Kazakh President assigns to reduce inflation within 3 years
Kazakh President Kassym-Jomart Tokayev assigned the Government and the National Bank to ensure a lowering of inflation within three years, stressing personal accountability for results, Qazinform News Agency reports.
The Head of State stressed the need to bring inflation down to a stable and controlled level without sharp fluctuations and without harming economic growth.
The President noted the causes of high inflation are clear, adding it is crucial to solve this problem without damaging the country’s development.
Kassym-Jomart Tokayev charged the Government and the National Bank to jointly develop a step-by-step action plan, involving all state agencies and the expert community.
He emphasized it is necessary to take certain measures to reduce inflation within three years and ensure fulfillment of the joint action plan.
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Kenya is Interested in Expanding and Deepening Trade, Economic and Investment Cooperation with Kazakhstan
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The Embassy of Kazakhstan in Kenya, together with the Kenya Chamber of Commerce and Industry, organized a business forum on trade, economic, and investment cooperation, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
The event was attended by the Permanent Secretary of Information, Communications and Digital Economy of Kenya Stephen Isaboke, the National Director of the Chamber of Commerce and Industry, Ken Onditti, the Director of the Department of Economic Affairs and Commercial Diplomacy of the Ministry of Foreign Affairs of Kenya Evans Matura, the Director of the Department of the national company "KenInvest" Pius Rotich, as well as heads and representatives of more than 25 Kenyan businesses.
From the Kazakh side, representatives of JSC "Center for Trade Policy Development "QazTrade", JSC "Export Credit Agency of Kazakhstan", JSC "National Company "Kazakh Invest", the National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken", the company "NS Art venture Labs", "TransAsia Logistics" participated in an online format. They presented the activities of their organizations, and also shared assessments of the state and prospects for the development of bilateral trade, economic and investment cooperation with Kazakhstan.
Ambassador of Kazakhstan in Kenya Barlybai Sadykov informed participants about the political reforms being carried out in Kazakhstan, plans for national economic development, and prospects for bilateral cooperation with Kenya in various areas, including agriculture, industry, ICT, space, energy, tourism, construction, and others.
Kenya's Permanent Secretary of Information, Communications and Digital Economy, S.Isaboke, noted that Kenya is interested in expanding and deepening trade, economic, and investment cooperation with Kazakhstan, and has a highly developed infrastructure, favorable conditions for project implementation, and qualified specialists in various sectors of the economy. They emphasized that Kenya is one of the continent's fastest growing countries, a regional logistics hub, and a sea gateway for developing trade with East African countries. He praised Kazakhstan's achievements in digital transformation and called for closer cooperation between the two countries in e-government systems, financial technologies, cybersecurity, and startup incubation.
Following the forum, the Kenya Chamber of Commerce and Industry intends to develop a framework program to expand cooperation between the business communities of the two countries, as well as send a delegation of Kenyan businessmen to Kazakhstan to hold business meetings and discuss new areas of bilateral trade, economic, and investment cooperation. Furthermore, the Chamber will prepare a market entry fact sheet for Kenyan exporters in Kazakhstan, which will include information on product certification requirements, regulatory and compliance guidance, and logistics and supply chain advice.
As part of the business forum, an exhibition of products from a number of Kenyan companies specializing in the export of coffee, tea, flowers, and citrus fruits was organized. A lively exchange of views took place between representatives of the Kenyan business community on prospects for cooperation with Kazakhstan.
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Kazakhstan and Kuwait Deepen Partnership in the Oil Sector
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Ambassador of Kazakhstan to Kuwait Yerzhan Yelekeyev held a meeting with the Chief Executive Officer of Kuwait Oil Company, Ahmad Al-Eidan, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the meeting, the parties exchanged views on prospects for cooperation between Kazakhstan and Kuwait in the oil sector, including the exchange of experience in hydrocarbon exploration and production, the development of oil refining, and the training of industry specialists.
The sides also discussed opportunities for the participation of Kazakh oilfield service companies in the implementation of technological and service-related tasks, including engineering, drilling operations, and equipment maintenance.
