ASTANA – President Kassym-Jomart Tokayev signed a decree approving Kazakhstan’s National Development Plan until 2029, dated July 30, reported online.zakon.kz.
Photo credit: Akorda
The document focuses on improving the population’s well-being and building an inclusive society. It strongly emphasizes increasing investments in fixed capital and boosting the production of high—and medium-value-added goods.
The plan outlines five principles of economic transformation. The first aims to liberalize the economy and stimulate competition, enhancing global competitiveness and improving the quality of goods and services.
The second one focuses on protecting and developing entrepreneurship. It advocates for a clear, predictable, and attractive economic policy for investors, which will provide the economy with sufficient investment for growth.
The third principle underscores the importance of unlocking the potential of Kazakh citizens, prioritizing quality education and supporting entrepreneurial and creative initiatives.
The fourth aims to increase the economy’s productivity and complexity by expanding innovative activities and modernizing and digitizing industries and enterprises.
The last one addresses the need to prevent critical development gaps between regions and create conditions that allow regions to realize their economic potential and gain greater economic independence.
The plan also aims to accelerate progress toward achieving the Sustainable Development Goals, which are part of the UN’s agenda through 2030.
At the same time, it does not set the task of providing a comprehensive list of measures for the coming years and, therefore, does not limit the government and relevant bodies to choose the instruments needed to achieve the goals.
The plan outlines a fiscal policy that gradually reduces the non-oil deficit relative to GDP to 5.5% by 2029. Additionally, the share of expenses for servicing government debt should be at most 10% of the total national budget expenditure until 2029.
