Kazakhstan President meets with the international council of Foreign Investors, calls for greater investors’ rights

The meeting focused on decarbonizing the economy, and was attendant by managers from Chevron, Citigroup, Exxon Mobil, General Electric, Total Energies, etc

NUR SULTAN, KAZAKHSTAN, June 10, 2022 /EINPresswire.com/ — President Kassym-Jomart Tokayev of Kazakhstan convened a meeting of the Council of Foreign Investors in the country. The event was attended by the heads of large international companies, government agencies, and representatives of international organizations. President Tokayev emphasized that further improvement of the investment climate and improvement of the system for protecting the legal rights of investors was a strategic priority for Kazakhstan.

The meeting, which centered on efforts to decarbonize the economy and introduce low-carbon technologies in the industries, also focused on the impact of the ongoing conflict in Ukraine on global supply chains, trade, and other economic developments. President Tokayev said that “In such conditions, the state and business need to quickly adapt to the new rules of the game. This is the only way we will be able to remain competitive.”

The meeting was attended by the President of the European Bank for Reconstruction and Development Odile Renaud-Basso, Vice President of Chevron Corporation James Johnson, Chief Executive Officer of Citigroup EMEA David Livingston, Chairman of the Board of Directors of ERG Sarl Alexander Mashkevich, Senior Vice President of Exxon Mobil Corporation Neil Chapman, President of General Electric in Russia and the CIS Bela Ferenczi, President of Philip Morris International for Eastern Europe Marco Mariotti, Senior Vice President for Asia Pacific Total Energies Julien Pouget, and other senior representatives of large scale international corporations.

President Tokayev updated the participants on the far-reaching reforms he had proposed, which were ratified by the people in a referendum on Sunday this week (5.6.22) – aimed at strengthening democracy in Kazakhstan, and emboldening civil society and democratic institutions in the state. President Tokayev explained, “It is this approach that will allow us to break out of the middle-income trap and move to the next level of development. Therefore, we are implementing a new economic course for the country, aimed at building a truly market, free and competitive economy. In this regard, we also pay special attention to the systemic improvement of the investment climate.”

On the issue of technologies aimed at combatting climate change, and the dangers of reduced wheat yields and the availability of water resources, the President noted that 80 percent of all greenhouse gas emissions in Kazakhstan were associated with the production of energy using fossil fuels, the main factor that had a negative impact on the country’s climate. In this regard, he argued that the modernization of the energy sector is of decisive importance. He added that on his instruction, by 2025, two billion trees were planned to be planted throughout the country. Last year, 138 million trees were planted, and this year a further 280 million trees were planted in the country.

The President emphasized the key role of the gas industry in reducing the use of coal, noting the increased demand for domestic gas consumption. He also focused on the growing potential for the development of renewable and alternative energy. The task was set to bring the share of renewable energy in the country’s energy balance to at least 15 percent by 2030. Summing up, the leader of Kazakhstan called on the members of the Council to intensify actions to implement green projects, mobilize ESG investments and achieve sustainable development goals.

Attached link to the official statement by the office of the President of Kazakhstan:
https://www.akorda.kz/ru/kasym-zhomart-tokaev-prinyal-uchastie-v-34-m-plenarnom-zasedanii-soveta-inostrannyh-investorov-954059