President Tokayev Sets Ambitious Economic Agenda for Kazakhstan
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Today, President Kassym-Jomart Tokayev chaired an extended government meeting to review Kazakhstan’s socio-economic development in 2023 and to set the agenda for the upcoming period. The meeting was attended by Prime Minister Olzhas Bektenov, government members, governors and mayors, as well as heads of central government agencies and national companies, press service of the Kazakh MFA reports.
Speaking about future targets for Kazakhstan’s economy, President Tokayev said: "We have succeeded in maintaining the positive trajectory of the country’s development. Nevertheless, this should not lead to complacency. There is a need for a new impetus in the Government’s activities. It has a clear goal to increase the economy to $450 billion by 2029. To achieve this, the country’s GDP must grow by at least 6% annually."
President Tokayev outlined key tasks and priorities for the nation. These include systemic measures to liberalise the economy, which will help to move away from extensive state interference. He stated: "This principle is applicable across all sectors of the economy. Uncontrolled monopolies, unequal access to resources, and unfair competition practices must be addressed promptly." Effective privatisation is central to this strategy. Enhancing the country's industrial development was also stressed, with a call for significant refinement of breakthrough projects. As noted by Tokayev, "these industries should change the structure of the economy, create a solid industrial framework and points of technological growth."
Strengthening Kazakhstan’s transport and logistics capabilities is also a priority, including major road repairs and the renovation of railroad cars. "We have a strategic task to make Kazakhstan a full-fledged transport and logistics centre and a transit hub of Eurasia," the President emphasised.
Furthermore, the Head of State stressed that "it is necessary to radically increase the effectiveness of budget and tax policies." As a result, the development of a new Tax Code must balance investor-friendly conditions with adequate budget revenues.
President Tokayev outlined the need for reforms in public procurement, public-private partnerships, and construction industry regulation. He stated: "We must significantly boost the inflow of both foreign and domestic investments. This is a crucial task for the newly established Investment Headquarters. The Centre is tasked with forming a comprehensive ecosystem to attract investments, intensifying the efforts of development institutions, establishing coherent interactions between foreign missions, the centre, and the regions, and fostering effective dialogue with the business community." He added: "Investors should be provided with a full range of support on a ‘one-stop-shop’ principle."
The Head of State also commented on the issue of corruption, stating: "One of the factors holding back the development of the construction sector, and the economy as a whole, is corruption. There have been positive developments in this area. However, we need to continue working in this direction, including by introducing digital technologies."
The agro-industrial sector is set to see significant changes, with plans to double agriculture financing and transition from raw material production to processing agricultural products. Tokayev also proposed a nationwide campaign to introduce water-saving technologies and a culture of responsible water consumption, addressing the current issue of "haphazard water usage."
Furthermore, the President pointed to the need to modernise the utility and energy sector. He stated: "The government must prioritise the completion of modernising 19 heat sources in the red risk zone within this year. Additionally, it is imperative to commission more than 700 megawatts of additional generation capacity."
Digitalisation of the economy, including the widespread use of AI technologies, is also on the agenda. "The country is starting to create a high-performance supercomputer that will be available not only to scientists, but also to various companies operating in our market," President Tokayev informed.
In the social sphere, the Kazakh leader stressed that a complete overhaul of social assistance structures and mechanisms is required. This reform aims to improve the effectiveness and targeting of social assistance. Commenting on the healthcare sector, the President stated: "The government must exert strict oversight over the operation of the health insurance system, ensuring it is both simple and straightforward."
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