Almaty, 21 July 2022 (TDI): The Deputy Minister of Foreign Affairs of the Republic of Kazakhstan, Almas Aidarov announced that 43 large foreign companies are ready to relocate to Kazakhstan considering the current geopolitical situation in the Eurasian region.
43 large foreign companies are ready to relocate to #Kazakhstan in the light of the current geopolitical situation in the Eurasian region, says the country’s Deputy Minister of Foreign Affairs Mr Almas Aidarov. #InvestinKazakhstan https://t.co/I23dKyYHWh
— MFA Kazakhstan 🇰🇿 (@MFA_KZ) July 21, 2022
Deputy Minister Aidarov made the announcement at the opening ceremony of the assembly production of Honeywell company (USA) in Almaty and one of the companies relocating is the American corporation Honeywell.
Notably, the company is on the Fortune 100 list of the world’s leading companies and has offices in 70 countries and more than 110,000 employees worldwide.
Remarks by Deputy Minister Aidarov and Honeywell President
Deputy Minister Aidarov said, “We highly appreciate Honeywell’s contribution to the development of the oil and gas sector in Kazakhstan.
Since 1998, company has been our close partner in the field of automation and artificial intelligence in a number of oil production and refining projects. The company has been moving towards the launch of localization initiatives in Kazakhstan for a long time.
In light of the current geopolitical situation, the company is considering opening a regional office in the Republic of Kazakhstan. Foreign companies that, for one reason or another, leave the Russian market, declare their desire to maintain influence in the Eurasian space.
In any case, big players need to be based somewhere. And there are 265 such targeted companies today.”
Accordingly, the President of Honeywell in Central Asia, Turkey, and Israel, Uygar Doyuran also highlighted that the Kazakhstan market is significant for the company.
He highlighted that the opening of an enterprise in Kazakhstan will strengthen its position in the Central Asian market.
The President said, “Our assembly site in Almaty, the first of its kind for the production of ICSS technology in Kazakhstan, provides an additional basis for expanding domestic production capacity to create advanced industrial automation systems in the country.
This landmark opening underscores our commitment to advancing Kazakhstan’s localization plans and will provide quick and easy access to advanced automation and critical safety technologies in the country’s petrochemical, oil and gas industries.”
Recent developments
Currently, negotiations have been underway with interested companies from the Ministry of Foreign Affairs of the Republic of Kazakhstan, the embassies of Kazakhstan abroad, and NC KAZAKH INVEST JSC.
Most importantly, the Government of Kazakhstan’s work on the improvement of the investment climate and the investor protection system has been noted. Specifically by the high positions of the country within international ratings.
Therefore, Kazakhstan continues to be one of the main investment partners among the countries of Central Asia especially having managed to return to the pre-pandemic level in attracting foreign investment.
In the previous year, foreign partners invested approximately $24 billion in the economy of Kazakhstan, which is 38% more than a year earlier ($17.2 billion).
Notably, over 60% of foreign investment already is in the non-commodity sector of the economy.
