A substantial 5.1% economic growth in Kazakhstan with foreign direct investment (FDI), reaching $19.7bn in the first nine months of 2023, was emphasized by Prime Minister Alikhan Smailov on January 22, Akorda reported. President Kassym-Jomart Tokayev and Prime Minister Alikhan Smailov disclosed key economic achievements during their meeting, highlighting Kazakhstan's resilient growth in 2023 amidst global challenges.
The substantial FDI played a vital role in supporting economic development and contributing to the overall growth of the country. The total volume of investments in fixed capital also saw a remarkable increase, surging by 13.7% to reach $39.5bn.
A noteworthy milestone was the increase in employment within small and medium-sized businesses, which grew by 14%, adding 500,000 people to the workforce and bringing the total number of employees to 4.3 mn. Through collaborative efforts between the Government, the National Bank, and regional akims, inflation was successfully halved to 9.8%. Foreign trade turnover also experienced positive growth, rising by 2.2% to reach $126bn, and the trade balance saw a surplus exceeding $16bn.
The president was briefed on the timely and complete fulfillment of all social obligations by the Government. Notably, joint pensions received a 10.5% indexation last year, followed by an additional 9% increase at the beginning of this year. Benefits for individuals with disabilities and survivors also rose by 23%. Social support now extends to 4.5 mn Kazakhstani citizens, with an allocation of KZT 4.6 trillion ($10.1bn).
Kazakhstan's commitment to economic development is evident in the ongoing implementation of the Unified Pool of Investment Projects. In 2023, 298 projects valued at KZT 1.8 trillion ($4bn) were launched, and the plan for 2024 includes 326 projects worth KZT 3.8 trillion ($8.4bn), with a significant focus on the manufacturing industry.
Prime Minister Alikhan Smailov outlined various measures aimed at fostering entrepreneurship, improving the investment climate, and implementing reforms in the energy, construction, and agro-industrial sectors. The agenda also included discussions on modernizing housing and communal infrastructure, enhancing service quality for the population, and updates on the National Fund for Children project, the Keleshek unified savings system, and progress in healthcare and tourism.
Following the meeting, President Tokayev issued several directives to guide the nation's continued socio-economic development, emphasizing the importance of sustained growth, job creation, and the well-being of the population.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)