Gli investimenti esteri in Asia centrale sono in forte crescita mentre le aziende europee cercano alternative alla Russia. Il Kazakistan è in testa nella regione in quanto attira miliardi, ma da dove provengono questi soldi e in che modo stanno influenzando l’economia?
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00:00Grazie a tutti.
00:30Welcome to EastWestConnect. We're highlighting business and economic developments in Kazakhstan and the wider Central Asian region, connecting with Europe and beyond.
00:41According to the United Nations, Kazakhstan attracted 15.7 billion in new projects in 2024, securing its position as the leading destination for investments in the North and Central Asia region.
00:53The country saw 88% increase in investment compared to 2023, and it now accounts for 63% of all investments in the region.
01:02Here are the figures for some other Central Asian states.
01:05Uzbekistan managed to secure $4 billion, whilst Kyrgyzstan half that amount at $2.1 billion.
01:16And Turkmenistan managed to attract $339 million.
01:21Three-quarters of all the investment in Kazakhstan is in oil, gas, and mineral extraction.
01:29Recently, oil giant Chevron announced a new $43 billion investment in further development of the Tengiz oil field.
01:36But the government is trying to diversify and encourage investors to put money into non-extractive business.
01:44Joining us now is Mr. Nurlan Zhakupov, chairman of Samru Kazina, the sovereign wealth fund that serves as a key partner in major FDI projects across Kazakhstan.
01:55Mr. Zhakupov, welcome and thank you for your time today.
01:59Thank you. I'm very honored.
02:00Samru Kazina is widely seen as Kazakhstan's key investment facilitator.
02:04What, in your view, makes the country such an attractive investment destination?
02:09In other words, why should foreign investors choose to partner with you?
02:12Samru Kazina is a sovereign wealth fund with assets under management which amount to $80 billion.
02:18We manage oil and gas, metals and mining, railway company, electricity grid operating company, electricity generating company.
02:27And we view ourselves as a catalyst of foreign direct investment.
02:30Our modus operandi is to create a JV with a strategic foreign partner where we would take a minority stake and let the strategic investor to run the operations.
02:44We would commit our capital into the equity and provide full support required for our JV or for our project.
02:53And where needed, we provide a long-term off-take agreements.
02:58A good example of such cooperation is that a global conglomerate which produces electric locomotives, a company called Alstom, a European conglomerate,
03:09more than 15 years ago decided to open a factory here in Kazakhstan, in Astana.
03:14And it has been a success since then.
03:16Our 100% subsidiary, Kazakh Railways, have provided a firm off-take to Alstom.
03:24And as of today, this factory exports its electric locomotives to nearby countries such as Azerbaijan, Uzbekistan, Mongolia.
03:36By the way, we recently visited the Alstom facility in Astana.
03:40Let's have a look.
03:41Kazakhstan's logistics network is growing.
03:45According to the Ministry of Transportation, auto freight to Europe is up by 8.5% since 2023, with railway transit volumes reaching 28 million tons.
03:55Some investors have already seized the opportunity, such as the 170 million euro project between Alstom and the Kazakh oil fund Samruk Kazana,
04:02which involves modernizing railway signaling and producing low-carbon locomotives for Kazakhstan and beyond.
04:08The company credits Samruk Kazana's strategy as crucial to establishing their business in Kazakhstan.
04:14In fact, they provide two key things.
04:16The first one is that they provide a framework which is stable and clear for a long period of time.
04:21And within this framework, it enables us to localize activity instead of going to the market because we don't have visibility of where we're going.
04:29The off-take contract of Samruk gives you a view over a certain number of years of where you're going and what you can do and cannot do in a given country.
04:39Kazakhstan is the only country where Alstom produces full-cycle electric locomotives.
04:43With over 450 units made, Alstom plans to introduce six-wheeled locomotives by 2029 to improve container transport between ports.
04:52We are an investor, so we lack stability.
04:54And these off-take agreements are providing just this stability over a long period of time for importing and starting to deliver product from Kazakhstan in Kazakhstan.
05:05Samruk Kazana and Dalstom are now expanding their railway partnership, preparing to export wide-gauge locomotives widely used across the CIS market.
05:15Your own analysis suggests that government involvement in the economy can hinder investment.
05:21Yet, as a state-owned fund, Samruk Kazana is key to facilitating investment projects in Kazakhstan.
05:27How do you reconcile that?
05:28All the big names which we bring into the country, all the strategic investors which we bring into the country and with whom we do the JVs and with whom we produce products of the added value, we rely on local contact.
05:41We rely on local, small and medium-sized enterprises.
05:45Therefore, it's a win-win for both for Samruk Kazana, for foreign strategic partner and for the country in general, for our SME.
05:53Well, Mr. Jakubov, thank you so much for carving out the time out of your busy schedules.
05:57It was my pleasure. Thank you.
06:00So, where do investments into Kazakhstan come from?
06:04By far, the largest investment comes from the European Union, 43%, followed by Russia, with 22%, then South Korea and China, with 7% and 6%.
06:13Here is how the chief economist at the European Bank of Reconstruction and Development, Beata Jaworczyk, commented on this topic.
06:20Kazakhstan has enjoyed an increase in FDI flows, particularly in greenfield projects.
06:29What's interesting about these flows is that they have come from a range of countries, both from Western countries as well as from countries pursuing multi-vector geopolitical policies.
06:44Investment has benefited not only the extractive sector, but also Kazakhstan registered inflows into food and beverages, in business services, in financial sector and in transport.
06:58And that's going to be helpful in terms of promoting diversification of the economy and structural transformation.
07:08What are your projections about Kazakhstan's economy in the near future?
07:11Last year, Kazakhstan experienced a robust growth, driven by non-oil sector.
07:17Unemployment was at a historical low.
07:20Public investment was also helping stimulate growth.
07:24This year, we expect to be even better, with growth above 5%.
07:29Oil sector is going to be helpful.
07:33Next year, there will be a modest slowdown, but still the economy growing at a good clip.
07:42Mind you, on this episode of East-West Connect, we're focused solely on non-oil and gas investments.
07:48Join us in the next episode as we dive into the significance of Central Asian fossil fuels for Europe and the world.
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