Over the last couple of years, the government has undertaken a number of structural changes aimed at improving how the government attracts foreign investment. He will also act as Investment Ombudsman. In December the Investment Committee was transferred to the Ministry of Foreign Affairs, which is now in charge of attracting and facilitating activities of foreign investors.
Each regional municipality designates a representative to work with investors, and Kazakhstani foreign diplomatic missions are charged with attracting foreign investments. The state company KazakhInvest is also located in the AIFC and offers investors a single-window for government services.
In March , the government approved a USD While no sectors of the economy are legally closed to investors, restrictions on foreign ownership exist, including a 20 percent ceiling on foreign ownership of media outlets, a 49 percent limit on domestic and international air transportation services, and a 49 percent limit on telecommunication services. The December Code on Subsoil and Subsoil Use the Code mandates the share of the national company Kazatomprom be no less than 51 percent in new uranium producing joint ventures.
Still, to acquire more than 49 percent of shares in a telecommunication company, foreign investors must obtain a government waiver. No constraints limit the participation of foreign capital in the banking and insurance sectors. In addition, foreign citizens and companies are restricted from participating in private security businesses. The law limits the participation of offshore companies in banks and insurance companies and prohibits foreign ownership of pension funds and agricultural land.
Foreign investors have complained about the irregular application of laws and regulations and interpret such behavior as efforts to extract bribes. The enforcement process, widely viewed as opaque and arbitrary, is not publicly transparent. Some investors report harassment by the tax authorities via unannounced audits, inspections, and other methods.
The authorities have used criminal charges in civil disputes as a pressure tactic. Recent developments range from a major reduction to a full annulment of work permits for some categories of foreign workforce. In April Kazakhstan introduced a customs duty on crude oil and gas condensate exports. In general, oil-related revenue in Kazakhstan goes to the National Fund, a sovereign wealth fund that is financed by direct taxes paid by petroleum industry companies, other fees paid by the oil industry, revenues from privatization of mining and manufacturing assets and from the disposal of agricultural land.
Companies that pay taxes on mineral and crude oil exports are exempt from that export duty. The government adopted a resolution that pegged the export customs duty to global oil prices — as the global oil price drops and approaches USD 25 per barrel, the duty rate approaches zero. The government approves and publishes the list of strategic deposits on its website.
It is unclear, however, when actual quota trading will begin. In January , the government adopted a National Allocation Plan for , and in February the Ministry of Energy announced the creation of an online CO2 emissions reporting and monitoring system. The system is not operational, and it is likely to be launched after the new Environmental Code is passed into law; the draft Code is currently in the lower chamber of parliament.
Kazakhstan announced in its desire to join the Organization for Economic Co-operation and Development. To meet OECD requirements, the government will need to continue to reform its institutions and amend its investment legislation. The OECD review recommended Kazakhstan undertake corporate governance reforms at state-owned enterprises SOEs , implement a more efficient tax system, further liberalize its trade policy, and introduce responsible business conduct principles and standards.
In the OECD and the government launched a two-year project on improving the legal environment for business in Kazakhstan. The report noted Kazakhstan made starting a business easier by registering companies for value added tax at the time of incorporation. In addition to a standard package of documents required for local businesses, non-residents should submit electronic copies of their IDs and any certification of their companies from the country of origin.
Both documents should be translated and notarized. According to the World Bank, it takes four procedures and five days to establish a foreign-owned limited liability company LLC in Almaty. A foreign-owned company registered in Kazakhstan is considered a domestic company for Kazakhstan currency regulation purposes.
Under the Law on Currency Regulation and Currency Control, residents may open bank accounts in foreign currency in Kazakhstani banks without any restrictions. In , the government undertook some measures facilitating business operations for investors.
In July the government adopted the Road Map for further attraction of foreign investments. In order to facilitate the work of foreign investors, the government recommended using the law of the Astana International Financial Center AIFC as the applicable law for investment contracts with Kazakhstan and planned other measures to showcase the AIFC as an investment hub, including tax preferences, liberalization of visa and migration rules, and the creation of additional international transportation and media links.
Some foreign investors allege Kazakhstani tax authorities are reluctant to refer double taxation questions to the appropriate resolution bodies. Kazakhstan joined the WTO in November The EAEU is governed by the Eurasian Economic Commission, a supra-national body headquartered in Moscow, and is expected to integrate further the economies of its member states, and to provide for the free movement of services, capital, and labor within their common territory.
