Kazakhstan’s Small and Medium-sized Enterprise Count Reaches Two Million
The number of small and medium-sized businesses (SMEs) in Kazakhstan has seen a significant increase, according to Minister of National Economy Alibek Kuantyrov. The minister announced at a government meeting on July 4 that the number of SMEs has grown by 23.4% to almost two million.
Additionally, the number of people employed in SMEs has also risen by over 18% to reach 4.1 million. This accounts for approximately 40% of the total workforce in the country.
The share of SMEs in the economy has also experienced growth, increasing from 33.3% to 36.5%. Moreover, the volume of output by SMEs has surged by 28% to surpass 59 trillion tenge ($132.4 billion).
Minister Kuantyrov highlighted the importance of entrepreneurship in the sustainable development of the economy. He emphasized that SMEs are capable of adapting to changing market conditions and achieving independent growth. Creating a favorable business climate is a top priority for the government, as it serves as the foundation for macroeconomic stability.
Despite challenging external conditions, Kazakhstan’s real GDP demonstrated growth of 3.3% last year, as noted by Minister Kuantyrov.
This significant increase in the number of SMEs and their contributions to employment and output reflects the positive developments in Kazakhstan’s business landscape. The government’s efforts to promote entrepreneurship and create a favorable business environment have played a crucial role in driving these advancements. With SMEs becoming increasingly important for the economy, it is expected that their growth will continue to contribute to the country’s overall prosperity.
