President says oil price at $45-50 is normal for Kazakhstan

"Commodity turnover has declined around the world because of oil prices fall to $30 per barrel. Then the prices increased to $45-50. This ensured almost 40% of budget revenues in Kazakhstan. Despite this, positive dynamics is observed in our economy, due to our industrialization programme launched 6 years ago. Processing industry gains paces today," said the Kazakh Leader.

According to him, 100 more enterprises will be put into operation by the end of the year under the industrialization map, which will allow to create additional job places.

"These enterprises will provide people with jobs and will manufacture products, due to which our economic situation will improve. Oil price at $45-50 per barrel is the rate we are adapting to now and with which we will be able to live a normal life in future. Kashagan oil deposit has been launched recently. Kazakhstan's dependence on crude materials has decreased," the President noted.

"Our objective today is to implement projects in other spheres - to manufacture chemical, agricultural projects, aluminum, copper and rare earth metals etc. We need to search for new opportunities and increase our commodity turnover," he added.