Particular attention was paid to the involvement of Kazakh engineers and technical specialists in the implementation of the company’s production and infrastructure projects. The high level of training of Kazakh personnel in the oil and gas sector, as well as their practical experience in major international projects implemented in the territory of Kazakhstan, were noted, including the development of the Tengiz and Kashagan fields.
Following the meeting, the parties confirmed their readiness to further develop sectoral dialogue and to elaborate specific areas of practical cooperation between the relevant institutions of Kazakhstan and Kuwait.
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Investments in the Country’s Industrial Framework to Reach $400 Billion by 2029
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Deputy Prime Minister - Minister of National Economy Serik Zhumangarin presented a strategy for qualitative economic diversification and the formation of a new growth model at the Government session. In line with the tasks set by the Head of State, the key priority is the creation of a modern industrial framework through the development of manufacturing and high-tech industries, primeminister.kz reports.
The Deputy Prime Minister noted that in 2025 the economy demonstrated steady growth, while structural shifts toward the non-oil sector are becoming increasingly pronounced. If in 2010 the share of manufacturing in GDP stood at 11.3%, by 2024 it had reached 12.4%. At the same time, the share of the mining sector nearly halved-from 19.5% to 12%-and the share of oil and gas extraction declined from 16.5% to 8.1%.
Special attention was given to Kazakhstan’s position in the Economic Complexity Index. According to 2024 results, the country ranked 55th among 145 nations, making a sharp leap from 87th place over the past four years. It was noted that in 2024 the non-oil sector grew by 5.4%, contributing 4.2 percentage points to GDP growth, while the oil and gas sector contributed only 0.77 percentage points.
To implement the National Development Plan, we need to increase the investment-to-GDP ratio from the current 14-15% to 23% by 2029. This will make it possible to attract an additional $120 billion and bring cumulative investment for 2025-2029 to $400 billion. As a result, the fixed capital index by 2029 should grow 2.5 times compared to the 2024 level," Serik Zhumangarin emphasized.
Priority areas include the processing of natural resources and agricultural products, including ferrous and non-ferrous metallurgy, rare earth metals, petrochemicals, gas production, and pharmaceuticals. To achieve these goals, a Proactive Economic Growth Policy is being implemented. The essence of this new approach is the transition from passively waiting for investors to the active involvement of the state in launching specific projects with the participation of leading foreign partners.
Two major cases were cited as successful examples of this policy:
A coal-to-gas plant project in Karaganda Region with a capacity of 2 billion cubic meters per year and an estimated cost of about $2 billion.
Qarmet’s $3.5 billion investment program, which will increase coal production by 1.4 times, ore extraction by 1.8 times, and rolled steel output by 2.3 times.
At the same time, the "Investment Order" program is being implemented to promote import substitution and reduce inflationary pressure. To date, 12 priority areas have been identified in the food sector and 24 in the non-food segment. The program covers meat, dairy products, and sugar production, as well as the manufacture of construction materials, household appliances, and light industry goods.
The financial foundation of these initiatives will be National Managing Holding Baiterek JSC. In 2026, the holding is expected to be capitalized up to 1 trillion tenge. Taking into account additional funding, total support for the real sector will amount to approximately 8 trillion tenge. It is expected that the holding’s subsidiaries will finance promising industrial projects totaling about $100-120 billion by 2030.
The Deputy Prime Minister emphasized that strategic sectoral development plans are being formed, which will serve as the basis for long-term growth in gross value added over the next five years.
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Kazakhstan to expand refining capacity with new $10bn mega-plant
During the Government's meeting, Vice Minister of Energy Kaiyrkhan Tutkyshbayev said Kazakhstan plans to fully cover its aviation fuel deficit by 2032, Qazinform News Agency reports.
As part of the modernization and capacity expansion of our three refineries, we aim to fully eliminate the deficit by 2032. In addition, we are actively discussing the construction of a fourth oil refinery," the vice minister said.
According to him, the new plant is preliminarily expected to process around 10 million tons of oil per year.
Details on the location and technical specifications will be announced at a later stage. At this point, the refinery is expected to have a capacity of around 10 million tons per year. The preliminary cost is estimated at approximately $10 billion. Through modernization, capacity expansion, and the construction of this new facility, we will fully eliminate the deficit in aviation and diesel fuel. Moreover, we will be able to export to other countries," Kaiyrkhan Tutkyshbayev added.
