Central Asia’s Singapore new megacity to be built in Kazakhstan

Addressing those gathered the Head of State said Kazakhstan is a country with economic reforms like Singapore, Kazakhstan has huge untapped potential and a dynamically developing economy.

Kazakhstan started large-scale reforms aimed at developing a free market, encouraging innovations and transferring to the knowledge-based economy. These reforms conform to the highest international standards, including the OECD standards. Recently I signed an important decree for significant liberalization of the national economy. We launch a new investment cycle with a strategic goal to attract 150 billion US dollars in direct foreign investments by 202 to let Kazakhstan remain a key regional center for the attraction of investments, the Head of State said. He said to this end Kazakhstan created the Investment Council to curate strategic investment projects.

The Head of State said despite geographic distance Kazakhstan and Singapore have always been and remain close economic and political partners.

He added last year the bilateral commodity turnover between Kazakhstan and Singapore reached 1.8 billion US dollars. Singapore’s investment in Kazakhstan exceeded 1.7 billion US dollars.

Kassym-Jomart Tokayev outlined several promising directions for cooperation. He believes the construction of a new integrated megacity in Kazakhstan is an ambitious project. The project designed as the Singapore of Central Asia is called to turn into a leading international business hub. Its territory covering 1,000 square km will be developed as a special economic zone. The project's master plan was elaborated by Singapore’s Surbana Jurong.