ASTANA (TCA) — During the implementation of the State Program for Accelerated Industrial and Innovative Development of Kazakhstan for 2010-2014 (SPAIID), the country’s manufacturing industry has become the main driver of economic growth, with a growth of 29% over the past seven years compared to 6.2% in the mining sector, the official website of the Prime Minister of Kazakhstan reported.
Kazakhstan is now among the seven countries with the fastest growing manufacturing sector.
According to the Ministry of Investment and Development of Kazakhstan, for the past seven years the gross inflow of foreign direct investment in the manufacturing sector has increased 1.4-fold. The volume of exports of manufacturing products in the past year, compared to 2009, grew 7.5%, despite the fall in prices for export items.
The processing sector shows a positive trend and for nominal output for two years has exceeded the volume of production in the oil and gas sector.
Drivers providing growth were primarily the priority sectors of SPAIID. So in 2016, production of non-ferrous metallurgy products increased by 8.5%, ferrous metallurgy by 3.3%, food products by 3.9%, agro-chemistry by 9.9%, agricultural machinery by 5.6%, and oil products by 0.4%.
In 2015, the implementation of the State Program for Industrial and Innovative Development of Kazakhstan for 2015-2019 (SPIID) began. The program is a logical continuation of the first five-year industrialization program.
The SPIID provides for four target indicators in the manufacturing industry until 2019: an increase in the value of exports of manufactured products, a real increase in labor productivity, an increase in the volume of investments in fixed assets, and a decrease in the economy’s energy intensity.
