Astana’s Road to $450 Billion: A Look at Kazakhstan’s Ambitious GDP Goal and Infrastructure Initiatives

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

Erlan Karin, the State Counsellor of Kazakhstan, revealed during a briefing for foreign journalists in Astana that the President of Kazakhstan has set a main goal to double the country’s GDP to $450 billion by 2029. 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 modernizing utility networks, including 55 heat sources and at least 6,500 kilometers of utility networks. In addition to that, 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. New initiatives have been launched to encourage investors to focus on the manufacturing sector. A three-year tax holiday is being offered along with other measures aimed at stimulating business growth and providing access to bank loans. These initiatives aim to bolster economic growth and pave the way for achieving the ambitious GDP target set by the President of Kazakhstan.

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