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 for foreign journalists in Astana that the President of Kazakhstan has initiated four large infrastructure projects for 2024. These projects aim to boost the country’s economy and drive growth. The first project focuses on the development of the road network, with plans to build and repair over 12,000 kilometers of roads. This project also includes the modernization of utility networks, such as heat sources and utility networks spanning at least 6,500 kilometers.

Another key initiative is the launch of a new housing program to increase the volume of rental housing. As part of this program, at least 1,700 kilometers of gas networks will undergo modernization 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 the manufacturing sector. Investors will be granted a three-year tax holiday and other stimulus measures to encourage business growth and access to bank loans. These initiatives are part of a comprehensive strategy to drive economic development and create a more sustainable future for Kazakhstan.

The President’s plans for infrastructure development show a commitment towards improving connectivity within Kazakhstan and ensuring that its citizens have access to basic necessities like heat sources and utilities. The housing program aims towards providing affordable housing options for people while increasing investment in manufacturing sector will help boost economy by creating job opportunities.

Erlan Karin also highlighted that these initiatives are part of a larger effort by Kazakhstan’s government to promote sustainable economic growth and reduce reliance on commodity exports.

Overall, these four large infrastructure projects demonstrate Kazakhstan’s determination towards achieving long-term economic success through strategic investments in infrastructure and industry diversification efforts.

In summary, Kazakhstan has initiated four large infrastructure projects in order to boost its economy and drive growth in 2024. These projects include road network development as well as modernization of utility networks such as heat sources and utility networks spanning at least 6,500 kilometers. Additionally, there is a new housing program which aims towards increasing rental housing volumes with at least 17 kilometers of gas networks undergoing modernization which will ensure access to gas for over 3 lakhs citizens. To achieve this ambitious goal

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