KABUL - The Afghanistan Chambers Federation has expressed concern about the flow of investment capital out of the country and says that many Afghan investors have shifted their financial focus to Turkey, the UAE, and Uzbekistan in the past year.
Afghan investors, besides facing a lack of security and a lack of basic infrastructure, are now concerned with the possibility of chaos as uncertainty reigns amid potential peace talks, Sakhi Ahmad Paiman deputy director of the chamber said.
“Most of the Afghan capital has shifted to Turkey, UAE, and Uzbekistan, as investors assess the situation as untenable,” he said.
Karwan Folad, a steel company that was established in Kabul four years ago with more than 100 staff and over $20 million in investment money, has been bankrupt since the beginning of the current solar year (1399).
“We have suffered many problems up until now. There is no electricity--raw materials are expensive and that is why less than two people are now working here,” said Azizullah, an employee in the company.
Meanwhile, the Ministry of Commerce and Industries says it is optimistic that investment will increase.
“We hope the investments increase along with progress in the peace talks in the country. We are in close contact with some investors to encourage them to invest in Afghanistan,” Fawad Ahmad, a spokesperson for the ministry said.
Over the last two years, amid the presidential election disputes, the COVID-19 economic impact, and the recent political chaos, investment has dried up in the country, owners of various companies said. (TOLO NEWS)