ALMATY – Kazakhstan presented its policy of proactive economic growth to US investors during a business roundtable organized by the business council (USKZBC) at the United States Chamber of Commerce in Washington on Oct. 15.
Photo credit: primeminister.kz
The event took place on the eve of the annual meetings of the World Bank and the International Monetary Fund, reported the Prime Minister’s press service.
Zhumangarin noted that Kazakhstan and the U.S. maintain a high level of economic partnership, with more than 600 enterprises operating in Kazakhstan.
“Our GDP this year will exceed $330 billion, representing 60% of Central Asia’s economy. In 2024, GDP per capita surpassed $14,000, or $44,000 in purchasing power parity terms. Our medium-term goal is to reach $450 billion by 2029,” he said.
He highlighted that over the past two decades, Kazakhstan has attracted over $400 billion in foreign direct investment, much of which now targets non-extractive industries such as manufacturing, finance, construction, and transport.
According to him, Kazakhstan’s economy has maintained steady growth above 5% for three consecutive years – 5.1% in 2023, 5% in 2024, and 6.3% in January-September 2025.
Zhumangarin introduced the government’s new proactive economic growth policy, aimed at sustaining annual growth of 5–6% through strong development institutions and large-scale financing for high-value-added export projects in manufacturing and agriculture. The cumulative investment potential of these sectors exceeds $100 billion.
He also pointed to new growth areas such as railway and automotive engineering, fertilizer production, waste processing, rare-earth minerals, and energy and utility infrastructure projects valued at around $100 billion over the next five years.
“We invite leading international companies with advanced expertise to participate in Kazakhstan’s transformation,” he said.
During the Washington visit, Zhumangarin and Deputy Chief of the Presidential Administration Yerbolat Dossaev met with Stacey Bernards, Senior Vice President of Honeywell.
The Kazakh side commended Honeywell’s longstanding partnership and commitment to Kazakhstan, where the company has operated since 1998 and has implemented more than 500 projects.
Dossaev highlighted Kazakhstan’s economic transformation toward a diversified, green, and technology-driven economy, and expressed interest in expanding Honeywell’s local production and technology transfer.
He proposed that Honeywell establish a regional hub in Kazakhstan, which could serve Central Asia, the Caucasus, Azerbaijan, and other neighboring markets.
The sides also discussed potential cooperation in industrial safety systems, gas monitoring, energy efficiency, emission reduction, and energy storage, as well as integration of AI-driven solutions into process management systems at oil and gas facilities.
The meetings reaffirmed the shared commitment of Kazakhstan and the U.S. to deepen economic and technological cooperation, marking a new phase in bilateral business relations and positioning Kazakhstan as a key hub for innovation and sustainable growth in Eurasia.
