Prime Minister Olzhas Bektenov outlined plans for the launch of over 40 major projects with foreign participation in Kazakhstan throughout 2024 in a recent meeting of the Board of Directors of NC Kazakh Invest, the official information source of the Prime Minister of Kazakhstan reported. The meeting, which assessed the current activities of the national company and outlined future strategies, shed light on Kazakhstan's growing appeal to international investors.
Kazakh Invest, the national investment promotion agency, currently backs 200 projects valued at $27.3bn, contributing to the creation of 68,800 jobs within the country. The impending launch of over 40 additional projects with foreign collaboration underscores Kazakhstan's commitment to fostering a vibrant investment landscape and stimulating economic growth.
Among the standout ventures slated for 2024 is the establishment of a medical equipment manufacturing facility by the renowned American company, GE Healthcare, in Astana. This facility aims to localize the production of essential medical devices such as ultrasound and CT machines. Not only will this endeavor cater to the needs of Kazakhstan's healthcare sector, but it also sets the stage for potential exports to neighboring nations. Furthermore, GE Healthcare plans to institute educational programs aimed at enhancing the skill sets of healthcare professionals in the region.
In addition, the Swiss pharmaceutical giant Roche is set to inaugurate a facility for the production of anticancer drugs in Almaty. With an eye on future export opportunities, this project holds promise for bolstering Kazakhstan's pharmaceutical industry and advancing healthcare capabilities.
Meanwhile, Austrian firm Lasselsberger is poised to establish a manufacturing hub in Astana, focusing on the production of ceramic tiles, dry building mixes, and construction adhesives. This initiative not only promises to create over 200 job opportunities but also aims to reduce the country's reliance on imports for these essential construction materials.
In alignment with the directives of Prime Minister Bektenov, Kazakh Invest is gearing up to attract investors to key sectors such as deep grain processing, the production of high-demand plastics, and the localization of oil and gas equipment. These efforts are aimed at fostering economic diversification and enhancing Kazakhstan's competitiveness on the global stage.
"The Head of State has set a task to increase the volume of the economy to $450bn by 2029. At least $150bn of foreign investment must be attracted during this period. In this regard, every effort should be made to find and attract major investors to our country. Bold and non-standard solutions are needed," Prime Minister Bektenov emphasized, highlighting the government's overarching economic targets.
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