Mining industry remains key economic sector, Kazakh President

In particular, the President focused on the development of Kazakhstan’s industrial potential.

He said the mining industry remains the key processing sector of Kazakhstan’s economy. Kazakhstan formed a sustainable and investor-friendly jurisdiction with transparent and comprehensive legislation given the global value of the mining sector and metals. The reforms helped attract large players such as Rio Tinto, Fortescue, Ivanhoe, First Quantum and Tech Resources to the country’s geological exploration.

Kassym-Jomart Tokayev stressed that the new Tax Code foresees a royalty regime that encourages in-depth raw materials processing in the country.

He expressed confidence the rich mineral resources base, contemporary legislation on subsoil use, and transparent taxation system will help Kazakhstan take a strategic place in the global chain of deliveries of critically important minerals.

The Head of State highlighted that Kazakhstan is making decisive steps to deep raw material processing and new-generation industrial production.

He also said Kazakhstan successfully cooperates with Wabtec, Alstom and Stadler companies. In particular, Alstom builds service centers in Kazakhstan and plans to manufacture new-generation locomotives starting from 2028, while Wabtec invests 200 million US dollars in rolling stock on alternative fuel. Stadler Rail built a plant to produce 100 train cars a year.

The Kazakh President also outlined the high potential of the country’s agro-industrial complex. He noted Kazakhstan ranks sixth globally in terms of arable land and pastures and ranks among the 10 largest grain exporting countries.

As reported earlier, President of Kazakhstan Kassym-Jomart Tokayev today held the 37th plenary meeting of the Council of Foreign Investors in the Kazakh capital Astana.