Kazakhstan to spend KZT120bln on defense sector development
Kazakhstan is in talks with foreign investors from China, the UAE, Türkiye, Qatar, Singapore, and several other countries to attract external investments, Kazinform News Agency reports.
This was stated in Prime Minister Olzhas Bektenov’s response to a parliamentary inquiry on the development of the defense industry fund and the state defense procurement.
“A relevant legal framework regulating the fund’s activities has been adopted, and a pool of priority projects has been formed to meet the needs of the Armed Forces in essential products such as artillery ammunition, weapons, combat modules, etc. Work is currently underway to increase the fund’s authorized capital. A request has been submitted to allocate 120 billion tenge from the republican budget. Negotiations are also ongoing with a number of foreign investors (China, UAE, Türkiye, Qatar, Singapore, and others) to attract external investments,” the Prime Minister’s response states.
As reported earlier, a number of documents aimed at equipping forces with advanced armaments have been signed during the meeting of the Council of Defense Ministers of the member states of the Collective Security Treaty Organization held in Almaty.
