Kazakhstan’s Economy
Kazakhstan has the largest economy in the entire Central Asian region due to its substantial oil, mineral and metal reserves. Foreign investors also play an important role in maintaining the country’s economic stability. Kazakhstan’s enormous land area also provides it a considerable potential for agricultural development. The country’s grassland plains can accommodate grain and livestock production.
Kazakhstan attained industrial production growth in 2009 by taking a few strategic steps. Over the past year, the country implemented around 22 investment projects worth $2.5 billion. Kazakhstan also launched its second energy transit corridor in 2009 in order to solve electricity problems in the country’s southern region.
The Kazakhstan president, Nursultan Nazarbayev, likewise adapted a strategic plan to achieve an impressive economic growth. The Kazakhstan OSCE government refinanced the loans of manufacturing companies by placing “Fund’s stress assets” in commercial banks. The country also managed to finance several investment projects in the fields of energy, engineering and pharmaceuticals.
In addition to this, the country’s government also plans to allot an additional 80.5 billion budget to create additional jobs, as well as to keep the 3,000 existing jobs. As for the country’s innovative and industrial development, a five-year state program has been implemented to enhance Kazakhstan’s economy.
In terms of Agriculture, Kazakhstan’s gross grain harvest for 2009 reached $23.1 tons, displaying a substantial increase of around 36% from the previous year (2008). Kazakhstan’s active development of an export infrastructure provides the country with an access to the largest sales market.
One of the main routes for Kazakhstan’s grain exports goes to China. For this reason, the country allocated a budget to initiate the construction of a railway grain terminal that is complete with a reloading capacity of up to a million tons.
Finally, the country’s investment prospects were virtually not affected by the recent global financial crisis. Kazakhstan’s total capital investment has remained stable since 2008.
Sources:
http://en.wikipedia.org/wiki/Economy_of_Kazakhstan