Attraction of investments – driver of economic growth in Mangistau region

For the past five years, Mangistau attracted over 3 trillion tenge of investments which is a significant catalyst of the region’s economic development. For the past 10 months, it attracted some 840 billion tenge which is 45% more as compared to the previous year, Kazinform Agency reports.

Since the beginning of the year 12 investment projects worth over 11 billion tenge of investments were launched including a meat processing plant, productions of rolled metal products, special equipment, reinforced concrete, and antifreezes, governor Nurlan Nogayev told a press conference at the central communications service.

The region plans to implement three more projects worth 9 billion tenge by the yearend and generate some 90 new workplaces.

54 investment projects will be developed in the region over the next three years to attract over 1.4 trillion tenge and create over 6,000 new jobs.

One of the key projects is the construction of a plant for the production of 2 million tons of "green" hydrogen in the Mangystau region by SVEVIND Company.

Another highlight is the project for the development of Kalamkas, Khazar and Auezov fields with the participation of Russia’s LUKOIL.

He added as part of a strategic partnership with Kazakhstan’s KazPetroDrilling Company the memoranda of cooperation were signed to build plants for the production of tubular goods and tubing in the territory of the region.

The governor stressed the mentioned projects are expected to contribute to the development of economic branches and have a multiplicative effect on the region’s socioeconomic development at large.