Political heads detail their agendas for the coming months ahead
The government of Kazakhstan has set an ambitious goal of achieving a GDP of $450 billion by 2029, a figure that represents a significant increase from the current $286 billion. This target is part of a broader strategy to sustain economic growth of around 6% annually, focusing on expanding industrial potential, diversifying the economy, and attracting investments.
Prime Minister Olzhas Bektenov has expressed confidence in the achievability of this goal, citing several key areas for economic growth. These include oil refining, metallurgy modernization, housing and utilities infrastructure renovation, electricity, agriculture, and expanding the mineral and raw material base, including rare earth metals.
Starting this year, funding for priority sectors has significantly increased through the 'Baiterek' holding. The holding serves as a financial and development platform to attract and manage additional investments into strategic sectors of the economy, helping to mobilize resources for industrial and infrastructural projects.
A large program has been launched through the 'Baiterek' holding to attract an additional 8 trillion tenge in investments. This funding will be allocated to various projects, including the expansion of production capacities at the Shymkent Refinery and the development of new industries such as petrochemicals, automotive, railway engineering, and fertilizer production.
Significant work is being done to develop the country's industrial potential, diversify the economy, and develop high-value-added productions. This is evident in the launch of 190 industrial projects worth 1.5 trillion tenge. These projects include new productions in the processing industry and the agro-industrial complex.
The development of growth points is ensured by the corresponding industrial and transport infrastructure. For instance, 17 large projects with the launch of new productions by 2029 have begun implementation. These projects include a metallurgical cluster, a copper smelter, car, butadiene, ammonia, and carbamide plants in the chemical industry.
The main role in this multi-faceted strategy is played by the implementation of the National Infrastructure Plan. This plan includes measures to double freight traffic by 2028 to boost logistics, enhance industrial output, and leverage strong macroeconomic policies to create a regional economic hub.
These efforts position Kazakhstan as a regional leader in technology sectors, with the government advancing technology sectors such as ICT, supported by programs like the Digital Kazakhstan initiative, rollout of 5G networks, and nationwide fiber optic installations, which are expected to stimulate innovation and increase productivity.
This ambitious plan, combining robust macroeconomic management, strategic sector development, and improved investment climate, aims to catapult Kazakhstan into a new era of economic growth and development. The government expects the GDP to surpass $300 billion this year, setting the stage for the ambitious $450 billion target by 2029.
In bolstering Kazakhstan's economic growth, the government intends to focus on expanding the industrial potential, attracting investments, and diversifying the economy. This strategy includes key areas such as oil refining, finance in the form of increased funding through 'Baiterek', and development of high-value-added business sectors like the petrochemicals and automotive industries.
As part of this ambitious plan, the government anticipates significant growth in the finance, business, and industry sectors, with the GDP surpassing $300 billion this year, positioning Kazakhstan as a regional leader.
