TODAY.AZ / Analytics

Kazakhstan's economic future: alternative ways

01 April 2015 [14:14] - TODAY.AZ

/By AzerNews/

By Laman Sadigova

Kazakhstan’s incumbent president Nursultan Nazarbayev, in his election campaign stated that the country should diversify its economy by creating several new export products.

Kazakhstan needs textile oil and gas chemical cluster to reduce dependence on raw materials, to produce finished competitive products and to confidently step into a treasured thirty most developed countries. Integration of multiple industries will produce dozens of products, demanded both in the country and abroad.

The outcome of the new politics has to be creation of several new products. The oil market suffers from the “black gold’s” price fall. Therefore, those countries that relied on this sphere feel tangible losses.

Nazarbayev program’s goal is to stress the importance of developing the sector of agricultural products processing based on a new comprehensive development program. In this regard, it is necessary to start implementing 10 large-scale projects involving multinational companies.

The country currently realizes the program of industrialization to enter the qualitative growth and achieve diversification of the economy.

However, the manufacturing sector has not yet become a driver of economic growth. The effect of such industrialization policy in the development of the industry is barely 1 percent. The industrialization’s goal is increased employment opportunities and the development of export potentials.

The president also notes a need for economic reforms in order to accelerate the formation of the middle class.

The key challenge is to prevent a sharp "dip" in the dynamics of economic development. Kazakhstan’s dependence and close ties with Russian economy, which is now going through hard times, raises concerns.

One more important point is the development of the service sector - mainly small and medium-sized enterprises. The government is going to create a mechanism that will support small and medium-sized businesses, legal protection of citizens’ property, enhancing their well-being.

Nazarbayev says that due diligence guidance has created a reliable base, the ability to expand the involvement of Kazakh economy in world economic relations.

On this basis it is necessary to seek an access of the Kazakh producers to large regional markets, as well as the liberalization of customs, import and export procedures in the space of the Eurasian Economic Union.


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