Nazarbayev shares plans on attraction of investments to Kazakhstan

The Head of State noted that Kazakhstan inherited resource-based economy from the Soviet Union. “And in the past our country was mainly a supplier of raw materials. But now we are building an alternative economy due to oil revenues,” said the President

"We have saved money made in good years in a special national oil fund. As soon as we saved enough funds, we started to build an alternative economy. That is industrialization, the first five-year plan of which was completed in 2015, due to which  we built about 800 new enterprises and manufactured 500 new products that we had never  produced before. New branches of economy were created", said Nazarbayev.

The Head of State stressed that today the country is implementing the  second five-year stage of the industrialization  programme.

“At this stage we target at innovations.  Now everything is aimed at innovations. The main idea is to attract multinational companies, to enter their markets, to exchange raw materials and  rare metals for technology. This is what is what we are doing now", added the President.

Kazakh President spoke also on the development of domestic automotive industry in the framework of the EAEU.

"We are negotiating on which sector of Russia’s market Kazakhstan will take, and which sector of ours to give to Russian companies. Our car-making industry was launched in East Kazakhstan in cooperation with Russian companies. But there is another one (plant) in Kostanay, where other countries are involved - Japanese Toyota, Czech Skoda and others. Here, too, we should bring production into compliance with the demand of our countries ", said Nursultan Nazarbayev.

Nazarbayev noted that in this regard the Russian and Kazakh companies should not compete. Both countries need an accurate mutually beneficial development strategy, he added.