Industrial Development Improves in Kazakhstan

Industrial Development Improves in Kazakhstan

The level of industrial development is growing in Kazakhstan. According to the Kazakh Ministry of Industrial and Infrastructure Development, the figure increased by 2% over the first five months of this year.

The growth was due to the performance of the light industry, engineering, oil refining, non-ferrous metallurgy and chemical industry.

The export volume of processed products amounted to US$5 billion. The investment in fixed assets of the manufacturing industry reached almost 255 billion tenge. 

According to Kazakh Vice Minister of Industry and Infrastructure Development, Amaniyaz Yerzhanov, the country has implemented the second part of the Five-year Industrialization plan since 2015.

Last year, 102 projects worth 1.3 trillion tenge were introduced as part of the industrialization map.

Meanwhile, this year over 120 projects worth 1.1 trillion tenge will be introduced.

In the first five months of this year, the share of the automotive industry in mechanical engineering has grown to 25%.

According to the mechanical engineering department, approximately 17,000 units of vehicles had been manufactured.

Experts said that this industry is one of the most attractive for foreign investments.

A number of agreements have been signed by the local and foreign manufacturers this year. Brands and models of vehicles made in Kazakhstan are in demand and profitable for the investors because the market wants it and Kazakhstan is also able to export the vehicles to the Eurasian Union.

Photo: inbusiness.kz