Kazakhstan elaborates on industrial development
Attraction of investments and promotion of domestic products to foreign market - these are the main priorities of Kazakhstan in its efforts to boost industrial development. Today, the republic is ranked 53rd among the exporting countries. According to the data provided by the Kazakh Ministry of Investment, the manufacturing goods are exported to 122 countries. In the first 11 months of 2017, exports grew more than 31.5 percent, and exceeded U.S. $43 billion. Imports increased 15.8 percent. Half of Kazakhstan's products are exported to the European Union, 12 percent goes to China, and 5 percent is shipped to the Central Asian countries. Kazakhstan is one of the world’s leading exporters of uranium, copper, titanium, ferroalloys, yellow phosphorus, flour, wheat and other products.
“Direct foreign investments in the Kazakh manufacturing industry in 9 months of 2017 increased to 24% from 19.4% of the same period in 2016. Foreign investment is moving at a faster pace to the manufacturing sector. This is a fairly positive trend,” commented Kazakhstan’s investment and development minister Zhenis Kassymbek.
This year, 150 new industrial projects worth a trillion tenge will be launched across the country. Construction of seven more manufacturing plants worth U.S. $300 million is well under way. Large international companies are expressing interest in investing in Kazakhstan. Leading American oil and gas machinery and equipment manufacturing company is entering the domestic market. Now together with the Kazakh partners it realizes the project in Atyrau region.
“Work continues on 51 Kazakh-Chinese industrial projects. Four projects have been launched, this year we plan to put into operation six facilities worth $363 million and start construction of five facilities worth $623 million. In total, there are 51 of them, the total cost is about 27 billion dollars,” Kassymbek noted.
According to Minister Zhenis Kassymbek, development of the investment brand of Kazakhstan is at the completion stage. Astana will host a major international forum. It will expand the opportunities for attracting foreign capital into the country, the minister believes.
