Kazakh government develops anti-crisis plan
He said that Kazakhstan has developed an anti-crisis plan in case of decline of world oil prices to $20-$30 per barrel.
International financial institutions expect average price of Brent oil at $55-$58 per barrel. The International Monetary Fund reports that break-even oil price for Kazakhstan at $79.4 per barrel in 2015 and $86 per barrel - in 2016. Nazarbayev said that the new economic sectors are becoming the drivers of Kazakhstan's economic growth. "In the last five years, the manufacturing industry increased by 1.3 times, chemical industry and production of construction materials - by 1.7 times. Production of engineering goods increased by 2.2 times, while their exports - by three-fold. Also, more than 800 industrial projects have been implemented," he added. Nazarbayev also pointed out the main goals for Kazakhstan in the next decade, in particular, to provide an annual economic growth at the level of five percent, to double the export of processed goods in comparison with 2015 and bring it to $30 billion a year, to increase the annual volume of investment in the economy by more than $10 billion, and in general for 10 years - no less than $100 billion, to create more than 660,000 new jobs, and to double the productivity. "Only diversified economy could effectively withstand the consequences of the global crisis," he believes. Nazarbayev also stressed the importance to attract private investment from the transnational corporations and to create a favorable environment in the country for attracting "difficult investment." In this regard, he instructed the government to submit a detailed plan to improve the investment climate within three months. He also instructed the government to establish a governmental council, engaged in attracting investors and improving the investment climate, as well as similar councils for attracting investment in the regions to implement projects of local significance.
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