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Astana, Kazakhstan • 04 October, 2023 | 13:31

Kazakhstan, Luxembourg to Strengthen Investment Relations

In 2022, foreign direct investments from Luxembourg in Kazakhstan reached $202.5

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On October 2, Almaty hosted a business forum aimed at fostering trade and investment cooperation between Kazakhstan and Luxembourg, QazMonitor reports citing Kazakh Invest’s press service.

The event, organized by the Chamber of Commerce of the Grand Duchy of Luxembourg, was attended by representatives of the Almaty City Administration, JSC NC KAZAKH INVEST, the private sector of Kazakhstan, as well as 14 major Luxembourg companies specializing in IT, high-tech manufacturing, and financial services.

Opening the event, President of the Chamber of Commerce of the Grand Duchy of Luxembourg, Fernand Ernster, emphasized the importance of Kazakhstan as a crucial partner in Central Asia. He invited businesses from both nations to explore opportunities for joint investment projects in Kazakhstan.

Altynai Mukanova, Head of Cooperation with European Countries at JSC NC KAZAKH INVEST, shared insights into Kazakhstan's investment climate, state support measures, and highlighted the potential for implementing investment projects in ICT, financial sectors, and manufacturing industry. She emphasized that Kazakhstan is prepared to assist foreign businesses in realizing projects in Kazakhstan.

During the event, business representatives from both countries discussed investment opportunities, one of them being cooperation with a Luxembourg company Accumalux in the production of plastic components for the automotive industry.

Artec 3D expressed interest in implementing a project focused on manufacturing equipment and software for 3D scanning. The company's portable scanners and software products are used in industrial production, healthcare, science, and education.

Luxembourg plays a crucial role as an investment partner for Kazakhstan within the European Union. In 2022, foreign direct investments from Luxembourg to Kazakhstan reached $202.5 million (compared to $354.1 million in 2021). Currently, there are 178 enterprises with Luxembourgish capital operating in Kazakhstan.

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