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Kazakhstan gradually moves away from commodity sector

11 July 2019 [15:53] - TODAY.AZ

By Azernews

By Abdul Kerimkhanov

Kazakhstan is working to create attractive conditions for direct investment in non-oil export-oriented and high-tech industries.

Speaking at the second Global Manufacturing and Industrialization Summit in Yekaterinburg, Russia, Roman Sklyar, Minister of Industry and Infrastructure Development of Kazakhstan, said that his country has been systematically addressing the challenges of moving away from the dominance of the commodity sector in the past 10 years.

He said that the economy diversification allowed increasing the production volume in the manufacturing sector by 3.5 times.

"At the same time, over the years of industrialization, we have increased production and formed 70 new items for non-resource exports, exports of which exceed $1 billion," Sklyar noted.

He pointed out that in 2010, the supply of batteries to foreign markets was not carried out in Kazakhstan, but in 2018, the volume of their exports in value terms amounted to $60.1 million.

"As a result of the measures taken, Kazakhstan has improved its position in the ranking of the index of economic complexity, rising from 108th place in 2010 to 81st place in 2017," Sklyar mentioned.

Next year the country will start the implementation of the third stage of industrialization, which will be focused on the further transformation of the manufacturing industry with an export-oriented focus.

Sklyar shared the opinion that the effective use of the possibilities of international and intersectoral cooperation and labor division determines the success of the development of national economies.

"Kazakhstan is successfully working in this direction with its partners in the EAEU. Since 2015, in accordance with the main areas of industrial cooperation of the EAEU countries, joint industrial cooperation projects are being implemented in priority sectors of the economy," Sklyar concluded.


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