News
20.10.2008Kazakh Economy on its Way to Diversification
Rich in raw materials, Kazakhstan the 9th biggest country in the world with its only 15.5 mill inhabitants, is well-equipped in a world hungry for resourses.
In its efforts towards diversification the government of Kazakhstan has launched a development program taking effect in six key sectors – metallurgy, transportation logistics, the textile industry, building materials, the food industry, machine construction for the oil and gas industry, and tourism. It is the development in these sectors that is supposed to lead Kazakhstan among the 50 most competitive countries in the world. In line with these efforts is the development of high-technology centers. Medical,
educational, transport-logistical and bio-technological clusters are being established in the country and will form a science-oriented foundation for economic development.
European companies have benefited from the Kazakh government’s efforts towards economic diversification. Around 160 German companies alone have already set up representative or branch offices in Kazakhstan and some 600 legal entities with German participation have been registered.
At the moment, the country is preparing for the OSCE (Organization for Security and Co-operation in Europe) presidency in 2010 with the support of Germany.