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Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Alibek Kuantyrov Participated in a Meeting of the Abai Regional Investment Headquarters
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Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Alibek Kuantyrov took part in a meeting of the Regional Investment Headquarters (RIH) of the Abai Region during his working visit to the region, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
The event was organized by the regional Akimat with the participation of representatives of government agencies and the business community.
As part of the visit’s working agenda, a meeting was held with the Akim of the Abai Region, Berik Uali. The parties discussed key areas of the region’s investment development, the formation of a перспектив investment portfolio, as well as measures to enhance the region’s investment attractiveness and ensure effective investor support.
Addressing the meeting of the Regional Investment Headquarters, A.Kuantyrov noted that the new investment policy model is focused on unlocking the potential of the regions and actively promoting investment projects.
At the regional level, the key objective is to establish an effective investor support system that ensures prompt resolution of emerging issues and creates favorable conditions for project implementation.
The work of the RIH enables us to bring interaction with investors to a fundamentally new level. It serves as a platform for the consideration of project-specific issues, strengthening interagency coordination, and systematically promoting investment initiatives in the regions," the Deputy Minister stated.
The meeting reviewed issues related to the implementation of investment projects in the Abai Region, provision of engineering and transport infrastructure, allocation of state support measures, and removal of administrative barriers for investors. Particular attention was given to enhancing the personal responsibility of government agencies and improving the effectiveness of interagency coordination.
Following the meeting, further measures were identified to develop the region’s industrial and agricultural potential, as well as to strengthen cooperation between central and local government bodies.
During the visit, A.Kuantyrov, together with the Akim of the region, participated in the official opening ceremony of a legumes and oilseed processing plant of Agro Leader KAZ LLP. The launch of the enterprise is aimed at developing the regional agro-industrial complex, expanding export potential, and creating new jobs.
The Deputy Minister also familiarized himself with the operations of several industrial and processing enterprises in the region. In particular, he visited Kazpoligraf LLP - one of the largest enterprises specializing in packaging production and secondary raw material processing - as well as the worn tire recycling complex of Eikos LLP, which implements projects in waste processing and the production of high value-added products.
Following the events, priority areas for further cooperation in supporting investment projects were identified, and readiness was reaffirmed to provide comprehensive support to investors at all stages of project implementation in the Abai Region.
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Kazakhstan plans major upgrade of power and heat networks
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At a press conference in the Central Communications Service, Vice Minister of Energy Sungat Yessimkhanov announced the measures to modernize the country’s energy sector, Qazinform News Agency reports.
According to him, 10 power-generating units, 63 boilers, and 39 turbines, as well as 17,000 kilometers of electric grids and 420 substations were repaired across the country last year. 323 kilometers of grids were replaced.
These measures enabled us to achieve a historic maximum in electricity generation of 17,273 MW, which is 7% higher of the last heating season. The wear and tear of thermal power stations has been reduced from 64% to 61%," Sungat Yessimkhanov said.
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Kazakhstan Strengthens Ties with the Business Community of Saudi Arabia’s Eastern Province
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During a working visit to the Kingdom’s Eastern Province, Ambassador of Kazakhstan to Saudi Arabia Madiyar Menilbekov held negotiations with "Zamil Investments", "Rawabi Holding", "AHQ Group", "Norstar Group", and "Gulf Enterprises" companies, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the meetings the parties discussed prospects for trade, economic, and investment cooperation in the fields of energy, petrochemicals, transport and logistics, agriculture, construction and development.
Madiyar Menilbekov informed about Kazakhstan’s investment potential, government support measures for foreign investors, as well as the opportunities arising from the implementation of major infrastructure and industrial projects in the country.
Representatives of the Eastern Province’s business community noted the potential of the Kazakhstani market and expressed interest in strengthening mutually beneficial cooperation.
Following the negotiations, the parties agreed to continue direct dialogue, arrange business missions, and develop specific projects.
In addition, during the visit the Ambassador of Kazakhstan took part in the opening ceremony of a branch of the Kazakh company "Forte Oil Field Services", which will provide services and equipment for the oil, petrochemical, and construction industries in the Kingdom.
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