Investor Protection Office to be established in Kazakhstan

Kazakhstan plans to create a special Project Office for the protection of foreign investors' interests, Kazinform correspondent reports.

The appropriate memorandum was signed by the Chairman of the Agency for Civil Service and Anti-Corruption Alik Shpekbayev, the Minister for Investment and Development Zhenis Kassymbek and Minister of Foreign Affairs Kairat Abdrakhmanov.

According to Alik Shpekbayev, there are still issues that prevent investors from fully revealing their potential and realizing new business ideas. Among them, he noted corruption risks and administrative barriers.

"Our priority ares include monitoring the situation and protecting businesses from illegal interventions. Over the past three years, 976 such offences were registered with 389 officials convicted for commiting them. The measures taken allowed us to protect the rights of more than 500 entrepreneurs. It's no secret that a certain share of the facts of illegal interference do not reach us. It's time to respond quickly to every fact and we have to do it together. Therefore, today we are signing a memorandum on consolidation of our efforts based on a clear and simple formula Agency + Institute of Investment Ombudsman + Ministry of Foreign Affairs," he said during the international business forum on the investment climate in Kazakhstan.

He noted that the Project Office will be dealing with various costs of corruption and facilitate the protection of investors and businessmen from any pressure on them.