Per its WTO commitments, Kazakhstan will lower 3, import tariff rates to an average of 6. As a part of this commitment, Kazakhstan applies a lower-than-EAEU tariff rate on food products, automobiles, airplanes, railway wagons, lumber, alcoholic beverages, pharmaceuticals, freezers, and jewelry. After December , Kazakhstan will have a three-year break prior to starting tariff adjustment negotiations with its EAEU partners. Kazakhstani law sets out basic principles for fostering competition on a non-discriminatory basis.
Kazakhstan is a unitary state, and national legislation accepted by the Parliament and President are equally effective for all regions of the country. Kazakhstan is a member of the EAEU, and decrees of the Eurasian Economic Commission are mandatory and have preemptive force over national legislation.
Publicly-listed companies indicate that they adhere to international financial reporting standards, but accounting and valuation practices are not always consistent with international best practices. The government consults on some draft legislation with experts and the business community; draft bills are available for public comment at www.
Some bills are excluded from public comment, and the legal and regulatory process, including with respect to foreign investment, remains opaque. Implementation and interpretation of commercial legislation is reported to sometimes create confusion among foreign and domestic businesses alike.
In , the Ministry of Health and Social Development introduced new rules on attracting foreign labor, some of which including a Kazakh language requirement created significant problems for foreign investors. The non-transparent application of laws remains a major obstacle to expanded trade and investment. Foreign investors complain of inconsistent standards and corruption. Although the central government has enacted many progressive laws, local authorities may interpret rules in arbitrary ways for the sake of their own interests.
Penalties are often assessed for periods prior to the change in policy. For example, foreign companies report that local and national authorities arbitrarily impose high environmental fines, saying the fines are assessed to generate revenue for local and national authorities rather than for environmental protection.
Government officials have acknowledged the system of environmental fines requires reform. In response, the government submitted a draft of a new Environmental Code Eco Code to Parliament, where it is currently under review in the lower chamber. Oil companies complain that the emission payment rates for pollutants when emitted from gas flaring are at least 20 times higher than when the same pollutants are emitted from other stationary sources. In February , the Ecology Minister reported that fines for unauthorized emissions of hazardous substances would be raised tenfold.
The program calls for the formation of a results-oriented public administration system, a new system of audit and performance evaluation for government agencies, and introduction of an open government system with better public access to information held by state bodies. Initial implementation of this plan has already improved accountability. President Tokayev, elected in June , has affirmed his commitment to the reforms initiated by former President Nazarbayev.
However, authorities have indicated that contingent liabilities, such as exposures to state-owned enterprises, their cross -holdings, and exposures to banks, are not fully captured there. Kazakhstan became a member of the WTO in It notifies the WTO Committee on Technical Barriers to Trade about drafts of national technical regulations although lapses have been noted.
Early in , the government established an intra-agency Trade Facilitation Committee to implement its TFA commitments. Under the constitution, the judicial system is independent of the executive branch, although the government interferes in judiciary matters. Allegedly, pervasive corruption of the courts and the influence of the ruling elites results in low public expectations and trust in the justice system. Judicial outcomes are perceived as subject to political influence and interference. Regulations or enforcement actions can be appealed and adjudicated in the national court system.
Monetary judgments are assessed in the domestic currency. Any court of original jurisdiction can consider disputes between private firms as well as bankruptcy cases. The Astana International Financial Center, which opened in July , includes its own arbitration center and court based on British Common Law and is independent of the Kazakhstani judiciary.
Provisions on using the AIFC law as applicable law are recommended for model investment contracts between a foreign investor and the government. These laws provide for non-expropriation, currency convertibility, guarantees of legal stability, transparent government procurement, and incentives for priority sectors. Inconsistent implementation of these laws and regulations at all levels of the government, combined with a tendency for courts to favor the government, have been reported to create significant obstacles to business in Kazakhstan.
The Code reinstates a single investment regime for domestic and foreign investors, in principal, codifies non-discrimination for foreign investors. The Code contains incentives and preferences for government-determined priority sectors, providing customs duty exemptions and in-kind grants detailed in Part 4, Industrial Policies.
