The global economy needs new
development paradigms, especially now, when the world is facing unprecedented
uncertainty fueled by geopolitical turbulence and economic upheavals. This was stated
by Kazakh President Kassym-Jomart Tokayev at the opening of the 23rd Boao Forum
for Asia. The Head of State emphasized that, nowadays, Asia is the most sustainable
region in the world and is expected to contribute 60 percent of global GDP
growth this year. Kazakhstan’s economy, actively engaging with Asia and particularly
with China, is receiving a new impetus for development. The country accounts
for a half of Chinese trade and investments in the region. Kazakh-Chinese
mutual trade turnover reached a historical record of $41 billion last year.
“It registered economic growth of
5.1 percent last year, almost twice the projected rate of global growth. In the
mid-term, we aim to sustain at least six percent growth and double our economy by
2029. To achieve this, I initiated a new economic course. Kazakhstan’s open-door
policy, vast resources and free market reforms have attracted many foreign
companies, including Chinese,” said the Head of State.
According to President Tokayev, modern
global challenges can be confronted only by joint efforts. The world needs new
trade and financial systems. In addition, cooperation in agriculture should be enhanced.
Joint agrocenters and transfer of innovations will resolve the issues of food
security. Kazakhstan, as a leading producer of wheat in Central Asia, is committed
to utilizing its agricultural potential to ensure global food resilience. Goods
can be shipped via Asian transport corridors, along with the Trans-Caspian
International Transport Route.
“The Trans-Caspian International
Transport Route, or the Middle Corridor, is the most vital pass to secure
supply chains between Asia and Europe. Last year, the cargo volume through this
route doubled to three million tonnes. In coming years, we expect to reach ten
million tonnes,” added the Head of State.
President Tokayev considers it
important to strengthen technological cooperation as well. He called on leading
Asian IT giants for partnership, noting that Kazakhstan has deposits of rare
earth metals, which are essential components for technological solutions. Therefore,
cooperation in this direction is also very promising.
