ASTANA – Kazakhstan’s mechanical engineering sector attracted approximately 108.2 billion tenge (US$221.1 million) in investments in the first nine months of 2024, which is 2.2 times more than the same period last year, as was reported during an Oct. 29 government meeting chaired by Prime Minister Olzhas Bektenov.
Olzhas Bektenov chairs a government meeting dedicated to the mechanical engineering industry. Photo credit: primeminister.kz
According to the Prime Minister’s press service, mechanical engineering contributed 1.9% to Kazakhstan’s GDP in 2023, witnessing increased production volume and positive dynamics in attracting investment.
One of the key issues in the sector is modernizing equipment for economic diversification. Bektenov underscored the importance of using the potential of domestic mechanical engineering and introducing new technologies.
According to Bektenov, work is underway to establish cluster production in the automotive industry, which promotes the development of related industries and opens new opportunities for the sector.
In the next five years, funding allocations include 600 billion tenge (US$1.2 billion) through the Industrial Development Fund for new projects and modernization of existing ones, alongside 50 billion tenge (US$102.2 million) through DAMU, enabling commercial banks to finance small and medium-sized businesses with nearly 370 billion tenge (US$756.3 million).
Meiram Pshembayev, the chairman of Kazakhstan’s Union of Mechanical Engineers, highlighted the goal of doubling labor productivity by 2029.
“Higher productivity can be achieved by 2029 through the use of robotic systems in production, as clearly demonstrated by developed economies. We propose incorporating robotic systems into the State Planning System, establishing clear productivity growth indicators and state-supported mechanisms,” he noted.