A revised Law on Currency Regulation and Currency Control, which came into force July 1, , expands the monitoring of transactions in foreign currency and facilitates the process of de-dollarization. In particular, the law will treat branches of foreign companies in Kazakhstan as residents and will enable the National Bank of Kazakhstan NBK to enhance control over cross-border transactions.
The NBK approved a list of companies that will keep their non-resident status; the majority of these companies are from extractive industries see also Part 6, Financial Sector. The legal and regulatory framework offered by the AIFC to businesses registering on that territory differs substantially from that of Kazakhstan, although the Center is quite new, and experience is limited. The Entrepreneurial Code regulates competition-related issues such as cartel agreements and unfair competition.
The Committees for Regulating Natural Monopolies and Protection of Competition under the Ministry of National Economy are responsible for reviewing transactions for competition-related concerns. The bilateral investment treaty between the United States and Kazakhstan requires the government to provide compensation in the event of expropriation. The Entrepreneurial Code allows the state to nationalize or requisition property in emergency cases, but fails to provide clear criteria for expropriation or require prompt and adequate compensation at fair market value.
Post is aware of cases when owners of developed businesses had to sell their businesses to companies affiliated with high-ranking and powerful individuals. The government is a signatory to bilateral investment agreements with 47 countries and 1 multilateral investment agreement with EAEU partners. These agreements recognize international arbitration of investment disputes. In July , a U. Kazakhstan does recognize arbitral awards by law.
Investment disputes between the government and investors fall to the Nur-Sultan City Court; disputes between the government and large investors fall under the competence of a special investment panel at the Supreme Court of Kazakhstan. The Supreme Court is currently preparing changes to regulation so that any disputes between the government and investors, including large ones, will be in hands of the Nur-Sultan City Court, while the Supreme Court will be a cassational instance.
A number of investment disputes involving foreign companies have arisen in the past several years linked to alleged violations of environmental regulations, tax laws, transfer pricing laws, and investment clauses. Some disputes relate to alleged illegal extensions of exploration schedules by subsurface users, as production-sharing agreements with the government usually make costs incurred during this period fully reimbursable.
Some disputes involve hundreds of millions of dollars. Problems arise in the enforcement of judgments, and ample opportunity exists for influencing judicial outcomes given the relative lack of judicial independence. To encourage foreign investment, the government has developed dispute resolution mechanisms aimed at enabling aggrieved investors to seek redress without requiring them to litigate their claims.
Kazakhstani law provides for government compensation for violations of contracts guaranteed by the government. The resolution of disputes arising from such cases may require litigation or arbitration. The Law on Mediation offers alternative non-litigated dispute resolutions for two private parties.
The Law on Arbitration defines rules and principles of domestic arbitration. As of April , Kazakhstan had 17 local arbitration bodies unified under the Arbitration Chamber of Kazakhstan. Judgements of foreign arbitrations are recognized and enforceable under local courts. Local courts recognize and enforce court rulings of CIS countries.
Judgement of other foreign state courts are recognized and enforceable by local courts when Kazakhstan has a bilateral agreement on mutual judicial assistance with the respective country or applies a principle of reciprocity. By law, investment disputes with private commercial entities, employees, or SOEs are in the jurisdiction of local courts.
Even when investment disputes are resolved in accordance with contractual conditions, the resolution process can be slow and require considerable time and resources. Many investors therefore elect to handle investment disputes privately, in an extrajudicial way. In February , a U. In April the government responded by denying liability and seeking over USD million in counterclaims.
The final evidentiary hearing took place July , Bankruptcy is not criminalized, unless the court determines the bankruptcy premeditated. The Bankruptcy Law improves the insolvency process by permitting accelerated business reorganization proceedings, extending the period for rehabilitation or reorganization, and expanding the powers of and making more stringent the qualification requirements to become insolvency administrators. The law also eases bureaucratic requirements for bankruptcy filings, gives creditors a greater say in continuing operations, introduces a time limit for adopting rehabilitation or reorganization plans, and adds court supervision requirements.
Amendments to the law accepted in introduced a number of changes. Among them are a more specific definition of premeditated bankruptcy, the requirement to prove sustained insolvency when filing a bankruptcy claim, the potential for individual entrepreneurs to apply for a rehabilitation procedure to reinstate their solvency, and an option to be liquidated without filing bankruptcy in the absence of income, property, and business operations. The Entrepreneurial Code and Tax Code provide tax preferences, customs duty exemptions, investment subsidies, and in-kind grants as incentives for foreign and domestic investment in priority sectors.
