2021 has been a year of mixed fortunes for businesses worldwide, and Kazakhstan has not been an exception. The Kazakh economy, which is heavily reliant on commodity exports, was hit hard by the global economic downturn caused by the COVID-19 pandemic. But with the gradual easing of pandemic-related restrictions, Kazakhstan’s business landscape has begun to pick up again. In this article, we take a look at the top five business news headlines from Kazakhstan in 2021.
1. Kazakhstan Launches New Industrialization Plan
In February, the Kazakh government launched a new industrialization plan that aims to foster economic growth, create jobs, and attract foreign investment. The plan, which is expected to run until 2025, focuses on four key sectors: metallurgy, petrochemicals, machinery, and food processing. The government has set a target of attracting $50 billion in foreign investment by 2025 under the plan.
2. Kazakhstan’s Expo 2021 Astana Kicks Off
In June, Kazakhstan played host to the World’s Fair, also known as Expo 2021 Astana. The theme of the Expo was “Energy of the Future,” which aimed to showcase sustainable energy solutions and technologies from around the world. The event attracted over 120 countries and was visited by more than 4 million people. The Expo is expected to boost Kazakhstan’s tourism sector and create new business opportunities.
3. Kazakh Banks Launch Digital Services
In August, several Kazakh banks launched new digital services, including mobile banking and online payment platforms. The move comes as Kazakhstan’s banking sector seeks to modernize and keep up with changing consumer preferences. The new digital services aim to provide banking services to a younger generation of tech-savvy customers who prefer to transact online.
4. Kazakhstan Attracts $30 Billion in Investment in Renewable Energy
In September, Kazakhstan announced that it had attracted $30 billion in investment in renewable energy since 2013. The country has ambitious plans to generate 50% of its electricity from renewable sources by 2050. The investment has been channeled into wind, solar, and hydroelectric power projects, which are expected to create new jobs and reduce the country’s greenhouse gas emissions.
5. Kazakhstan Rolls Out Mass Vaccination Program
In October, Kazakhstan launched a mass vaccination program to combat the COVID-19 pandemic. The program aimed to vaccinate 60% of the country’s population by the end of the year. The vaccination drive was welcomed by the business community, which sees it as a crucial step towards economic recovery. As more people get vaccinated, it is expected that businesses will gradually return to normalcy.
In conclusion, Kazakhstan has had an eventful year in terms of business news. From launching new industrialization plans to hosting a world expo and attracting investment in renewable energy, the country has shown resilience and determination to bounce back from the pandemic-induced economic slowdown. As the year draws to a close, businesses and investors are optimistic about the prospects for Kazakhstan’s economy in 2022.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)
Speech tips:
Please note that any statements involving politics will not be approved.