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    Kazakhstan

    Kazakhstan aims to double GDP to $450bn by 2029

    Kazakhstan aims to double GDP to $450bn by 2029

    Kazakhstan’s Prime Minister Olzhas Bektenov reaffirmed the government's commitment to doubling the country’s GDP by 2029, calling it “an ambitious but achievable goal” during a press briefing following a Cabinet meeting.

    Source: Official Information Source of the Prime minister of Kazakhstan
    Source: Official Information Source of the Prime minister of Kazakhstan

     

    Responding to questions about President Kassym-Jomart Tokayev’s directive to expand the economy to $450bn, Bektenov noted that the country had already made significant strides. 

    “Last year, GDP reached $286bn. This year, given current economic growth trends, we expect to surpass the $300bn mark,” he said. “If we maintain dynamic growth in the coming years, we are fully capable of reaching $450bn.”

    The Prime Minister highlighted a series of major economic initiatives aimed at achieving this goal. These include a nationwide program launched through the Baiterek holding to attract KZT 8 trillion ($15bn) in new investments. The government also plans to implement 190 industrial projects worth KZT 1.5 trillion ($2.8bn).

    To diversify the economy and boost industrial output, the government is focusing on sectors such as oil refining, metallurgy, utility upgrades, electricity generation, and agriculture. Special emphasis is also being placed on rare earth metals and emerging industries like petrochemicals, automotive manufacturing, railway engineering, and fertilizer production.

    Infrastructure development will support these efforts. The National Infrastructure Plan is central to creating growth points through industrial and transport connectivity. New projects in both manufacturing and agribusiness are being launched annually.

    Bektenov also announced that funding for priority sectors is being significantly scaled up. Seventeen major projects are already underway, with new production facilities expected to be operational by 2029. These include automotive plants, chemical manufacturing sites for butadiene, ammonia, and urea, a metallurgical cluster, a copper smelting plant, and the expansion of the Shymkent Oil Refinery.

     

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    16 July, 14:30   Comments (0)   443
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