Jun 30, 2026
Transition to a New Economic Model
“Overall, Parliament has maintained productive cooperation with the Government and the National Bank.
The most pressing issue at present is the National Bank’s base interest rate. We must approach this issue with careful balance.
The new Budget and Tax Codes that you adopted have fundamentally reset our entire economic system and transformed the way public finances are managed.
As a result, the foundation has been laid for a new model of Kazakhstan’s economy.
Modern plants are being established across the country to manufacture automobiles, household appliances, freight railcars, construction materials, and other high-quality products.
Between 2023 and 2025 alone, 540 industrial projects worth 3.7 trillion tenge were implemented.
Over the next two years, more than 200 additional production facilities are expected to come online, attracting approximately three trillion tenge in investment. This will generate higher budget revenues, introduce advanced technologies, and, most importantly, create new jobs.
The projects already launched have created nearly 50,000 permanent jobs. The completion of the planned facilities will create employment opportunities for more than 20,000 additional people.
The state is investing substantial resources to support and protect domestic entrepreneurs.
Overall, approximately half of Kazakhstan’s working-age population is employed in small and medium-sized businesses. Over the past five years, employment in this sector has reached 4.5 million people.
The share of small and medium-sized businesses in GDP has also reached a record level, surpassing 40 percent for the first time.
In 2025, entrepreneurs received support totaling eight trillion tenge through the Baiterek Holding.
In addition, fundamentally new Construction and Water Codes were adopted. These are landmark documents for regulating strategically important sectors.
Last year, more than 20 million square meters of housing were built in Kazakhstan – the highest figure in our history.
Most importantly, thousands of families were able to move into homes of their own.
Alongside improvements in our cities, the quality of life in rural communities continues to improve steadily.
This year, twelve major projects are scheduled for completion, providing more than half a million rural residents with access to clean drinking water.
Agricultural producers have received state support on an unprecedented scale.
Last year, one trillion tenge in credit resources was mobilized for concessional financing of the agro-industrial sector.
For the first time, farmers gained access to long-term financing at an annual interest rate of five percent, contributing significantly to the modernization of agriculture.
As a result of these measures, gross agricultural output reached nearly ten trillion tenge, while exports increased by 30 percent to seven billion U.S. dollars – the highest level in more than a decade.
High-tech industries are developing dynamically.
We have also achieved significant progress in our domestic pharmaceutical industry.
According to the World Health Organization, Kazakhstan ranks first among the countries of the Commonwealth of Independent States in public confidence in its pharmaceutical industry.
The pharmaceutical market has exceeded one trillion tenge, while foreign investment in the sector has more than tripled over the past three years.
However, we cannot be satisfied with these achievements. We still face major challenges, and we must accomplish the goals we have set for ourselves.
As I have said before, our country is entering a new investment cycle that will serve as a driver of economic diversification.
Diversification is not merely a slogan or an attractive phrase. It is a complex and demanding task that cannot be approached superficially.
Last year, gross foreign direct investment inflows into Kazakhstan increased by 14 percent, exceeding 20 billion U.S. dollars.
It is particularly encouraging that investment is increasingly flowing into the industries of the future: manufacturing, transport and logistics, digital infrastructure, and the financial sector. This will undoubtedly contribute to the country’s dynamic development.
In this context, the Constitutional Law “On the Special Legal Regime of the City of Alatau,” which I signed in May, is of particular importance. It opens broad opportunities for both foreign and domestic businesses, and we must make full use of the potential created by this unique legislation.
The creation of rapidly developing digital megacities, innovation clusters, and high-productivity industries is intended to transform Kazakhstan into Eurasia’s leading high-tech and business hub.
If this unprecedented project succeeds – and we must ensure that it does – it will create an entirely new model of sustainable economic growth.” – the president Kassym-Jomart Tokayev.
Read more: https://aqorda.kz/en/remarks-by-the-head-of-state-kassym-jomart-tokayev-at-a-joint-session-of-the-two-chambers-of-parliament-161836