Kazakhstan and Luxembourg expand economic cooperation

Kazakhstan and Luxembourg expand economic cooperation

On September 20, at the initiative of the Embassy of Kazakhstan in Brussels, an event "Invest in Kazakhstan" was held in Luxembourg, organized jointly with the National Company KAZAKH INVEST, the Honorary Consulate of the Republic of Kazakhstan in Luxembourg, with the assistance of the Luxembourg Chamber of Commerce. 

The event was attended by, a representative of the National Company KAZAKH INVEST in Europe, staff of the Luxembourg Chamber of Commerce, the Honorary Consulate of the Republic of Kazakhstan in Luxembourg, and business circles of Luxembourg, as well as a representative of the Ministry of Economy of Luxembourg.

In his speech, Minister-Counselor M. Andabayev noted the high level of Kazakh-Luxembourg relations and invited Luxembourg companies to participate in joint investment projects using high-tech solutions in the field of digitalization, IT, aviation, space industry and financial and banking activities, where Luxembourg is recognized as one of the world leaders. Separately, the Kazakh diplomat presented the main provisions of the President K.Tokayev’s Nation Address to the people of Kazakhstan “The unity of the people and systemic reforms are a solid foundation for the country’s prosperity”, concerning socio-economic topics.

The representative of the National Company KAZAKH INVEST in Europe, Ainur Tumysheva, presented the trade and investment potential of Kazakhstan in detail, primarily focusing on projects in the manufacturing industry.

"In 2020, Kazakhstan attracted almost $ 4 billion of foreign direct investment. This indicator increased by almost 35% compared to the previous year, as noted in the "World Investment Report" of the United Nations Conference on Trade and Development (UNCTAD). According to the UNCTAD rating, among all the landlocked countries, Kazakhstan took the 1st place in terms of net inflow of direct investment. This growth was achieved due to investments in such industries as manufacturing, transport, telecommunications, financial activities, energy, and mining.  - A. Tumysheva noted.

In turn, Steven Koener, Senior Adviser on International Relations at the Luxembourg Chamber of Commerce, noted that the Chamber of Commerce and Industry is actively involved in creating opportunities and tools for bilateral cooperation. He also noted that Luxembourg companies are already operating in Kazakhstan and the Luxembourg Chamber of Commerce and Industry is ready to continue to assist in the work of Luxembourg companies.

The Embassy of Kazakhstan continues an active work to attract foreign investors through presenting the economic advantages of the Kazakh market during various events.

Source: Embassy of the Republic of Kazakhstan to the Kingdom of Belgium

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