Kazakhstan Set to Launch 170 New Investment Projects Worth $2.2 Billion

ASTANA – Kazakhstan plans to launch 170 new investment projects in the industry worth one trillion tenge ($2.2 billion) this year, said Prime Minister Alikhan Smailov at an April 19 meeting on the country’s socio-economic development chaired by President Kassym-Jomart Tokayev, the Prime Minister’s press service reported.

Alikhan Smailov. Photo credit: primeminister.kz

“We are working on a nationwide pool of 873 investment projects worth 28.1 trillion tenge ($62.1 billion). At the same time, 24 foreign companies have moved to Kazakhstan, while 43 more are in the process of relocation. 170 new investment projects in the industry would create around 15,000 new jobs,” said Smailov.

Sanctions, the breakdown of supply chains, rising inflation, and food prices have had a major impact on the global economic slowdown. 

Kazakhstan’s economy has adapted to these adverse external conditions, said Smailov, maintaining its steady economic growth. In the first three months of this year, economic growth reached 4.9 percent. 

The country witnessed positive dynamics in all major sectors, with a 16 percent increase in construction, a 12 percent increase in trade, an 8 percent increase in transport, and a 5.4 percent increase in the manufacturing industry.

Fixed capital investment grew by 16 percent over the past three months. Kazakhstan’s economy plans to attract 18.3 trillion tenge ($40.5 billion).

Smailov outlined plans to launch several projects to increase petroleum production, an issue of particular concern for Kazakh citizens.

The Prime Minister focused on the measures the government and the National Bank of Kazakhstan are taking together to curb inflation, stressing the task given by Tokayev to reduce it twofold this year.

“In March, inflation in Kazakhstan slowed to an 18.1 percent annual rate. Over the past four weeks, inflation for socially important food products has not been recorded,” Smailov noted.

He added that the country had implemented a program that increased the wages of more than three million people and social benefits for 4.4 million people this year.

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