Kazakhstan Set to Double Economic Output to $490 Billion by 2029

ASTANA – The Kazakh government is assigned to double the volume of the country’s economy to $490 billion by 2029, Prime Minister Alikhan Smailov said at a Nov. 25 interim session of the Foreign Investors’ Council, dedicated to measures and proposals to improve the investment climate in Kazakhstan, reported the Prime Minister’s press service.

Photo credit: primeminister.kz.

During the same period, Kazakhstan plans to attract at least $150 billion of foreign investment, particularly through the introduction of environmental, social and governance (ESG) principles.

The Prime Minister assured that the government will maintain economic growth dynamics and improve the investment climate, urging foreign partners to invest in Kazakhstan’s projects.

According to Smailov, the next plenary meeting of the Foreign Investors’ Council will be devoted to Kazakhstan’s New Industrialization, in line with President Kassym-Jomart Tokayev’s address.

Photo credit: primeminister.kz.

“The government aims to increase investment, transfer advanced technologies, localize production and create high value-added clusters, focusing on accelerated development of the manufacturing sector,” he said.

A legislative framework and institutional environment have been created for this, as evidenced by the adoption of the law on industrial policy and the formation of a new Ministry of Industry and Construction.

Representatives of Ernst & Young, TotalEnergies, Knauf, KPMG and heads of Kazakhstan’s central government bodies delivered their remarks at the session.

Smailov presented letters of gratitude for contribution to the Foreign Investors’ Council and Kazakhstan’s investment climate to Coca Cola Içecek Kazakhstan, Microsoft, Baker & McKenzie, Cameco Kazakhstan, Chevron Corporation, Deloitte, Exxon Mobil, Glencore, Marubeni and other companies.

The Prime Minister appreciated collaborative efforts that resulted in new production facilities, major projects, and most importantly, thousands of jobs.

As a consultative and advisory body under the President, the Foreign Investors’ Council aims to develop recommendations and proposals to determine the main directions of Kazakhstan’s investment policy, improve the investment climate and enhance the regulatory legal framework on investments.

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