Kazakhstan Aims To Reduce Imports By Enhancing Its Domestic Production

11/21/2024 5:14:27 AM

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, November 21. Kazakhstan aims to reduce the import of finished products by enhancing its domestic production, Trend reports.

The topic was discussed during the plenary session of the Senate of the Parliament of the Republic of Kazakhstan, where Prime Minister Olzhas Bektenov and members of the Government participated. The deputies also considered draft laws on the republican budget and guaranteed transfers from the National Fund of Kazakhstan for the years 2025-2027.

During his speech, Prime Minister Bektenov stated that economic diversification is one of the key tasks of the Government of Kazakhstan. It was noted that the manufacturing industry has outgrown the raw materials sector in terms of volume. The share of manufacturing industry is 47 percent, while the share of the raw materials sector is 45 percent.

“We have increased the list of goods purchased exclusively from domestic producers from 1,500 to 4,500 items. As a result, the value of contracts concluded with domestic producers has grown by 55 percent and reached 350 billion tenge (approximately $704 million). Another important step is the signing of off-take contracts for the supply of products with domestic producers. The total value of off-take contracts this year reached 134 billion tenge (approximately $270 million), which is 14 times higher compared to last year,” noted Bektenov.

Olzhas Bektenov also emphasized that large-scale industrial projects are being implemented in all regions of the country. As a result of the measures taken, this year we see a 6.4 percent increase in the export of finished products, while the import of finished products decreased by 7.2 percent.

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