Since gaining independence in 1991, Kazakhstan has achieved remarkable progress and development across various areas. Kazakhstan has formed itself as a dynamic, forward-thinking country with a thriving economy. President Kassym Jomart Tokayev’s rule involves pursuing development and implementing progressive policies, similar to the policies adopted by President NurSultan Nazarbayev.
President Kassym-Jomart Tokayev has implemented several policies and reforms aimed at promoting socio-economic development in Kazakhstan.
With its thriving economy, Kazakhstan has highly invested in infrastructure and prioritize human capital development, which has yielded positive results. Additionally, initiatives to sustain foreign investment, strengthen regional connectivity, and promote environmental sustainability have enhanced and continue to be sustained under the visionary leadership of President Kassyem Tokayev. Kazakhstan’s economy is highly globalized due to many new projects and policies. The development of large cities and financial market liberalization; have also improved living standards and led to significant advancements in education, infrastructure, and governance.
Economic Diversification:
Industrial development and innovation strategy (2003- 2015) accomplish economic diversification through the promotion of target industries, Kazakhstan’s development plan followed fairly significant goals, like sustaining manufacturing’s average real annual growth rate of 8% for the entire twelve-year period. The government established five entities to support investment in non-oil sectors as the centrepiece of the strategy. In particular, the Investment Fund and the National Innovation Fund were among these organisations; they were responsible for financing technical ventures and lowering risks for private investors. Additionally, these institutes were created to foster the growth of “technology clusters” in sectors like textiles, metallurgy, food processing, and machine construction.
A diverse and innovative economy, active advancement of economic and trade diplomacy, and balanced territorial development were among the specific targets for the period from 2021 to 2025 that were outlined by the National Development Plan, which was unveiled in March 2021. President Tokayev’s 2021 always stressed the need to focus primarily on two aspects of economic policy: the growth of the agro-industrial complex and the digitalization of the economy.
Kazakhstan’s economic policies timely resolve all kinds of complex structural issues. The new economic reforms guarantee macroeconomic stability, diversification of the economy, digitalization, growth of small and medium-sized enterprises, human capital, and the rule of law. The reforms are contributing to achieving economic policy’s fundamental objectives, which include quality and inclusive growth and citizen well-being.
Although the economy of Kazakhstan has always been open to foreign trade and investment, meeting domestic requirements should be given first priority.
The “Nurly Zhol” program, initiated by President Tokayev, aims to upgrade and expand Kazakhstan’s transportation network, which includes building new highways, railroads, and airports as well as improving trade connections. The “Digital Kazakhstan” program strives to create a strong digital infrastructure that facilitates digitalization. These efforts have bolstered economic resilience and contributed to the growth of all sectors, such as manufacturing, agriculture, and services.
Regional Connectivity:
Kazakhstan is the bridge connecting Asia and Europe and is a key stakeholder in promoting regional connectivity and facilitating cooperation among all regions. The government has adopted proactive policies and actively promoted initiatives such as the Belt and Road Initiative (BRI) with fostering economic and cultural ties.
Kazakhstan has also played a significant role, as Chinese President Xi Jinping first announced the BRI project here in 2013. The country’s active involvement and participation in the BRI reflect its commitment to regional integration and economic cooperation and sustainable development. Kazakhstan’s infrastructure projects, such as the Khorgos-East Gate Special Economic Zone and the Nurly Zhol (Bright Path) economic program, have further enhanced its connectivity and trade links with all regional countries. Kazakhstan has bolstered its role as a key player in the development of Eurasian trade and connectivity. Kazakhstan hosts various international forums, conferences, and events, providing platforms for dialogue, negotiations, cooperation, and knowledge-sharing between Asia and Europe.
Agriculture and Industrial industry:
President Tokayev established a comprehensive plan for growing Kazakhstan’s agricultural sector, including increasing the quantity of irrigated land, increasing agricultural production by 4.5 times by 2030, and restricting the transfer of agricultural land to foreign corporations. The active industrial-innovative development policy pursued since 2010 provides a legal framework for industrial infrastructure development and building of a system of development institutions.
President Tokayev announced the need for a law “One Industrial Policy” to define the role of the manufacturing industry in his 2020 address, listed “seven basic principles” that should guide a new, technologically sophisticated economy, and launched a “National Project for the Development of the Agro-Industrial Complex,” among other initiatives. A significant reform of fiscal and market policies is planned, including the system of public funding, subsidies, and incentives, as well as agricultural insurance, to make agricultural and food systems more efficient and inclusive.
Conclusion:
Kazakhstan’s journey of progress and development is a testament to its vision, and commitment to economic diversification, regional connectivity infrastructure development, education, and governance reinvigorated by President Tokayev. As Kazakhstan continues to move forward, it serves as an inspiring example that has successfully transformed itself and achieved significant advancements.
Written by :
Mr. Khalid Taimur Akram, Executive Director,
Pakistan Research Center for a Community with
Shared Future (PRCCSF), Islamabad, Editor-in-Chief
Daily Big Digit Islamabad.
