Kazakhstan’s Ambitious Goal to Double GDP by 2029: Details on Four Major Infrastructure Projects and Diversifying the Economy

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

In a briefing for foreign journalists in Astana, Erlan Karin, the State Counsellor of Kazakhstan, revealed that the President of Kazakhstan has set a goal to double the country’s GDP to $450 billion by 2029. To achieve this ambitious target, four major infrastructure projects have been initiated for 2024.

The first project involves the development of the road network, with plans to construct and repair over 12,000 kilometers of roads. This project also includes the modernization of utility networks, including 55 heat sources and at least 6,500 kilometers of utility networks. Additionally, 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 stressed the importance of diversifying the economy in order to achieve this goal. New initiatives have been introduced to encourage investors to focus on the manufacturing sector, with a three-year tax holiday being offered along with other measures to stimulate business growth and provide access to bank loans. These initiatives aim to drive economic growth and pave the way for achieving the ambitious GDP target set by the President of Kazakhstan.

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