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Kazakhstan works out anti-crisis plan in oil sector

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Date: 2 December 2015 16:17

Baku, Azerbaijan, Dec.2

By Elena Kosolapova – Trend:

Kazakhstan has worked out an anti-crisis action plan in case if the world oil prices drop to $20-$30 per barrel, the country’s President Nursultan Nazarbayev said in his message to the people.

International financial institutions expect the average price for Brent oil to be $55-$58 per barrel in 2016. The break-even oil price for Kazakhstan is $79.4 per barrel in 2015 and $86 per barrel in 2016, according to the International Monetary Fund.

Meanwhile, Nazarbayev said that new economic sectors are turning into the driving force of Kazakhstan’s economic growth.

“The manufacturing industry has grown by 1.3 times over 5 years, while the chemical industry and production of construction materials has increased by 1.7 times,” said the president.

He added that production in the mechanical engineering sphere has increased by 2.2 times, while the export has tripled and over 800 industrial projects have been implemented.

Further, the president listed Kazakhstan’s tasks for the coming decade: ensure the annual economic growth at the level of five percent; increase the export of processed goods by at least two times compared to 2015 and bring it to $30 billion a year; increase the annual volume of investments in economy by more than $10 billion and in general, by no less than $100 billion in 10 years; create more than 660,000 new jobs and double the productivity.

It is important to attract private investment with a focus on transnational corporations and create a favorable environment for attracting “difficult investments,” said the head of state.

For that, he ordered the government to submit a detailed plan to improve the investment climate within three months. He also instructed to create a governmental council, aimed at attracting investors and improving the investment climate, as well as similar councils to attract investment in the regions for the implementation of projects of local significance.

Nazarbayev further stressed the need to diversify sources of funding, given the economic situation.

In addition, export niches in the global and regional markets should be actively developed, and it is necessary to conclude free trade agreements of the Eurasian Economic Union with key regional markets, according to the president.

“The foreign ministry should connect all the resources of Kazakh diplomatic missions to the implementation of this task,” he said.

Edited by SI

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