In a briefing for foreign journalists in Astana, Kazakhstan’s State Counselor Erlan Karin revealed that the country’s President has set a main goal of doubling its GDP to $450 billion by 2029. To achieve this ambitious target, four large infrastructure projects have been initiated for 2024.
The first project focuses on developing the road network, with plans to build and repair over 12,000 kilometers of roads. This project also involves modernizing utility networks, including 55 heat sources and at least 6,500 kilometers of utility networks. Additionally, a new housing program will be launched to increase the volume of rental housing and modernize at least 1,700 kilometers of gas networks.
Erlan Karin emphasized the importance of diversifying the economy to achieve this goal. To do so, new initiatives have been launched to incentivize investors to focus on the manufacturing sector. These include offering a three-year tax holiday along with other measures to stimulate business growth and provide access to bank loans. By bolstering economic growth in this way, Kazakhstan is paving the way for achieving its ambitious GDP target set by its President.
