New tool to stimulate production
Kazakhstan will introduce the so-called industrial grant to stimulate the industrial development of the country. The new support tool will be aimed at the modernization of equipment and the creation of new production by co-financing costs. This was announced by Kazakh Minister of Industry and Infrastructure Development Beibut Atamkulov at a Government meeting in the Senate, the Upper House of the Kazakh Parliament. Increasing the competitiveness of the domestic industry will be carried out in several areas. New approaches will be approved to the formation of the Industrialization Map. A specialized Unified Map will be worked out to attract investments. A list of strategic products will also be developed to exempt raw materials and components not produced in the country from customs duties. In addition, a new concept of “in-country value” is introduced to support domestic products. A list of more than 4,000 priority goods of medium and high processing degree will be developed as well.