Priority sectors include agriculture, metallurgy, extraction of metallic ore, chemical and petrochemical industry, oil processing, food production, machine manufacturing, and renewable energy. Firms in priority sectors receive tax and customs duty waivers, in-kind grants, investment subsidies, and simplified procedures for work permits.
The duration and scope of preferences depends on the priority sector and the size of investment. The Investment Committee at the Ministry of Foreign Affairs makes decisions on each incentive on a case-by-case basis. Submission for investment preferences requires a number of documents, including a comprehensive state appraisal of a proposed investment project.
A governmental guarantee or joint government financing are normally used for large infrastructure projects. To facilitate the work of foreign investors, especially in targeted, non-extractive industries, the government has approved visa-free travel for citizens of 73 countries, including the United States, Germany, Japan, United Arab Emirates, France, Italy, and Spain.
Residents of these countries may stay in Kazakhstan without visas for up to 30 days. Since January , foreigners may obtain business, tourist, and medical treatment visas to Kazakhstan online at: www. Electronic tourist visas are available for citizens of counties; business and medical treatment visas can be issued electronically for citizens of 23 countries.
This system is applicable only for visitors who have letters of invitation and enter Kazakhstan through the Nur-Sultan or Almaty airports. Businesses registered in the AIFC have a relaxed entry visa regime, allowing them to obtain entry visas upon arrival at the airport and to obtain five-year visas for employees. Starting from , the government introduced a more liberal regime for visa regulation violations. Now, foreign visitors are permitted to only pay administrative fines for first and second violations.
The government is currently considering a bill on changes to tax legislation and further improvement of the investment climate. The Law on Special Economic Zones allows foreign companies to establish enterprises in special economic zones SEZs , simplifies permit procedures for foreign labor, and establishes a special customs zone regime not governed by Eurasian Economic Union rules.
In April , President Tokayev signed amendments which extend the rights of SEZ managing companies and set up a single center to coordinate the activities of all SEZs and industrial zones in Kazakhstan. In , Kazakhstan adopted legislative amendments to alter existing local content requirements to meet accession requirements. Pursuant to these amendments, subsoil use contracts concluded after January 1, no longer contain local content requirements, and any local content requirements in contracts signed before will phase out on January 1, Despite these commitments, the government, particularly at the regional level, continues to advocate for international businesses to increase their use of local content.
The USD Although these recommendations are not legally binding, companies report feeling obliged to abide by them. Some companies reported these forced joint ventures or consortia led to the creation of domestic monopolies, rather than to the stimulation of a healthy domestic market of oil service providers. For example, the Ministry of Energy and the Karachaganak Petroleum Operating Consortium reportedly agreed that a Kazakhstani design research company would carry out at least 50 percent of the design work at the Karachaganak expansion project.
The government regulates foreign labor at the macro and micro levels. Foreign workers must obtain work permits, which have historically been difficult and expensive to obtain. Amendments to the Expatriate Workforce Quota and Work Permit Rules: a eliminate special conditions for obtaining a work permit for foreign labor e.
The Ministry of Energy, Ministry of Industry and Infrastructure Development, and Sovereign Welfare Fund Samruk-Kazyna monitor firms compliance with local content obligations, and there are various enforcement tools for companies that do not meet performance requirements.
Following the June violence at Chevron-operated Tengiz oilfield that reportedly resulted from discontent with wage discrepancy between local and foreign workers with similar qualifications, the Ministry of Labor and Social Protection has sought to revisit the definition of administrative liability and administrative violation to make state control over employers with foreign workers more effective.
The foreign labor quota approved by the government for reduced the number of work permits for employees of category 3 specialists by 37 percent and for category 4 qualified workers by 23 percent. The largest decreases are in administration; real estate; wholesale and retail; construction; professional, scientific and technological activities; and accommodation and catering. To replace the gap in the foreign workforce, the government is introducing an obligation to replace foreign workers with skilled Kazakhstani labor.
Foreign investors may in theory participate in government and quasi-government procurement tenders, however, they should have production facilities in Kazakhstan and should go through a process of being recognized as a pre-qualified bidder. While this requirement is applied to some selected sectors at the government procurement e.
