Astana, 1 September 2023 (TDI): In his annual Address to the People of Kazakhstan, President Kassym-Jomart Tokayev unveiled an ambitious new economic model based on fairness, inclusivity, and pragmatism.

This address, delivered at a joint session of the Houses of Parliament, lays out an ambitious and comprehensive vision for the country’s economic future.

The address was attended by members of both the lower and upper houses of Parliament, heads of government agencies, representatives from various commissions, and members of the public and labor communities.

During the address Kazakhstan’s President, Kassym-Jomart Tokayev, underlined the nation’s political reforms and commitment to upholding human rights and the rule of law.

However, he stressed the need for Kazakhstan to combine political reforms with comprehensive socio-economic transformations.

The President expressed optimism about Kazakhstan’s transition to a new economic model based on fairness, inclusivity, and pragmatism.

He also noted significant economic achievements, including a GDP of $226.2 billion and substantial foreign direct investments of $28 billion in the previous year.

Additionally, Kazakhstan’s foreign trade volume reached $136 billion, with exports totaling $84 billion and external reserves approaching $100 billion.

In terms of the economic priorities, the president said that economic diversification and the development of a strong industrial foundation are important economic priorities.

He called for an increased growth in sectors such as metals, oil, gas, coal chemistry, heavy engineering, uranium processing, automotive components, and fertilizers. These efforts aim to create high-value-added clusters within the country.

Furthermore, Elevating the tourism sector was underscored as a top priority, with intentions to embark on 15 substantial projects in partnership with both international and local investors.

Simultaneously, strengthening the defence industry for national security was also emphasized, with a focus on localizing production to reduce imports.

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Modernizing the national army with high-tech equipment, including drones and armoured vehicles, was included in the agenda.

President Tokayev stressed the need for decisive measures to improve conditions in the extractive industry, environmental protection, and workplace safety. he also emphasized the importance of conducting technological and environmental audits every five years.

Regarding resource management, President Tokayev called for reform in geological exploration and the mining sector, emphasizing the lack of significant discoveries despite abundant resources.

He proposed granting the right to subsoil use to investors conducting their geological exploration at their expense and improving the approval process through comprehensive state expertise and digitalization. Expanding geological exploration areas and prioritizing rare earth metal deposits were key goals.

President Tokayev concluded his address by reiterating the government’s sole responsibility for implementing economic policies, streamlining coordination, and warning against bureaucratic obstacles.

He emphasized the vision for Kazakhstan as a “Fair Kazakhstan,” marked by equal opportunities, progress, a culture of dialogue, responsibility, and solidarity, and a commitment to being part of the open, modern world that values culture, education, and science.