Prime Minister Olzhas Bektenov, speaking at a briefing following the Government meeting, addressed journalists’ questions regarding the Head of State’s goal to grow Kazakhstan’s economy to $450 billion by 2029, primeminister.kz reports.
This is an ambitious but achievable goal. Last year, GDP reached $286 billion. This year, given current economic growth trends, we expect to surpass the $300 billion mark. If we maintain dynamic growth in the coming years, we are fully capable of reaching $450 billion. Significant work is underway to develop the country's industrial potential, diversify the economy, and advance high-value-added industries so that more revenue and foreign currency remain in the country. A large-scale program has been launched through the Baiterek holding, which aims to attract an additional 8 trillion tenge in investments into the economy. We are planning the launch of 190 industrial projects worth 1.5 trillion tenge. If we stay on this course, we can definitely reach our target," Bektenov stated.
The Government has outlined several key areas to drive economic growth, including oil refining, modernization of the metallurgy sector, upgrades to utility infrastructure, electricity generation, agriculture, and the expansion of the country’s mineral resource base, particularly rare earth metals. Promising new sectors include petrochemicals, automotive manufacturing, railway engineering, and fertilizer production. Every year, new projects are launched in both manufacturing and agribusiness. Growth points will be supported by relevant industrial and transport infrastructure, with the National Infrastructure Plan playing a central role.
Additionally, starting this year, funding for priority sectors is being significantly increased through Baiterek. Seventeen large-scale projects have already begun, with new facilities set to launch by 2029. These include automotive plants, butadiene, ammonia, and urea production facilities in the chemical industry, a metallurgical cluster, a copper smelting plant, and an expansion of the Shymkent Oil Refinery.
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