Kazakhstan Overcomes Challenges for Economic Growth
Kazakhstan continues to see steady economic growth despite challenges in certain industries, as highlighted by Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov. In a recent interview with Primeminister.kz, Baibazarov discussed various initiatives aimed at sustaining and boosting the country’s economic development.
One of the key areas of focus mentioned by Baibazarov is investment attraction, with over 200 projects planned to receive investments exceeding 40 trillion tenge ($86 billion) by 2029. These investments, both domestic and external, are crucial for the successful execution of Kazakhstan’s ambitious national infrastructure plan.
Baibazarov also emphasized the importance of industrial projects in boosting the manufacturing sector, with a particular focus on projects in metallurgy, oil and gas chemistry, the chemical industry, mechanical engineering, and tourism. Investments in these projects are estimated to total 15 trillion tenge ($32 billion) and are expected to drive growth and innovation in the manufacturing sector.
Furthermore, Baibazarov discussed the government’s support for the agro-industrial complex through preferential credit conditions and leasing programs. This support aims to enhance agricultural production by providing farmers with access to modern agricultural machinery and equipment.
In addition to these initiatives, Baibazarov highlighted President Kassym-Jomart Tokayev’s recent decree on economic liberalization, which aims to reduce government interference and promote competition in the economy. The establishment of the National Office for Privatization at the Kazakh Agency for Protection and Promotion of Competition is a key step in facilitating the privatization of state assets and fostering a more competitive market environment.
Overall, Kazakhstan’s economic outlook remains positive, with the government’s strategic initiatives and investment plans set to drive growth and development across various sectors. By focusing on infrastructure development, industrial projects, support for agriculture, and economic liberalization, Kazakhstan is positioning itself for sustainable economic growth and prosperity in the years to come.
