In a high-level meeting held on September 18, Kazakh Prime Minister Alikhan Smailov made a compelling case for the immediate need to secure substantial investments to invigorate the country's economy. Smailov stressed the urgency of attracting a minimum of 18.5 trillion tenge ($39.5 bn) in fixed assets within this year. His call to action underscores the pressing demand for job creation and economic growth amid concerns about sluggish government progress.
Minister of National Economy Alibek Kuantyrov presented a report detailing the current state of investments in fixed assets. As per Kuantyrov, over the first eight months of the year, Kazakhstan saw investments in fixed assets reach a total of 9.6 trillion tenge ($20.5 bn). This marked a noteworthy increase of 12.2% compared to the same period in the previous year. However, Prime Minister Smailov pointed out that this figure only represents 52% of the annual investment target, revealing a significant shortfall.
One of the key issues highlighted by Smailov was the delay in resolving infrastructure challenges, which, in turn, has stalled the launch of a hydrometallurgical processing plant for raw copper concentrates valued at 11 bn tenge ($23.5 mn) in the Ulytau Region. This setback has had adverse repercussions on the region's economic progress.
Smailov also expressed his dissatisfaction with the performance of the Almaty city administration, citing a failure to materialize over 200 bn tenge ($427.9 mn) that could have been invested in the city's real economy. This unutilized potential represents a significant missed opportunity for economic growth.
The Prime Minister voiced his concerns about the sluggish pace of various other vital projects, including a food production plant in the Almaty Region, an international school with a capacity of 4,000 students in Astana, and a biotechnological drug production enterprise. These projects, if executed effectively, have the potential to create jobs and boost the well-being of Kazakh citizens.
In response to these challenges, Smailov outlined a series of measures to expedite the implementation of investment projects. He instructed the Ministry of Foreign Affairs to take on a more prominent coordinating role in attracting large-scale investors to Kazakhstan. Additionally, he called for a heightened focus on the work of Kazakh Invest, a government agency responsible for promoting investment, and urged the country's diplomatic missions abroad to intensify their efforts in attracting potential investors.
The urgency of Prime Minister Smailov's call for increased investment underscores the importance of jumpstarting economic growth and job creation in Kazakhstan. The government's commitment to addressing these issues is evident, and it remains to be seen how swiftly and effectively these measures will be implemented to spur the country's economic development.
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