Kazakhstan eyes attracting investments in processing industry

Kazakhstan Materials 21 October 2021 13:07 (UTC +04:00)
Kazakhstan eyes attracting investments in processing industry

BAKU, Azerbaijan, Oct. 21


Some 11.2 trillion tenge ($26 billion) of investments is planned to be attracted to the processing industry by the late 2025, Trend reports referring to the press service of the Ministry of Industry and Infrastructural Development of Kazakhstan.

Information was provided on the "industrial-innovative development" direction of the "Sustainable economic growth aimed at improving welfare of Kazakhs" national project. The purpose of the direction is the manufacturing of competitive processing industry products.

To achieve this goal, tasks were set such as technological modernization of processing enterprises, increase of production volumes and expansion of the range of processing industry goods," the ministry said.

The ministry noted that the solution of the above tasks will lead to the achievement of strategic indicators, including increase of labor productivity and investments in fixed capital in the processing industry by 38.9 percent and 79.5 percent compared to 2019, respectively, as well as nominal growth in output of processing enterprises by 1.5 times against the level of 2020.

At the same time, the share of large and medium-sized enterprises using digital technologies in the processing industry will increase to 23 percent, while the volume of production in the same industry - to 19 trillion tenge ($45 billion).

Besides, according to the ministry, as a result of the implementation of these plans, through the launch of new enterprises, tax revenues will increase. By the end of 2025, it’s expected to receive 9.1 trillion tenge ($21 billion) of tax deductions and planned to attract in 11.2 trillion tenge of investments in fixed capital in the processing industry.

By the same period, it’s planned to increase the output of export-oriented products to $9.1 billion, and the wages of workers of processing enterprises - by 31.5 percent against the level of 2020, as well as create 100,300 permanent jobs.

For the implementation of the direction of industrial and innovative development in 2021-2025, it’s envisaged to allocate 264.3 billion tenge ($620 million) from the state budget, added the ministry.