Kazakhstan launches 18 investment projects worth KZT151bn this year

It was reported that year-over-year growth was recorded in information and communication (8.7%), construction (8.6%) and transport (7.3%).

Agriculture, construction and trade saw improved growth rates. Due to the country's OPEC+ obligations to reduce oil production and the ongoing recovery work after flooding several regions reported delays in achieving their economic growth targets.

After four months of slowdown, June set the stage for economic growth thanks to investment mobilization, support for local producers, business activity stimulation measures, as well as the active phase in construction, road, agriculture sectors, said Baibazarov, stressing that the business activity index has been positive for a straight fifth month. 

It was noted that manufacturing is demonstrating growth within the target rate – 5.1%, with metallurgy rising by 8.3%, machinery building by 9.4%, chemical industry by 5.3%, furniture by 28.35 and pharmacy by 14.8%.

Work is ongoing to boost the light industry output, production construction materials, foods and so on.

There was an 8.6% rise reported in construction in the five months of this year, with 7.4 million sq.m. of housing commissioned.

Thanks to 90 measures being realized the country saw inflation fall from 14.6% in June 2023 to 8.4%, with the food inflation standing at 5.4% and non-food inflation at 7.4%.

In the first six months, 18 investment projects worth 151 billion tenge, including with foreign capital for 122.7 billion tenge, were launched since the start of the year. Information and communication, transport, education and manufacturing saw the upward trend in the flow of investments.

In addition, the pace of work on housing modernization, development of agro-industrial business were under discussion.

Following the meeting, concrete tasks to ensure growth in all sectors of economy were given.