Kazakhstan Aims for $3.7 Billion Output from 180 New Projects by 2024
Kazakhstan Plans 180 Projects to Boost Economy and Create Jobs by 2024
The government of Kazakhstan has announced plans to launch 180 projects by the end of 2024, with investments totaling about 1.4 trillion tenge (US$2.9 billion) and the creation of approximately 17,400 new jobs. These key projects aim to generate goods worth nearly 1.8 trillion tenge (US$3.7 billion), including 400 billion tenge (US$843 million) for export and 1.4 trillion tenge (US$2.9 billion) for import substitution.
Among the upcoming projects is the EkibastuzFerroAlloys plant in the Pavlodar Region, which will create 800 jobs with a 92.4 billion tenge (US$194 million) investment and an annual capacity of 240,000 tons of ferrosilicon. Additionally, a factory in the Kostanay Region will produce cast iron components for trucks, providing 360 jobs with a 78.2 billion tenge (US$164 million) investment and an annual capacity of 45,000 tons.
The Zhetysu Wolfram company will also play a significant role in the country’s economic development by developing the Boguty tungsten ore deposit in the Almaty Region. With an investment of 135 billion tenge (US$284 million), the project aims to create 350 jobs and achieve an annual production of 3.3 million tons of ore and 10,000 tons of concentrate.
In addition to these projects, Kazakhstan’s metallurgical production has seen a significant increase in the first five months of 2024, driven by the output growth of ferroalloys, raw aluminum, raw lead, and refined copper. The country’s steel industry remains a major exporter of both ferrous and non-ferrous metals, with exports rising by 8.3% in the first four months of 2024.
Regulatory changes in the scrap metal collection and processing sector have been implemented to support domestic markets, including tighter export controls and a ban on exporting ferrous scrap and non-ferrous metal waste. The government is also focusing on the chemical, coal, non-ferrous metallurgy, machinery, building materials, furniture, and light industries to stimulate economic growth and improve industry standards.
Overall, Kazakhstan’s ambitious plans for economic development through these projects highlight the country’s commitment to strengthening its industrial sectors, creating job opportunities, and boosting exports for sustainable growth in the coming years.
