ALMATY, Kazakhstan, June 27. GDP per capita growth in Central Asia has almost tripled over the past 24 years, Chairman of the Board of the Eurasian Development Bank (EDB) Nikolay Podguzov said during the opening ceremony of the EDB Annual Meeting and Business Forum in Almaty today, Trend reports.
"Sustainable and rapid economic growth should be ensured in the Central Asian region. Since 2000, GDP per capita in Central Asia has nearly tripled. However, even such growth is insufficient to attain developed country affluence," he explained.
According to him, the poverty level in some countries in the region is still quite high compared to the average for low- and middle-income countries.
"Sometimes, one hears the opinion that a raw material specialization can lead to a decent standard of living and that developing industry is not necessary. It's difficult to agree with this thesis. Firstly, the path of raw material specialization is not available to all countries in the region. Secondly, in the long run, a key factor in achieving rapid and sustainable growth is increasing the level of industrialization," he emphasized.
Podguzov mentioned the significant industrialization level gap between the region and middle-income countries.
"To close this gap, industrial production in the region needs to increase by almost one-and-a half times," he added.
To note, the EDB Annual Meeting and Business Forum are taking place in Almaty on June 27–28.
The events will feature a series of sessions on the topics of Islamic finance, transport, ecology, energy, and digital technologies.
The Eurasian Development Bank is a multilateral development bank carrying out investment activities in the Eurasian region.
The EDB's authorized capital is US$7 billion. The main share in the EDB portfolio is occupied by projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering.
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