Kazakhstan's Machine Building Output Set to Grow 4.5 Times by 2028

The XII Forum of Machine Builders of Kazakhstan has gathered more than 1,500 participants from 20 countries, including Austria, Brazil, Germany, Italy, China, Türkiye, and others.

The two-day forum will focus on the pressing issues of the machine building industry, prospects for Kazakhstan’s machinery manufacturing and new points of growth, The Caspian Post reports citing Kazinform.

As chairman of the board of the Union of Machine Builders of Kazakhstan Meiram Pshembayev said, the 2024-2028 Kazakhstan’s machine manufacturing development complex plan was developed in line with the President's task.

According to the plan, the country’s machine building output is projected to grow by 4.5 by 2028, exports to triple, labor productivity is predicted to double and investments are expected to increase 1.5 times.

As stated there, Kazakhstan adopted the Law On industrial policy, the industry development fund was created. In 2023, the Government supported a package of initiatives proposed by the Union of Machine Builders.

He noted the development of internal production chains, export routes and adaptation to the requirements of the global markets came to the fore amid geopolitical challenges.

Today, Kazakhstan places its stake on the high-tech processing industry. For the first time, its share in GDP surpassed the mining sector by 4.6%. Thereat, the share of machine building accounts for 20% in the structure of the processing industry.

He reminded the Head of State set a task to double the country’s economy by 2029 and raise labor productivity in the processing industry by 1.5 times.

As earlier reported, the XII Forum of Machine Builders of Kazakhstan has kicked off in Astana.