ASTANA, Kazakhstan, August 1. Kazakhstan's machinery industry attracted $500 million worth of direct investments, which is a record level for the country, Kazakhstan's Minister of Industry and Infrastructural Development Marat Karabayev said during a government meeting, Trend reports.
The minister claims that this pattern continued in the first quarter of 2023, with direct investments reaching $208 million, or four times more than in the same period of the previous year.
The expanding importance of the machinery sector, which makes up 13% of the manufacturing industry's overall structure, was noted in Karabayev's research. More than 118,000 people have work prospects thanks to the sector's 3,800 active businesses.
"The machinery industry stands out as the most dynamic among the manufacturing sectors. Over the past five years, the industry has achieved real growth of 2.3 times, with the automotive sector experiencing remarkable growth at 4.7 times," he said.
With a focus on continuous growth and capacity expansion, the government has formulated the Comprehensive Machinery Industry Development Plan for 2024–2028, following the president's instructions. This strategic plan aims to achieve ambitious targets by 2028, including a 2.2-fold increase in production volumes, boosting exports to $5.7 billion, and improving labor productivity by 1.9 times. Additionally, investments in the sector are projected to grow by 1.5 times.
Karabayev emphasized the commitment to implementing 151 projects worth 1.7 trillion tenge ($3.8 billion), leading to the creation of over 24,000 new job opportunities by 2028. This year alone, 29 projects valued at 217 billion Kazakh tenge ($485.7 million) are expected to be implemented.