(ASTANA) : –
The Kazakh government approved a national 2025 Strategic Development Plan designed to ensure long-term growth, reaching the levels of Organisation for Economic Cooperation and Development (OECD) countries.
The plan includes seven major reforms across: human capital; technological modernisation and digitalisation; business competitiveness; rule of law; strong regions; urbanisation; modernisation of public consciousness; and public sector efficiency.
The project anticipates annual economic growth of 4.5-5 percent, eventually bringing Kazakhstan’s GDP per capita up to $46,100 by 2025.
Kazakhstan maintained 4.3 percent economic growth between January and September, while its GDP per capita was estimated at $7,510 in 2016, according to the World Bank.
Kazakhstan’s Minister for National Economy, Timur Suleimenov, outlined three key drivers stimulating future economic growth.
The first is productivity growth in existing industries. According to the minister, this can be fostered through an increase in operation efficiency, reduction in production, transportation, and sale costs, investment in technological modernisation and digitalization, and a transition to green economy.
Strengthening and expanding export-oriented production is the second driver, said Mr Suleimenov. That driver includes a focus on goods and services with high added value as well as integration in global supply chains.
Development of new highly efficient industries – already high on the nation’s agenda – includes the creation of new supply chains and services around existing industries, the transfer and localization of technology, and the commercialization of innovations.
The Strategic Development Plan is a very important document, according to Kazakhstans Prime Minister Bakytzhan Sagintayev. It has been developed in line with this year’s state-of-the-nation address from President Nursultan Nazarbayev.
“The document entails the creation of a new economic growth model and improving well-being of people. It is also meant to foster the implementation of the country’s key strategic document, Kazakhstan 2050, with a goal to enter the world’s 30 most competitive countries. Therefore, we need to properly explain the essence of the document to the public,” he said addressing the government.
The new model will require changes across the economy and society, according to Mr Suleimenov. Changes which include greater focus on production and industry, technology-oriented population, companies and industries, fair competition, and the prevailing role of private sector.
Rakhim Oshakbayev, head of Talap Centre for Applied Research and former vice minister for investment and development, nsaid it was the first time a document of such strategic importance had involved the expert community.
“As I remember, it is the first time the document of such great importance was developed with broad expertise support. Nearly 80 experts attended the discussions and were involved in the development of the document. In general, it raises no questions,” added Oshakbayev.