Prime Minister Olzhas Bektenov commented on the goals announced by President Kassym-Jomart Tokayev to double Kazakhstan's Gross Domestic Product (GDP) — from $286 billion in 2024 to $450 billion by 2029.
"The task is ambitious, but achievable. Last year, the volume of GDP stood at $286 billion. This year, taking into account economic growth indicators, we expect to pass the $300 billion mark. Provided we ensure dynamic economic growth in subsequent years, we are quite capable of reaching $450 billion," the government press service reported, citing Bektenov.
According to him, extensive work is being carried out to develop industrial potential, diversify the economy, and launch high-value-added production facilities.
Olzhas Bektenov noted that a significant volume of investment is provided through the instruments of the Baiterek holding company, including under a new programme worth approximately 8 trillion tenge. In the coming years, it is planned to launch 190 industrial projects worth 1.5 trillion tenge.
The government has also outlined key areas for stimulating economic growth:
- oil refining and petrochemistry;
- modernisation of metallurgy;
- development of housing, utilities, and energy infrastructure;
- increasing the extraction of mineral resources, including rare earth metals;
- support for agriculture and the agro-industrial complex.
It is stated that special attention will be paid to transport and industrial infrastructure as part of the implementation of the National Infrastructure Plan.
It is reported that, starting from 2025, the country has begun implementing 17 major investment projects, including:
- automobile plants;
- production of butadiene, ammonia, and carbamide (urea);
- a metallurgical cluster and a new copper smelter;
- expansion of production capacities at the Shymkent oil refinery.
Recall that earlier at a government meeting, it was announced that over the past six months the country's GDP indicator had reached 6.2%. Growth is noted in the construction, trade, industry, and communications sectors.