Kazakhstan, under the leadership of Prime Minister Alikhan Smailov, has announced an ambitious plan to implement 180 new projects in 2024. The projects, valued at KZT 1.5 trillion ($3.3bn), are expected to generate over 18,000 jobs.
Key projects
The projects span across various regions and industries in the country. In the Pavlodar Region, a state-of-the-art ferroalloy plant and a forging and banding complex are planned. The Kostanai Region will see the production of truck components using iron casting. Factories for household appliance production are set to be established in the Almaty Region, and components for wind power plants will be produced in the Karaganda Region.
Focus on import substitution and export potential
The Council of Domestic Entrepreneurs meeting, chaired by Prime Minister Smailov, focused on developing import substitution and enhancing Kazakhstan’s export potential in goods and services. The Prime Minister acknowledged the growth in manufacturing exports in recent years, emphasizing the country’s potential to organize local production of a significant part of imported goods.
Trade turnover and agreements
Kanat Sharlapaev, the Minister of Industry and Construction, reported that the foreign trade turnover of the manufacturing industry increased by 12% to $74.2bn in the 11M of 2023. Kazakh manufacturers concluded 179 long-term agreements and off-take contracts with large customers worth KZT 66bn ($146.5mn).
Stimulating import substitution
To stimulate import substitution, a mechanism has been launched to supply raw materials to domestic processors at affordable prices. This mechanism, which already has 25 agreements in place for aluminum, copper, and lead, aims to deepen processing and diversify the range of goods produced within the country.
Government support for investment projects
The government also supports investment projects in the manufacturing sector. At the end of the previous year, 170 projects worth KZT 930bn ($2bn) were launched, creating over 12,000 permanent jobs. These projects led to the establishment of the production of paints, varnishes, fittings, workwear, medical furniture, thermal insulation materials, and elevators.
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