444 import substitution projects worth KZT13.3 trillion included in the Pool of Investment Projects
Current issues of import substitution development were addressed within the framework of the next meeting on performing the instructions of the Head of State and the Prompt Actions Plan to Stabilize the Social and Economic Situation in the Republic of Kazakhstan.
On March 19, the next meeting chaired by Prime Minister Alikhan Smailov was held in Nur-Sultan city to implement the instructions of the Head of State and the Prompt Actions Plan to Stabilize the Social and Economic Situation in the Republic of Kazakhstan.
According to statistics and operational summary data for the last year, Kazakhstan imported processing products in the amount of $38.3 billion.
It is reported of large amounts of delivery of products of machine-building ($16.4 billion), chemical industry ($3.2 billion), ferrous metallurgy ($2.4 billion), light industry ($2.2 billion), construction materials ($1.4 billion), non-ferrous metallurgy ($679 million).
In fulfillment of the Instruction of the President of the Republic of Kazakhstan K. Tokayev, the public agencies of the Republic of Kazakhstan conducted a deep analysis of the domestic processing industry. So, the public agencies identified significant potential, competitive advantages in the sectors analyzed, as well as potential niches for further development of the industry.
Currently, based on the analysis, a Draft Import Substitution Program has been developed, aimed at reducing imports, increasing export advantages and competitiveness of domestic production.
A Pool of Investment Projects has been formed in the sectors of the processing industry following the results of working with the Akimats of the regions, the cities of Almaty, Nur-Sultan and Shymkent. The List includes 444 import substitution projects totaling KZT13.3 trillion, with the potential to create 88,000 new permanent jobs.
This year, within the framework of the Industrialization Roadmap, the regions of Kazakhstan intend to launch 90 projects amounted to KZT1.4 trillion with the creation of 10,800 new permanent jobs.
Following the consideration of import substitution issues, the Prime Minister of the Republic of Kazakhstan who chaired the meeting instructed to develop and approve the Import Substitution Program by regions within a month.
“Today, this issue is particularly relevant in connection with the current geopolitical situation around the world. For this reason, we need to intensify the work in this direction and attract investments to implement import-substituting projects,” said Alikhan Smailov.