Kazakhstan’s companies poised for $46B manufacturing increase in processing industry

Kazakhstan Materials 27 May 2023 10:56 (UTC +04:00)
Asmar Bayramova
Asmar Bayramova
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BAKU, Azerbaijan, May 27. Through internal reserves, there is the potential to boost manufacturing in the processing industry by $46 billion in Kazakhstan, the country's Vice Minister of Industry and Infrastructure Development, Ilyas Ospanov, said, Trend reports.

He made the remark during a meeting with the Prime Minister of Kazakhstan, Alikhan Smailov, where pertinent issues and measures of government support were discussed.

The vice minister also added that Kazakhstan possesses the capability to supply additional products to the macro-region market, amounting to nearly $300 billion.

Among the key areas with potential for domestic production development are oil and gas engineering, the production of construction materials, food and fertilizer manufacturing, steel production, aluminum and copper industries, iron ore processing, cotton fiber, wool, leather, and more.

Meanwhile, Kazakhstan's government plans to allocate more than 500 billion Kazakh tenge ($1.1 billion) as a direct state stimulus for processing industry projects this year. This funding will be provided with support from the Industrial Development Fund and the Development Bank of Kazakhstan.