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Astana, Kazakhstan • 20 July, 2022 | 09:08
1 min read

Tokayev: 'We Must Create Favorable Climate for Foreign Companies Relocating From Russia'

The president called for action after stating "there are no new projects"

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Alua Khangerey

During the July 14 government meeting, President Kassym-Jomart Tokayev ordered that favorable conditions be created for foreign companies leaving the Russian market for Kazakhstan, Qazmonitor reports with reference to the press service of Akorda.

The President noted that there is a global struggle for investment capital. Half of nearly 1,400 major foreign companies have suspended operations or completely left the Russian market. That is why, he said, the Kazakh government should create a hospitable climate for their relocation to Kazakhstan.

“That will be a good opportunity for Kazakhstan to increase the output of medium and high value-added goods,” the president said.

After his statement, the President urged the ministers to take advantage of the situation by pushing for new investment projects.

"I have tasked the government with preparing a pool of investment projects in processing industries and discussing it with potential investors. The work is continuing in the mode of conferences and meetings. We have little to boast about in terms of practical results. In fact, there are no new projects."

Kassym Jomart-Tokayev

Since late February, a number of international companies, including Apple, Oracle, Autodesk, Boeing, Exxon Mobile, and Walt Disney, have announced the suspension or restriction of activities in Russia.

Clothing brands, like Spanish Inditex (Zara, Zara Home, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho), German manufacturer of sportswear, shoes and accessories Adidas, and American lingerie manufacturer Victoria's Secret closed their stores.

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