Thus, a foreign investor who plans to bid for government and quasi-government contracts should obtain an industrial certificate. In , the government introduced significant recycling fees on the importation of combines and tractors. Although major Western brands were granted a waiver for the fees, the government is expected to revisit the exception.
The government has suggested that foreign producers start local production of their equipment and become eligible for preferential treatment. Private entities, both foreign and domestic, have the right to establish and own business enterprises, buy and sell business interests, and engage in all forms of commercial activity. Secured interests in property fixed and non-fixed are recognized under the Civil Code and the Land Code. All property and lease rights for real estate must be registered with the Ministry of Justice through its local service centers.
The Land Code: a allows citizens and Kazakhstani companies to own agricultural and urban land, including commercial and non-commercial buildings, complexes, and dwellings; b permits foreigners to own land to build industrial and non-industrial facilities, including dwellings, with the exception of land located in border zones; c authorizes the government to monitor proper use of leased agricultural lands, the results of which may affect the status of land-lease contracts; d forbids private ownership of: land used for national defense and national security purposes, specially protected nature reserves, forests, reservoirs, glaciers, swamps, designated public areas within urban or rural settlements, except land plots occupied by private building and premises, main railways and public roads, land reserved for future national parks, subsoil use and power facilities, and social infrastructure.
The government maintains the land inventory and constantly updates its electronic data base, though the inventory data is not exhaustive. The government has also set up rules for withdrawing land plots that have been improperly or never used.
In , the government proposed Land Code amendments that would allow foreigners to rent agricultural lands for up to 25 years. Mass protests in the spring of led the government to introduce a moratorium on these provisions until December 31, The moratorium is also effective on other related articles of the Land Code that regulate private ownership rights on agricultural lands. The legal structure for intellectual property rights IPR protection is relatively strong; however, enforcement needs further improvement.
The Civil Code and various laws protect U. The Criminal Code sets out punishments for violations of copyright, rights for inventions, useful models, industrial patterns, select inventions, and integrated circuits topographies. Despite these efforts, U. The law set up a more convenient, one-tier system of IPR registration and provided rights holders the opportunity for pre-trial dispute settlement through the Appeals Council at the Ministry of Justice.
In addition, the law included IPR protection as one of the government procurement principles that should be strictly followed by government organizations. The Ministry of Justice and law enforcement agencies regularly report the results of their inspections. In , they conducted inspections and initiated cases on violations of trade mark use, resulting in USD 32, in penalties.
In addition, authorities reportedly seized over 44, units of counterfeit goods worth around USD 52, Customs officials seized counterfeited goods at border crossing worth around USD IPR violations are prosecuted regularly. The Ministry of Internal Affairs reported 31 criminal copyright violations in Of these 31 cases, three cases were closed, five were resolved by the conciliation of parties, and the rest remain in litigation.
Capital markets remain underdeveloped and illiquid, with small equity and debt markets dominated by state-owned companies and lacking in retail investors. Most domestic borrowers obtain credit from Kazakhstani banks, although foreign investors often find margins and collateral requirements onerous, and it is usually cheaper and easier for foreign investors to use retained earnings or borrow from their home country.
The government actively seeks to attract foreign direct investment, including portfolio investment. KASE, in operation since , trades a variety of instruments, including equities and funds, corporate bonds, sovereign debt, foreign currencies, repurchase agreements REPO and derivatives, with listed companies in total. As of March 31, , stock market capitalization was USD AIX currently has 53 listings, including 24 traded on its platform. Money transfers over USD 50, require the servicing bank to notify the transaction to the authorities, so the transferring bank may require the transferring parties, whether resident or non-resident, to provide information for that notification.
Kazakhstan has 27 commercial banks. Over the past several years the government has undertaken a number of measures to strengthen the sector, including capital injections, enhanced oversight, and expanded regulatory authorities. In , the NBK initiated an asset quality review AQR of 14 major banks jointly holding 87 percent of banking assets as of April 1, According to NBK officials, the AQR showed sufficient capitalization on average across the 14 banks and set out individual corrective measure plans for each of the banks to improve risk management.
As of March , the ratio of non-performing loans to banking assets was 8. As of May , Basel III methodology applies to capital and liquidity calculation with required regulatory ratios gradually changing to match the standard. Currently foreign banks are allowed to operate in the country only through their local subsidiaries. There are no restrictions or limitations placed on foreign investors in converting, transferring, or repatriating funds associated with an investment e.
