Kazakhstan attracts over $30 bn FDI in industrialization program

Jul 03, 2015 12:00 AM

Kazakhstan has attracted about $33 billion foreign direct investment during the period of the first five-year plan of industrialization, half of which was invested in a program for the industrial-innovative development of the country.

This remark was made by Kazakh President Nursultan Nazarbayev, who was addressing a ceremony commemorating the Day of Industrialization, dedicated to the implementation of the “Nur Jol” state program and forced industrial-innovative development program on July 2.

The president noted the second five-year plan of industrialization has a clear focus.

"We have identified six priority sectors-oil refining and metallurgy complex, food, and chemical industries, industrial equipment and construction materials. It is based on the cluster approach. We tried to take into account the accumulated experience of the first five-year plan in the new program," he added.

Nazarbayev also said Kazakhstan plans to implement 22 new projects in the processing industry with participation of foreign investors.

"Works on a number of large systematic projects are underway. The construction of a full-cycle automobile plant and Technology Park engaged in the production of automotive components has been started together with the Renault-Nissan alliance," Nazarbayev said. "The Italian Tenaris Company has invested in a plant engaged in the production of pipes of premium class. The plant for the production of drilling rigs will be put into operation together with English Dando Drilling. Russian Eurochem plans to produce mineral fertilizers. Canadian Kudu Industries intends to establish the production of screw pumps for the oil and gas industry."

Nazarbayev referred to industrialization as a core component of the economic policy of Kazakhstan in achieving the main goal of its Strategy-2050, that is, to become one of the 30 most developed countries in the world.

Later, the Kazakh president launched 10 new industrial projects: the production of aluminum profiles in the Aluminum of Kazakhstan LLP in Almaty region; the production of polymer products in the Atyrau region; the production of titanium sponge in the UKTMK JSC in the East Kazakhstan region; the production of milk and dairy products in the Leader-2010 Company in Kostanai region and etc.

Economic diversification has been spurred by the implementation of the 2010-2014 state program for forced industrial-innovative development.

The first five-year plan of industrialization in Kazakhstan ended up with completion of 770 out of 1,042 projects.

The second five-year plan of industrialization has been in operation since the beginning of this year. The main purpose of the program is to stimulate diversification and increase competitiveness of the processing industry.

The state plans to spend total of 200.7 billion tenges on the implementation of the State Program on forced industrial-innovative development in 2015.

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