Kazakhstan Set to Launch $3.3 Billion Manufacturing Projects
Kazakhstan Announces Plans to Implement 180 New Projects Valued at $3.3 Billion
In a recent meeting of the Council of Domestic Entrepreneurs in Astana, Prime Minister Alikhan Smailov announced that Kazakhstan is set to implement 180 new projects this year, valued at 1.5 trillion tenge ($3.3 billion). These projects are expected to generate over 18,000 jobs, contributing to the country’s economic growth and development.
Some of the key projects include the construction of a ferroalloy plant and a forging and banding complex in the Pavlodar Region, the production of truck components using iron casting in the Kostanai Region, the establishment of factories for household appliance production in the Almaty Region, and the production of components for wind power plants in the Karagandy Region.
The meeting emphasized the importance of developing import substitution and enhancing Kazakhstan’s export potential in goods and services. Minister of Industry and Construction Kanat Sharlapayev reported that the foreign trade turnover of the manufacturing industry increased by 12% to $74.2 billion in the last 11 months of the previous year.
To stimulate import substitution, the government has launched a mechanism to supply raw materials to domestic processors at affordable prices, with agreements in place for aluminum, copper, and lead. This initiative aims to deepen processing and diversify the range of goods produced within the country.
The Prime Minister stressed the importance of an integrated approach to the development of import substitution and cited the government’s adoption of a program for developing intra-country value and export-oriented production. He highlighted the need for accessible financing, including through extra-budgetary sources and the expansion of guarantee mechanisms, to increase the localization of production and empower enterprises to successfully compete with foreign suppliers.
Overall, these new projects and initiatives demonstrate Kazakhstan’s commitment to strengthening its manufacturing sector, boosting economic growth, and creating job opportunities for its citizens.
