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Kazakhstan aims to double GDP to $450 billion by 2029, says State Counsellor Erlan Karin

During a meeting with foreign journalists in Astana, Erlan Karin, the State Counsellor of Kazakhstan, announced that the President of Kazakhstan has launched four major infrastructure projects for 2024. These projects are aimed at boosting the country’s economy and promoting growth.

The first project focuses on improving the road network, with plans to construct and repair over 12,000 kilometers of roads. Additionally, the utility networks will be modernized, including heat sources and utility networks spanning at least 6,500 kilometers.

Another significant initiative is the launch of a new housing program to increase the supply of rental housing. As part of this program, at least 1,700 kilometers of gas networks will be modernized 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 receive 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 aimed at driving economic development and creating a more sustainable future for Kazakhstan.

By Samantha Jones

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