Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Kazakh Expects Investment Rise

ALMATY -- Foreign direct investment in Kazakhstan is expected to rise between $1.7 billion to $1.9 billion this year despite reduced access to the key energy sector, a senior official said Friday.

"The volume of direct investment was $1.3 billion for 1997," Anvar Saidenov, executive director of the State Investment Committee said. "This year our ... desired plans are for $1.7 billion to $1.9 billion," he said at a news conference.

Saidenov said the figure was realistic -- barring any problems Asian firms might suffer due to problems in their countries' economies -- because a privatization bonanza in the oil and gas sector last year had secured future inflows.

"If you take for example oil projects, they are long-term and funds flow in, from Western firms included, evenly over several years," he said. "In general, having reached a certain level, I think investment will be stable, although there will be fluctuations. In the medium and long term, it's hard to say."