May 24, 2024 1:33 am
Kazakhstan aims to double GDP to $450 billion by 2029, says State Counsellor Erlan Karin

Kazakhstan’s State Counsellor, Erlan Karin, announced during a briefing with foreign journalists that the President of Kazakhstan has launched four major infrastructure projects for 2024. These projects aim to stimulate the country’s economy and promote growth. The first project focuses on improving the road network, with plans to build and repair over 12,000 kilometers of roads. Additionally, this project includes modernizing utility networks such as heat sources and utility networks spanning at least 6,500 kilometers.

Another key initiative is the introduction of a new housing program aimed at increasing rental housing volume. Under this program, at least 1,700 kilometers of gas networks will be modernized to ensure access to gas for more than 300,000 citizens. Erlan Karin emphasized that the ultimate goal is to double the country’s GDP to $450 billion by 2029.

To achieve this ambitious goal, the President has introduced new measures to diversify the economy. One such measure includes offering incentives for investors to focus on manufacturing sector growth. Investors will receive a three-year tax holiday and other stimulus measures in exchange for their commitment to business expansion and access to bank loans. These initiatives are part of a comprehensive strategy aimed at promoting economic development and creating a more sustainable future for Kazakhstan.

In conclusion, these infrastructure projects are expected to drive economic growth in Kazakhstan by boosting its GDP and improving its overall economic stability. By diversifying its economy through initiatives like these, Kazakhstan is positioning itself as an attractive destination for investors looking for long-term growth opportunities in Central Asia.

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