Kazakhstan Intends to Intensify Import Substitution Projects

NUR-SULTAN – The Kazakh authorities options to produce the import substitution software with a mission to minimize imports, raise export benefits and competitiveness of domestic manufacturing, noted the Key Minister’s Office environment on March 19. 

The state bodies have presented a preliminary program that involves 444 domestic import substitution assignments worth 13.3 trillion tenge (US$26 billion). The initiatives have the probable to supply 88,000 work. 

This yr, it is predicted to launch 90 tasks value 1.4 trillion tenge (US$) and to create 10,800 occupation positions in the locations.      

Key Minister Alikhan Smailov instructed his workers to establish and approve the import substitution program in the locations inside of a thirty day period.

“The system is vital in connection with the present-day geopolitical predicament in the earth. Thus, it is essential to intensify function in this course and draw in investments for the implementation of import-substituting projects”, reported Smailov.

Overall, Kazakhstan imported producing items worthy of $38.3 billion in the very last yr. 

In his recent state-to-the-nation address Kazakh President Kassym-Jomart Tokayev prioritized a comprehensive assessment of the domestic producing business to identify its likely, and competitive strengths.