Baku, Azerbaijan, Oct. 5
By Rashid Shirinov – Trend:
President of Kazakhstan Nursultan Nazarbayev has instructed the government to allocate additional 500 billion tenge to the support of the manufacturing industry and non-resource exports over the next 3 years.
He made the remarks in his annual address to the people of Kazakhstan, Kapital.kz reported on Friday.
Nazarbayev noted that export-oriented industrialization should become a core element of Kazakhstan's economic policy. He added that the government should focus on supporting exporters in the manufacturing sector.
The president also instructed the National Bank to provide long-term tenge liquidity to banks in the amount of at least 600 billion tenge to solve the problems of affordable lending to priority projects. He pointed out that the expenditure of these funds will be under strict control.
Nazarbayev further instructed to allocate up to 300 billion tenge for the creation of a direct investment fund in the non-resource sector for the implementation of major breakthrough projects, and noted that the fund should work on the principle of co-investment with foreign investors.
It is worth noting that the investments in fixed capital of Kazakhstan’s manufacturing industry amounted to 662.9 billion tenge in January-July 2018 – that is a growth by 38.2 percent in a year.
Thanks to the implementation of the state program of industrial and innovative development of the country, the flow of foreign direct investment in the manufacturing sector of Kazakhstan has increased significantly over the past years.