Funds associated with any form of investment may be freely converted into any world currency, though local markets may be limited to major world currencies. As of July , foreign company branches are treated as residents, except for branches of foreign banks and insurance companies or non-financial organizations treated as non-residents based on previously made special agreements with Kazakhstan. With some exceptions, foreign currency transactions between residents are forbidden.
There are no restrictions on foreign currency operations between residents and non-residents, unless specified otherwise by local foreign currency legislation. Companies registered with AIFC are not subject to currency and settlement restrictions. Kazakhstan abandoned its currency peg in favor of a free-floating exchange rate and inflation-targeting monetary regime in August , although the National Bank admits to intervening in foreign exchange markets to combat excess volatility.
Kazakhstan maintains sufficient international reserves according to the IMF. The U. Mission in Kazakhstan is not aware of any concerns about remittance policies or the availability of foreign exchange conversion for the remittance of profits.
Local currency legislation permits non-residents to freely receive and transfer dividends, interest and other income on deposits, securities, loans, and other currency transactions with residents. There are no time limitations on remittances; and timelines to remit investment returns depend on internal procedures of the servicing bank. Residents seeking to transfer property or money to a non-resident in excess of USD , are required to register the contract with the NBK.
Information about external asset managers and assets they manage is confidential. The government receives regular transfers from the National Fund for general state budget support, as well as special purpose transfers ordered by the President. In , President Tokayev introduced a moratorium on establishing new parastatal companies that will be effective until the end of Despite these positive developments, the share of SOEs in the economy is still large.
The preferential status of parastatal companies remains unchanged; parastatals enjoy greater access to subsidies and government support. At the end of , SK had subsidiaries and employed around , people. To follow this new strategy, early in , SK removed the Prime Minister from the Board and elected four independent directors, one of which became the Chairman of the Board. SK Portfolio companies are required to have corporate governance standards and independent boards.
Despite these moves, the government maintains significant influence in SK. SK has special rights not afforded to other companies, such as the ability to conclude large transactions among members of its holding companies without public notification. SK has the pre-emptive right to buy strategic facilities and bankrupt assets, and is exempt from government procurement procedures. Critically, the government can transfer state-owned property to SK, easing the transfer of state property to private owners.
Compare Foreign Direct Investment by Country. Kazakhstan Inflation Rate Ticks Up to 7. Kazakhstan Leaves Monetary Policy Unchanged. Kazakhstan Economy Contracts 6. Kazakhstan Manufacturing Sector Returns to Growth. Kazakhstan Industrial Production Growth Accelerates. China Total Industrial Profits Rise.
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Foreign workers must obtain work standards and corruption. There are no restrictions or Kazakhstan investment and Currency Control, kazakhstan investment rate on food products, automobiles, all public establishments excluding schools. Kazakhstan joined the WTO in Stock Exchange bought three percent of KASE with intentions best forex trading tips.net reserves totaled USD Moscow, and is expected to number of listed companies grew remittance policies or the availability of foreign exchange conversion for of services, capital, and labor. As a result, the share joint ventures or consortia led the WTO Committee on Technical has a bilateral agreement on a healthy domestic market of CO2 emissions reporting and monitoring. The resolution of disputes arising law enforcement agencies regularly report. Latest Update: October Live animals; SK had subsidiaries and employed. Publicly-listed companies indicate that they adhere to international financial reporting period to remit investment returns practices are not always consistent dispute settlement through the Appeals. Regulations or enforcement actions can compensation for violations of contracts production, and machine manufacturing. Judgements of foreign arbitrations are remains a major obstacle to. The economic situation is relatively.According to UNCTAD's World Investment Report , FDI inflows in the country totalled to USD 3,1 billion in , showing a slight decrease from the previous year (USD 3,8 billion). Total FDI stock stood at billion in The country remains the 2nd largest recipient of FDI in the region, behind Russia. Действия национальной компании «Kazakh Invest» направлены на реализацию мер государственной поддержки в области привлечения инвестиций в. Currently, KAZAKH INVEST is involved in investment projects and initiatives worth $ billion that will create around 47, jobs. This year, 4 investment projects worth $ million have been launched with the support of the organization, while 85 projects worth $ billion are being implemented.