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Ministry of Economic Development and Trade unveils a detailed plan to secure 7% GDP growth

10 may 2011, 15:12
0
Photo courtesy of newskaz.ru
Photo courtesy of newskaz.ru
At today’s sitting of the Government, the Ministry of Economic Development and Trade presented a detailed plan to secure 7% GDP growth as earlier instructed by President Nazarbayev.

“The Agency for Statistics informed me this morning that the economic growth for the first four months made up 6.9%, which instills optimism”, Kazakhstan’s PM Karim Massimov said when opening the government’s sitting.

To secure 7% economy growth, Kazakhstan should hit the following targets: “the number of the employed should reach 8.5 million people by 2015. External trade turnover in 2011-2015 should grow at least 7% a year, with exports growing by 5% and imports increasing by 9%”, said Kairat Kelimbetov, Minister Economic Development and Trade, who unveiled the plan.

“To secure GDP annual growth at 7%, capital investments for the period of 2011-2015 should grow by 58.5% against 2010, reaching $52 billion in 2015”, the Minister said.

To this end, the Ministry of Economic Development and Trade along with Samruk-Kazyna Sovereign Wealth Fund have to come up with a joint plan to attract foreign capital into the economy.

“Growing industrial production will exert additional pressure on the transport infrastructure, therefore the Transport Ministry and KazakhstanTemirZholy national railways operator should think of strengthening the infrastructure”, the Minister said. “Besides, growing industrial production will call for greater power generation capacities (…) this is an issue to be addressed by the Ministry of Industry and New Technology and the Ministry of Oil and Gas. A blanket plan to secure greater power efficiency is also a must”.

“The Ministry of Economic Development and Trade in partnership with other public agencies should work to identify the demand for certain professionals in various economy sectors”, the Minister said.

“We have drafted a plan B in case prices for major commodities fall”, he also added.

Early May the Government adopted a plan to secure 7% GDP growth in 2011 in line with President Nazarbayev’s instructions.

Minister of Economic Development and Trade Kairat Kelimbetov believes that the target is feasible.

GDP growth in January – April made up 6.9%, Kazakhstan’s Prime Minister Karim Massimov announced in his Twitter account today.

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