June 21, 2024

Kazakhstan’s Quest to Double GDP: Four Infrastructure Projects Unveiled

1 min read
Kazakhstan’s economy aims to double GDP to $450 billion by 2029, says State Counsellor Erlan Karin.

During a briefing for foreign journalists in Astana, Erlan Karin revealed that the President of Kazakhstan has set a main goal of doubling the country’s GDP to $450 billion by 2029. To achieve this ambitious target, four large infrastructure projects for 2024 have been initiated.

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 involves the modernization of 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 set goal. New initiatives have been launched to incentivize investors to focus on the manufacturing sector, with a three-year tax holiday being offered along with other measures to stimulate business growth and provide access to bank loans. These initiatives aim to bolster economic growth and pave the way for achieving the ambitious GDP target set by the President of Kazakhstan.

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