Kazakhstan is the most prosperous and economically developed country in Central Asia. Since the 2000s, Kazakhstan has seen impressive economic growth driven by market-oriented reforms, abundant mineral resources extraction, and strong FDI. Sustained economic growth has transformed the country into an upper middle-income economy.
Kazakhstan’s real GDP grew 3.6% in the first half of 2022. GDP expected to grow by 3.7% in 2023. The European Union is largest trading partner of Kazakhstan.
The country links the markets of China and South Asia with Western Europe by road, rail, and a port on the Caspian Sea. Kazakhstan will increase its significance as a regional logistics hub.
Kazakhstan provides business opportunities in many sectors: mining, agriculture, education, energy efficiency and cleantech, water supply and many others.
Kazakhstan is actively seeking for new technologies and solutions for development of the economy. Finnish companies have products and equipment needed in Kazakhstan and should take advantages of Kazakh market.
The World Bank’s country program in Kazakhstan consists of 11 projects. Jointly with the World Bank the government of Kazakhstan has identified 5 priority sectors:
- Infrastructure (transportation, logistics, ICT)
- Agriculture and consumer goods industry
- Mining and metal sectors
- Chemical & Petrochemical industries
- Machinery & Equipment industry
- Capital: Astana
- Population: 19,7 million (1.12.2022)
- Official languages: Kazakh and Russian
- The President: Kassym-Jomart Tokayev
- GDP: 197,1 billion dollars (2021), per capita 11 229 dollars (premilinary data, 2022)
- GDP growth: +4.3% percent (2021)
- Main export products: Oil and mineral products, agricultural products (e. x. grain)
- Main trade partners: Russia, China and EU
- Kazakhstan borders China, Kyrgyzstan, Russia, Turkmenistan, and Uzbekistan.