Financial investments

To avoid the organization of the fictitious joint ventures created only for "tax holidays" for the purpose of obtaining the tax-free income it is necessary to provide the special amendment to the Tax code according to which in case of liquidation of such enterprise during release from payment of a tax it has to pay taxes on the gained income for the entire period of the activity.

Granting tax and financial and credit privileges has to be carried out not automatically, and differentially, depending on the state importance of the carried-out project, from share in an authorized capital of the enterprise, from capital investment spheres, the speed of its turn.

It is necessary to simplify the formalities allowing the foreign companies to be engaged in a production activity and to reinvest the income. An important measure in this area the conclusion of contracts between investors and the State Committee on investments in which all privileges and preferences are in detail stated is submitted. The approved order of the conclusion of the contract exempts investors from the numerous bureaucratic procedures practicing so far. At the same time it would be necessary to strengthen incentives on reinvestment of the income of the foreign companies.

Within process of privatization it is necessary for creation of the effective mechanism of stimulation of attraction of the foreign capital: to fulfill the principles of currency converting of foreign portfolio investments, to define a circle of the privatized objects for the international auction, to develop primary and secondary securities markets for acquisition by foreign investors of property rights.

Among organizational measures for attraction of the foreign capital the following is necessary:

- carrying out further negotiations with interested countries on the conclusion of agreements on mutual protection and encouragement of investments (list of the countries);

- adoption of the bills "About Pledge", "About a Mortgage of Real Estate", development and representation of offer on the mechanism of use of mortgage forms for attraction of the foreign capital;

- formation of system of monitoring of investment climate RK and its regions.

For performance of the functions connected with realization of a state policy on attraction of the foreign capital at the State committee on investments it is expedient to create:

- The center of a project financing and consulting and technical assistance to which implementation of pre-investment researches, examination of projects and their maintenance, coordination of activities for realization of consulting and technical assistance is assigned;

- Registration chamber for registration of the enterprises with the foreign capital and accreditations of foreign firms and companies;

- Information center on the foreign capital for the purpose of creation of databanks according to specific investment programs and projects, legislative base, tax system, investment policy and providing potential foreign investors with this information.

The listed measures will allow to pursue the weighed state policy in the field of attraction of the foreign capital that will help to solve a problem of interface of national interests to interests of foreign investors.

The policy of attraction of the foreign capital proceeds from the general economic strategy of development of Kazakhstan by which restructuring priorities on a long-term outlook are determined. The foreign capital has to take an important place in development of separate sectors of priority branches of economy, serve as the means which is supplementing, but not forcing out national investments to interfere with transmission of negative processes on the future.

Conclusion

financial investment risk economy

In Kazakhstan positive dynamics in attraction of gross direct foreign investments is observed. Average annual growth rate of investments from 2005 to 13 years made 17,3%. In national economy more than 196 billion dollars of the foreign capital are attracted. We continue a cycle of materials about industrialization of Kazakhstan. The maximum volume of the attracted gross direct foreign investments in 2012 reached nearly 30 billion dollars. In 2013 24 billion are attracted. It is lower than an indicator of 2012 for 16,5%. The Netherlands, the USA, China, Switzerland, France and Great Britain were the main investors from 2005 to 1 half-year 2014.

If to look on branches, volumes of inflow of investments were divided as follows. Nearly 74 billion dollars are invested in professional, scientific and technical activity. In the mining industry and development of pits - it is slightly more than 52 billion, in manufacturing industry - over 21 mlrd, and motorcycles invested 16,5 billion in trade, car repairs. I will note that, average annual growth rate of direct investments in manufacturing industry from 2005 to 2013 made 43,3%. Now, as for data for this year. In 1 half-year 2014 inflow of gross direct foreign investments to economy of Kazakhstan made 12,4 billion dollars.

Main investors: Netherlands, USA, China, Switzerland, France, Great Britain. For these half a year 5 billion dollars are directed to the mining industry and development of pits, in professional, scientific and technical activity - 3 billion, manufacturing industry - 1,5 billion, as much went to trade, car repairs and motorcycles. Gross inflow of investments into manufacturing industry made 1,5 billion dollars. Thus, growth of gross direct foreign investments in manufacturing industry is in recent years observed that, undoubtedly, is result of the carried-out work on realization of the first five-years period of the Program of industrialization.

For stimulation of inflow of foreign investments and financial control over their use it is necessary to improve effectiveness of the mechanism of state regulation of process of the attraction of the external help including organizational structure of management of foreign investments and a wide arsenal of the legal and economic means used by specialists of this structure; to improve system of insurance and reinsurance of risks; to adjust qualitative and timely information support of foreign investors; to carry out a number of other measures, but the main thing - the investment policy of the Republic of Kazakhstan has to be flexible, pragmatic and to the corresponding occurring internal and external economic realities.

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