Kazakhstan’s GDP growth reached 4.8 percent in 2024, with a significant
increase observed in agriculture, construction, trade, and transport. Most
importantly, the volume of manufacturing industry grew by almost six percent.
This sector should become one of the drivers of the domestic economy. The
results of the country’s socio-economic development over the past year were
summarized at an extended government meeting chaired by Kazakh President
Kassym-Jomart Tokayev. The Head of State outlined the main areas of work for
the upcoming period. The government will have to make difficult decisions to
prevent stagnation and ensure sustainable economic development, which can be
achieved through diversification. It is strategically important to focus on
high-quality investments, including in geological exploration, and to provide
additional incentives for investors.
«The government needs to create a cohesive ecosystem that
will enhance the search, support, and protection of investors at all levels –
abroad, in the regions, and at the central level. This policy applies to both
foreign and domestic investors. Furthermore, investors receiving government
support should be required to make reasonable reciprocal commitments, such as
preserving jobs, modernizing production, and complying with environmental
standards,» Tokayev noted.
The Head of State also instructed that complex oil fields
and shale oil reserves be included in the development. For investors showing
interest, the government will need to implement state support measures.
Meanwhile, he emphasized the need to enhance the region’s competitive
advantages. To this end, the government should foster mutually beneficial ties
with Central Asian countries and the EAEU. President Tokayev also highlighted
the importance of advancing infrastructure development to a new level. The government
has been instructed to begin construction of a new railway line,
«Moiynty-Kyzylzhar», and to modernize the main route from Kyzylzhar to the port
of Aktau. The development of the sector will also be supported by the launch of
multimodal transport hubs and a green corridor for road transport.
«The successful development of logistics is impossible
without the implementation of modern technologies. Therefore, warehouse
automation, route digitalization, and the use of artificial intelligence in
transportation flow management should remain a constant focus of the
Government’s attention. Another urgent task is the creation of an international
air hub on the territory of our country. Decisive measures must be taken to
transform our major airports into internationally competitive hubs,» Tokayev
added.
Economic progress cannot be achieved without a focus on
energy. Therefore, outdated thermal power plants should be replaced by
innovative coal-fired stations, and the construction of Kazakhstan’s first
nuclear power plant must be accelerated. The Head of State instructed the government
and Samruk Kazyna to create long-term plans for the development of the nuclear
sector and, together with the Parliament, to propose sites for the construction
of a second nuclear power plant. Additionally, in the context of shaping a new
technological landscape, President Tokayev emphasized the importance of
digitalization. The Cabinet of Ministers will need to begin implementing
artificial intelligence tools in government agencies and national companies.
Meanwhile, financial regulators will urgently focus on creating a legislative
framework for the legalization of cryptocurrencies in the country and bringing
them out of the «gray zone».
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