Kazakhstan’s Ambitious GDP Goal: Boosting Infrastructure Projects and Economic Diversification for $450 Billion by 2029

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

Kazakhstan’s State Counsellor Erlan Karin shared during a briefing for foreign journalists that the country’s President has set a major goal of doubling GDP to $450 billion by 2029. In order to achieve this ambitious target, four large infrastructure projects have been initiated for 2024.

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 in order to achieve this goal. To incentivize investors to focus on the manufacturing sector, new initiatives have been launched that offer a three-year tax holiday 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 Kazakhstan’s ambitious GDP target set by its President.

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