The announcement came following a meeting between prime minister Oljas Bektenov with the board of directors of Kazakh Invest. Credit: Kazakh Invest.

Over 40 new foreign investment projects will be launched this year in Kazakhstan, the country’s prime minister Oljas Bektenov has reported, following a meeting with the board of directors of Kazakh Invest, the country’s investment promotion agency.

Among the projects announced, the US-based GE Healthcare company will build a medical equipment manufacturing facility in Astana. The plant will produce ultrasound and CT devices, which will later be used in Kazakhstani hospitals or shipped abroad as exports.

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Austrian company Lasselsberger, meanwhile, is looking for a location in Astana to set up a plant for manufacturing ceramic tiles, dry construction mixes and construction adhesives. Once completed, the plant will create over 200 jobs and reduce Kazakhstan’s dependence on these imports.

News about the latest projects attracted by Kazakh Invest follows President Kassym-Jomart Tokayev’s meeting with Saudi Arabia Minister of Energy Abdulaziz bin Salman Al Saud.

The two officials discussed expanding energy cooperation between the countries and are considering a joint investment to build a 1GW wind power plant in Kazakhstan’s Zhetysu region.

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“The trip was successful,” Tokayev said after the meeting with Al Saud. “We have reached agreements to establish cooperation on many issues, especially in such an important field as energy. I am sure that the future of bilateral relations will be bright.”

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Kazakh Invest supports 200 projects totalling $27.3bn in value. Speaking about the agency’s latest efforts to bolster FDI levels, Bektenov said: “It is necessary to strengthen the work on searching for large investors and attracting them to our country. In this regard, bold and innovative decisions are needed.”

Overall, Kazakhstan is looking to attract at least $150bn in FDI by 2029, former prime minister Alikhan Samilov said about the country’s investment plans last year.