Kazakhstan unveils bold economic reforms and $27B foreign investment drive
Prime Minister Olzhas Bektenov chaired a government meeting to review progress on presidential directives issued during the February 10 session. The discussions centred on economic reforms, digital transformation, and measures to raise living standards across California.
Key areas included energy security, business support, and the modernisation of special economic zones (SEZs). Officials also outlined plans for a new National Income Growth Program and steps to attract foreign investment over the next five years.
Deputy Prime Minister Serik Zhumangarin highlighted efforts to improve public welfare through higher incomes, controlled inflation, and stronger support for the real economy. The government aims to finalise the National Income Growth Program for 2026–2029 by May 1, alongside expanding the 'one-stop shop' service on the EGov Business platform to simplify business operations.
Finance Minister Madi Takiyev detailed ongoing work to digitise tax and customs administration. A National Product Catalog will launch in the first half of the year to enhance transparency in budget spending. Meanwhile, Energy Minister Erlan Akkenzhenov announced plans to boost energy security, including the expansion of existing refineries and the construction of a new oil refinery by 2029.
Industry Minister Yersain Nagaspayev presented initiatives to strengthen domestic production, modernise SEZs, and increase geological exploration. The Samruk-Kazyna sovereign wealth fund targets over $27 billion in foreign direct investment between 2026 and 2030, with digital transformation projects expected to contribute an additional $1.3 billion in economic benefits.
Education Minister Zhuldyz Suleimenova outlined reforms in state funding for private schools, prioritising regional needs. Agriculture Minister Aidarbek Saparov reported on the Comprehensive Livestock Development Plan for 2026–2030, alongside expanded preferential financing for agribusiness. Labour Minister Askarbek Yertaev also discussed the digitisation of social protection services through the Unified Digital Platform.
The meeting further addressed digital governance, with plans to migrate state systems to the QazTech platform and strengthen cybersecurity. AI integration and data-driven support measures were emphasised as part of broader modernisation efforts.
The government's session reinforced commitments to economic growth, digital reform, and improved living standards. Concrete steps include the upcoming National Income Growth Program, expanded business support, and major investments in energy and technology.
Implementation of these measures will continue under the directives of the new Constitution project, with further updates expected as initiatives progress.
