During the recent official visit of President Kassym-Jomart Tokayev to Rome, a significant meeting took place with representatives from the Italian business community, featuring participation from approximately 30 international companies.
In his address, President Tokayev delved into the investment opportunities available in Kazakhstan for the Italian business leaders. Despite global geopolitical challenges, Kazakhstan continues to assert itself as a major and rapidly advancing economy in the region.
President Tokayev reported a robust economic growth of 5.1% last year, almost double the global projection. Setting a strategic goal for the medium term, the President aims for a growth rate of 6-7%, intending to double the size of the economy by 2029 through extensive reforms. Emphasizing transparency and competitiveness, the President expressed his commitment to aligning business standards in Kazakhstan with OECD levels.
The President informed Italian entrepreneurs about planned measures, both practical and legislative, aimed at increasing foreign direct investment in Kazakhstan. He highlighted the recent establishment of an Investment Council endowed with broad powers to facilitate prompt decision-making and comprehensive government support for investment projects.
Underlining the energy sector as a key area of cooperation between the two nations, President Tokayev expressed gratitude to Italy, a longstanding energy partner. More than 80% of Kazakhstan’s oil, a significant EU supplier, and the President invited Italian companies to participate in the maintenance of the oil and gas industry.
President Tokayev also discussed prospects for collaboration in renewable energy, noting Kazakhstan’s commitment to the Paris Agreement and carbon neutrality by 2060. With a vast potential in renewable energy, the President invited Italian companies to join projects aiming to generate 43 GW of renewable energy.
Addressing the Italian business elite, the President emphasized opportunities in the extraction and processing of critical raw materials, urging cooperation in line with the projected global growth in demand.
The President highlighted the transport and logistics industry, inviting Italian investors to contribute to the development of ports, transport vessels, and logistics centers. Direct flights between Almaty and Milan and plans for flights between Astana and Rome and Milan were seen as positive developments for economic relations and people-to-people ties.
The President also emphasized the potential for joint investment projects in agriculture, highlighting Kazakhstan’s status as the breadbasket of Central Asia. He encouraged cooperation with Italian partners in growing cereals and oilseeds, as well as the production of pasta, meat, and milk.
Concluding his speech, President Tokayev assured comprehensive support for potential investors and invited meeting participants to the Astana International Forum.
The Deputy Chairman of the Council of Ministers and various Italian officials expressed their vision for future cooperation in sectors like biotechnology, pharmaceuticals, and IT.
The event concluded with the signing of several agreements, marking collaborative efforts between Kazakh and Italian entities in areas such as the construction of a sulfuric acid plant, insurance of transactions, energy reconstruction, and mutual economic support between business entities in both countries.
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