Kazakhstan and Luxembourg Agree to Expand Investment Relations
A Kazakh-Luxembourgish business forum for the development of trade and investment cooperation took place in Almaty. The event, organized by the Chamber of Commerce of the Grand Duchy of Luxembourg, was attended by representatives of the Almaty City Administration, "NC "KAZAKH INVEST" JSC, the private sector of Kazakhstan, as well as 14 major Luxembourgish companies specializing in information technology, high-tech manufacturing, and financial services.
Opening the event, President of the Chamber of Commerce of the Grand Duchy of Luxembourg, Fernand Ernster, stated that Kazakhstan is a crucial partner for the country in Central Asia, inviting businesses from both nations to embark on joint investment projects in Kazakhstan.
Altynai Mukanova, Head of Cooperation with European Countries at "NC "KAZAKH INVEST" JSC, shared insights into Kazakhstan's investment climate, state support measures, and elaborated on the potential for implementing investment projects in ICT, financial sectors, and manufacturing industry. She emphasized that Kazakhstan is prepared to assist foreign businesses in realizing projects in Kazakhstan.
The event also featured Denis Van den Weghe, President of the Benelux Chamber of Commerce, Tom Reisen, Ambassador of the Grand Duchy of Luxembourg to Kazakhstan, and representatives from the Almaty City Administration and the Chamber of Entrepreneurs "Atameken".
The event concluded with bilateral meetings between business representatives from both countries for a more in-depth discussion of investment project opportunities.
For instance, cooperation with the Luxembourgish company "Accumalux" was discussed regarding the production of plastic components essential for the automotive industry.
"Artec 3D" expressed interest in implementing a project for manufacturing equipment and software for 3D scanning. The company's portable scanners and software products are used in industrial production, healthcare, science, and education.
Luxembourg is an important investment partner for Kazakhstan in the EU. The inflow of foreign direct investments from Luxembourg to Kazakhstan in 2022 amounted to 202.5 million USD (compared to 354.1 million USD in 2021). Currently, there are 178 enterprises with Luxembourgish capital operating in Kazakhstan.
