ASTANA – President Kassym-Jomart Tokayev outlined economic diversification and advancing infrastructure development as key priorities for the government during an expanded government meeting on Jan. 28, reported Akorda.
Kassym-Jomart Tokayev. Photo credit: Akorda
Economic diversification
Tokayev noted that in 2024, 180 investment projects worth 1.3 trillion tenge (US$2.4 billion) were implemented in the manufacturing industry. As a result, the sector grew by nearly 6%, the highest figure in the last ten years. He urged the government to sustain this trend by attracting high-quality investments.
Foreign direct investment fell by 36% in the first nine months of 2024 compared to the previous year, totaling $12.7 billion. Tokayev emphasized the importance of creating a holistic ecosystem to strengthen the search for, support of, and protection of investors at all levels.
The work to launch large-scale industrial products is moving too slowly, Tokayev said, suggesting that these efforts should be “aligned” with the work to recover assets that were illegally taken abroad.
He instructed the government to finalize a work plan to support promising medium-sized enterprises by June. Tokayev also underscored Kazakhstan’s potential in rare and rare-earth metals, such as lithium, calling for investments and technologies to bolster extraction and processing in this sector.
The President called for continued reforms in subsoil use rights and legislative support for a unified platform to streamline these processes. He also advocated integrating “technologically complex oilfields” and shale oil reserves into the economy.
Tokayev emphasized enhancing economic ties with neighbors, particularly in the Eurasian Economic Union (EAEU) and Central Asia.
“In addition, it is necessary to keep under special control the progress of major investment projects with China, Russia, the United States, EU countries, the Middle East, Asia, and many others,” he said.
Tokayev also identified tourism as a potential driver of economic growth, calling for an urgent start to building the necessary infrastructure, including the involvement of private investors.
Transportation and logistics
In transportation, Tokayev highlighted the need to accelerate the development of the Trans-Kazakhstan railway corridor, which will become a key link in the Middle Corridor, with a focus on key projects such as the Moiynty-Kyzylzhar railway line and the modernization of routes connecting Kyzylzhar station to the Aktau port.
He also proposed expanding the Altynkol-Zhetygen section to significantly boost the potential of the transport corridor between China and Central Asia. Enhancing multimodal transport hubs to integrate various transport modes was another priority.
Tokayev underlined the urgency of establishing an international air hub in Kazakhstan, simplifying cargo handling procedures, and addressing the high cost of aviation fuel. He tasked the Antimonopoly Agency and the government to resolve these issues in the first half of the year.
