Kazakhstan Chamber of Commerce in the USA

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Kazakhstan diversifying economic base, looking forward to hosting 2014 ADB meet: Minister

Posted on May 09, 2013 by KazCham

May 6, 2013, ANI

New Delhi, May 6 (ANI): Kazakhstan’s Minister for Economy and Budget Planning, Yerbolat Dossayev, has said that his country is looking forward to hosting the 47th meeting of the Board of Governors of the Asian Development Bank (ADB) in Astana in the first week of May 2014.

Participating in the 46th meeting of the ADB Board of Governors in the National Capital Region (NCR) here this past week, Dossayev said his country is carefully monitoring the measures taken by the world community, including efforts by the G-20 states and euro-zone countries, and their efforts to cope with the challenges that they currently face.

He informed participants that Kazakhstan has managed to attract over 160 billion U.S. dollars in foreign direct investments since 1993.

Dossayev further revealed that Kazakhstan is in the process of economic modernization.

“Our President has initiated a large scale industrial and innovation development program, which epitomizes our efforts to diversify our economic base away from the natural resources dependence. The key priorities of this program are agricultural, metallurgy, chemical, pharmaceutical, construction, transport and communication sectors,” he said.

He further revealed that economic policy is focused on diversification of the economy and its export structure.

“Today, more than 700 projects with the cost of more than 80 billion U.S. dollars are implemented in Kazakhstan. Implementation of this program creates 180,000 workplaces. Kazakhstan also has a significant agricultural potential. In this regard, much attention is paid to the agro-industrial complex development. The main goal is to bring the agrarian sector on a new level of quality, and thereby, provide high competitiveness of the agro-industrial complex. We are planning to invest more than 20 billion US dollars for these purposes up until the year 2020,” Minister Dossayev revealed.

He said that considering its geographic location between Europe and Asia, Kazakhstan has a significant transit potential.

“If the early development objectives were economic structure transformation, then today, the main tasks are aimed at boosting competitiveness and modernizing our economy. The key objective of the coming development stage is providing tools and direction for Kazakhstan’s entering into the top 30 most developed world countries by 2050,” he said.

He said that the Prime-Minister of Kazakhstan has already formed an organizing committee for next year’s 47th ADB annual meeting, the main theme of which would be “New Silk Road Connecting Asia and Europe in the Changing World”.

According to the World Bank, Kazakhstan ranked 47th in the “Doing Business” rating. According to different estimates, Kazakhstan ranks 6th in the world by total amount of its mineral resources, roughly around 46 trillion US dollars. The largest numbers of which are oil and gas, chrome, uranium, zinc and iron. It is 9th largest country in the world in terms of territory, but has only have 17 million people.

Overall, Kazakhstan has managed to increase its economic potential more than twofold in the last decade. GDP of the country in absolute terms increased from 11 billion US dollars in 1993 to 203 billion US dollars in 2012. Per capita GDP increased from 696 US dollars in 1993 to 12,000 US dollars in 2012. According to different estimates per capita GDP by 2020 will be over 20,000 US dollars. The unemployment and inflation rate have not exceeded five percent. Projected GDP growth rate in 2013 is six percent. (ANI)

 

News Bulletin of the Embassy of the Republic of Kazakhstan, No. 10 May 8, 2013

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