Economy

Over the years of independence of the Republic of Kazakhstan, sustainable economic growth has been achieved thanks to free private initiative and entrepreneurship development, active foreign trade and investment.

Over the last decade GDP increased more than six-fold from US $22 billion to US $135 billion.

According to the World Bank, Kazakhstan is in the group of middle income countries. GDP per capita exceeds US $8 000. Also, according to the World Bank, Kazakhstan is among the world’s top 20 investment destinations. Over the years of independence, around US $100 billion FDI was invested to the republic or 80% of all foreign capital invested in Central Asia.

The country’s foreign assets, including the National Fund, amount to tens of billions of dollars. Foreign trade has increased nearly six-fold and exceeds US $80 billion.

Kazakhstan’s largest companies have been making business according to international standards and have become recognized in the global market.

Kazakhstan has been significantly contributing to global energy security. It has the world’s seventh largest oil reserves, the six largest gas reserves and the world’s second largest uranium reserves. By 2017 Kazakhstan will have become one of the world’s top ten oil and gas producers.

Kazakhstan has been developing mining, non-ferrous and ferrous metals, engineering and building industries, small- and medium-scaled business and many other industries.

The country is about to enter the World Trade Organization and has been improving its legal framework to comply with the WTO requirements. Kazakhstan has trade and economic relations with more than 140 countries.Having successfully accomplished its transitional stage of economic development, Kazakhstan is going to make a new economic breakthrough and join the world’s 50 most competitive nations.

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