Relocation of foreign companies to benefit Central Asia’s economy - Courrier International

Kazakhstan alone reached out to over 400 companies interested in relocating their operations

Amid the situation in Ukraine and geopolitical tensions in the region, the economy of the post-Soviet countries in Central Asia can benefit from the relocation of foreign companies exiting Russia, Courrier International reports.

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Kazakhstan alone reached out to over 400 companies interested in relocating their operations, a source at the ministry of foreign affairs said.

"67 companies have responded positively as of now," said deputy foreign minister Almas Aidarov, adding the work is underway to relocate them. In his words, relocation of 25 companies has been completed.

The campaign to woo foreign companies to relocate to Kazakhstan began in July 2022 when the Kazakhstani authorities were instructed to do their best to create favorable conditions for those businesses willing to relocate.

The European Bank for Reconstruction and Development (EBRD) forecasts the region’s economy is to see a 5.2% increase this year and a 5.4% increase next year thanks to the relocation of businesses and the reopening of China.

Photo: akorda.kz.