Kazakhstan: Driving Forward with Ambitious GDP Goals through Infrastructure and Economic Diversification

Kazakhstan’s economy aims to double GDP to $450 billion by 2029, says State Counsellor Erlan Karin.

During a recent meeting with foreign journalists in Astana, State Counsellor of Kazakhstan Erlan Karin revealed that the country’s President has set a major goal of doubling its GDP to $450 billion by 2029. To achieve this ambitious objective, four large infrastructure projects have been launched for 2024.

The first project focuses on enhancing the nation’s road network, with plans to construct and repair over 12,000 kilometers of roads. In addition to this, the modernization of utility networks is also part of the project. This includes the development of 55 heat sources and at least 6,500 kilometers of utility networks. Furthermore, a new housing program will be initiated to increase the availability of rental housing and modernize at least 1,700 kilometers of gas networks.

Erlan Karin emphasized the importance of diversifying the economy in order to meet the set target. New initiatives have been introduced to encourage investors to concentrate on the manufacturing sector. These initiatives include a three-year tax holiday along with other measures aimed at stimulating business growth and providing access to bank loans. By bolstering economic growth through these measures, Kazakhstan is paving the way towards achieving its ambitious GDP target set by its President.

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