstan is actively developing the Trans-Caspian International Transport Route in its quest to become a regional hub.
«The Middle Corridor effectively complements the ‘Belt and Road’ initiative. We intend to connect it to the EU’s Trans-European Transport Network and the ‘Global Gateways’ strategy. We also support the G7 initiative on partnership in global infrastructure and investment (PGII).
In the last 15 years, Kazakhstan has invested over 35 billion dollars in transport infrastructure. In the next three years, we plan to build over 1,300 kilometers of railways. This will increase the transportation of goods towards China, South Asia, and Europe,» concluded President Tokayev.
Therefore, we invite Italian investors to actively participate in the development of our ports, joint production of transport vessels, and the establishment of logistics centers. Thanks to 13 international routes passing through Kazakhstan and direct flights between Almaty and Milan, we are more connected than ever before.
«We welcome plans to establish direct air links between Astana, Rome, and Milan. This will undoubtedly contribute to the development of our economic relations and people-to-people ties, as well as promote tourism,» noted the President.
Kassym-Jomart Tokayev drew the attention of the Italian business elite to the potential for effective implementation of joint investment projects in the agricultural sector.
Over 70% of our territory is suitable for agriculture, making the country the breadbasket of Central Asia. We rank among the top ten global producers of wheat and flour. Our agricultural products are exported to more than 80 countries worldwide.
Considering the growing global food shortage, we aim to triple the productivity of this sector and double our exports. Kazakhstan is interested in developing cooperation with Italian partners in the cultivation of cereals and oilseeds, as well as in the production of pasta, meat, and milk,
emphasized the President.
The Head of the state informed the participants of the roundtable about investment opportunities in biotechnology and pharmaceuticals. He urged several major Italian companies in these fields to localize their production in Kazakhstan. The President also highlighted the advantages of developing the IT industry and the Astana International Financial Centre.
Summing up his speech, the President assured the readiness of our country to provide comprehensive support to potential investors. He also invited the meeting participants to take part in the Astana International Forum.
During the event, the Deputy Chairman of the Council of Ministers — Minister of Foreign Affairs and International Cooperation of the Italian Republic, Antonio Tajani, the CEO of the CDP Group, Dario Scannapieco, the Vice President of Internationalization at Confindustria, Barbara Giacomello, the President of CONFAPI, Christian Camisa, the President of Leonardo SpA, Stefano Pontecorvo, the CEO of Fincantieri SpA, Pierroberto Folgiero, the CEO of PetrolValves, Sandro Malkori, the CEO of Pietro Fiorentini, Paolo Nardi, and others expressed their vision for the prospects of cooperation with Kazakhstan in their respective industries.
At the end of the investment roundtable, in the presence of the Head of the state, the signing ceremony for the following documents took place:
- Agreement between Sovereign Wealth Fund «Samruk-Kazyna» JSC and Balestra, outlining the conditions and terms for the implementation of the project to construct an 800,000-ton per year sulfuric acid plant in the village of Taikonyr, Suzak district, Turkestan region.
- Framework agreement between «National Welfare Fund» «Baiterek» JSC and SACE on establishing an insurance limit for transactions with Italian participation in investment projects in priority sectors of the economy.
- Cooperation agreement between «Samruk-Energy» JSC and Ansaldo Energia SpA, envisioning the reconstruction of Almaty CHP-3 with the construction of a combined cycle plant with a capacity of up to 544 MW.
- Memorandum of cooperation between the Atameken National Chamber of Entrepreneurs and Confiindustria, aimed at supporting Italian enterprises in Kazakhstan and Kazakhstani enterprises in Italy, as well as strengthening economic and trade relations between the business communities of Kazakhstan and Italy.