Events

 Rome, Italy

As part of the official visit to Rome, the President met with Italian business community, which was attended by about 30 companies of international level.

In his address, Kassym-Jomart Tokayev thoroughly informed the "captains" of Italian business about investment prospects in Kazakhstan. As he remarked, despite the geopolitical landscape, Kazakhstan remains the largest and one of the fastest-growing economies in the region.

"Last year we registered economic growth of 5.1%, almost 2 times more than projected world growth. We are pursuing a strategic goal of 6-7% growth in the medium term, which would enable us to double our economy by 2029. This has required far-reaching reforms. In parallel with political reforms, we are strengthening our market-driven and competitive economy, which I consider fundamental for success. Today I can inform all of you that crucial and radical reforms in Kazakhstan are to be launched very soon that will make our economy more transparent, robust and vibrant. Our goal is to raise Kazakhstan’s business standards, regulations and practices to OECD levels. We are dedicated to fostering an investment climate in line with the highest global standards, " the Head of State emphasized.

The President briefed Italian entrepreneurs on practical and legal measures aimed at expanding the inflow of FDI into the country's economy.

"We have identified and eliminated redundant business requirements towards a more agile and investor-friendly landscape. We have also recently created
a high-powered investment board to bolster implementation of investment projects through prompt decision-making and comprehensive end-to-end state support.," the Kazakh Leader noted.

According to Kassym-Jomart Tokayev, energy sector is a backbone of economic cooperation between two countries.

"Over 80% of the Kazakh oil exports go to Europe, or about 10% of the EU oil needs. I especially want to thank Italy for its role as Kazakhstan’s long-term and trusted energy partner. We appreciate Italian flagship company ENI’s continuous contribution to the Kazakh economy. Our country provides vast opportunities in oil and gas exploration. We are implementing best global practices to enable substantial discoveries. We also invite Italian companies to participate in the services sector of the oil and gas industry," the President stated.

Talking about the prospects for cooperation in renewable energy, the President emphasized that Kazakhstan was the first country in the region to ratify the Paris Agreement and commit to achieving carbon neutrality by 2060.

"Our renewable energy potential, estimated at one trillion kilowatt-hours, has drawn the attention of global players such as French Total, Saudi ACWA Power, UAE's Masdar and German-Swedish Svevind Energy Group. These companies have committed to 43 Gigawatts of renewable energy projects.I am told a third of the electricity produced in Italy comes from green sources. Given this experience, Italian companies could join this list," the Head of State noted.

Given the technological revolution and the projected multiple growth of global demand in the near future, the President urged Italian businesses to cooperate in the extraction and processing of critical raw materials.

"The World Bank estimates that there are over 5,000 unexplored deposits still present in Kazakhstan valued at over 46 trillion dollars. Today we already produce 19 out of 34 critical raw materials important for the European Union economy. Deposits for 9 more like cobalt, tungsten, lithium, and others can be exploited with the necessary investment, " Kassym-Jomart Tokayev declared.

The President believes that there is also room to deepen cooperation in the transport and logistics sector. In an effort to become a regional hub, Kazakhstan is actively engaged in the development of the Trans-Caspian international transportation route.

"The Middle Corridor efficiently complements the Belt and Road Initiative. We seek to connect it further with EU’s Trans-European Transport Network and the Global Gateway Strategy. We support the G7 Initiative on the Partnership for Global Infrastructure and Investment (PGII).Over the past 15 years, Kazakhstan has invested more than $35 billion dollars in transport infrastructure. Over the next three years, we plan to build over 1,300 kilometers of railways. This will increase transportation of goods towards China, South Asia and Europe. Therefore, we invite Italian investors to take an active part in the development of our ports, joint production of transport vessels and the creation of logistics warehouses. Thanks to 13 international routes traversing Kazakhstan and direct flights between Almaty and Milan, we are more connected than ever before. Here, we commend the plans to open direct flights connecting Astana with Rome and Milan. This will definitely facilitate our economic and people-to-people ties and boost tourism, “ President said.

Kassym-Jomart Tokayev drew the attention of Italian business elite to the great potential for joint investment projects in agriculture.

“More than 70% of our territory is suitable for agronomy making the country a Central Asian breadbasket. This makes Kazakhstan a reliable partner. Kazakhstan is one of the ten largest global producers of wheat and flour. Our agricultural products are already exported to more than 80 countries. Given international food deficits, we aim to triple the productivity of this sector and to double exports. Kazakhstan is interested in developing cooperation with the Italian partners in the cultivation of grains, pasta, production of meat and milk,“ Kassym-Jomart Tokaev pointed out.

The Head of State has informed the participants of the Round table about investment opportunities in the areas of biotechnology and pharmaceuticals. He called on a number of major Italian companies in this field to localize their production in Kazakhstan. Kazakh leader also mentioned the advantages of development of IT-industry and the AIFC.

At the end of his remarks, the President assured of our readiness to provide comprehensive support to potential investors. He also invited the meeting participants to take part in the Astana International Forum.

Several representatives of Italian business community have also shared their vision of the prospects of cooperation with Kazakhstan in the relevant sectors of economy. Among them were Deputy Chairman of the Council of Ministers - Italian Minister of Foreign Affairs and International Cooperation Antonio Tajani, CEO of CDP Group Dario Scannapieco, Vice-President for Internationalization of Confindustria Barbara Giacomello, President of CONFAPI Cristian Camisa, President of Leonardo SpA Group Stefano Pontecorvo, CEO of Fincantieri SpA Group Pierroberto Folgiero, CEO of PetrolValves Sandro Malkori, CEO of Pietro Fiorentini Paolo Nardi, and others.

At the end of the event  the following documents were signed in the presence of Kassym-Jomart Toakyev.

1. Agreement between Samruk-Kazyna JSC and Ballestra on implementation of the project for the construction of a sulfuric acid plant with a capacity of 800 thousand tons per year in Taikonir, Suzak district, Turkestan region;
2. Framework agreement between JSC Baiterek and SACE on establishing an insurance limit of transactions for Kazakh-Italian investment projects in priority sectors of the economy;
3.  Cooperation agreement between Samruk-Energo JSC and Ansaldo Energia SpA on implementation of the project for  reconstruction of Almaty CHPP-3 with the construction of a combined cycle power plant with a capacity of up to 544 MW;
4.  Memorandum of cooperation between NCE Atameken and Confiindustria, aimed at supporting Italian enterprises in Kazakhstan and Kazakh enterprises in Italy, as well as strengthening economic and trade relations between businesses of two countries.