Day: October 17, 2025

On October 15, Kazakhstan’s Deputy Prime Minister Serik Zhumangarin presented the country’s new proactive economic growth strategy to leading American businesses during a roundtable hosted by the U.S.-Kazakhstan Business Council (USKZBC) at the U.S. Chamber of Commerce in Washington, D.C. The meeting served as a key platform for dialogue ahead of the annual meetings of the World Bank and the International Monetary Fund.

The U.S. delegation included Khush Choksy, Senior Vice President for the Middle East, Turkey, and Central Asia at the U.S. Chamber of Commerce, along with executives from major corporations such as Chevron, ExxonMobil, Citi, Mastercard, Boeing, Bechtel, and LanzaJet.

Zhumangarin highlighted the longstanding commercial ties between the two countries, noting that over 600 American companies currently operate in Kazakhstan, including General Electric, Pfizer, Honeywell, Coca-Cola, and John Deere.

“Kazakhstan is an attractive country for American business. Our GDP this year will exceed $330 billion, approximately 60% of Central Asia’s total economy,” Zhumangarin stated, adding that GDP per capita at the end of 2024 surpassed $14,000, and $44,000 in terms of purchasing power parity. The government is aiming to raise total GDP to $450 billion by 2029.

Zhumangarin emphasized that Kazakhstan’s financial indicators remain strong, with national debt at about 22.2% of GDP – around $61 billion – a level comparatively lower than in most global economies.

Over the past two decades, the country has attracted more than $400 billion in foreign direct investment. According to Zhumangarin, less than one-third of that has gone into the raw materials sector, with the remainder directed to manufacturing, construction, transport, finance, and insurance.

Kazakhstan has recorded steady economic growth exceeding 5% for three consecutive years – 5.1% in 2023, 5% in 2024, and 6.3% in the first nine months of 2025. International credit rating agencies S&P, Fitch, and Moody’s have maintained Kazakhstan’s investment-grade ratings, with S&P upgrading its outlook to “Positive” and Moody’s assigning a “Baa1” rating.

Zhumangarin outlined a new economic strategy aimed at maintaining annual growth between 5% and 6%. Central to the plan is strengthening development finance institutions and launching large-scale projects in value-added sectors such as raw material processing, agriculture, and mechanical engineering.

“The total investment potential of these sectors is estimated at over $100 billion,” he said.

Priority industries include railway and automotive manufacturing, fertilizer production, waste processing, and the development of rare earth elements. Energy and municipal infrastructure are also major areas of focus, with projects worth $100 billion planned over the next five years.

“We invite leading international companies with deep industry expertise. Their participation will boost production efficiency, generate employment, and reinforce Kazakhstan’s image as a reliable investment destination,” Zhumangarin added.

The U.S. Chamber of Commerce, the world’s largest business association, represents over 3 million companies and 830 industry associations. The USKZBC comprises dozens of corporations active in Kazakhstan, including names such as Chevron, ExxonMobil, Fluor, Apple, GE, Bechtel, Boeing, and Mastercard.

In 2024, trade between the U.S. and Kazakhstan reached $4.2 billion. More than 720 enterprises with American participation are registered in the country, including 20 medium and large businesses.

Earlier this year, The Times of Central Asia reported that the two nations had finalized the largest locomotive supply agreement in their history, a $4.2 billion deal announced following a phone call between President Donald Trump and President Kassym-Jomart Tokayev. Officials credited the two leaders’ direct engagement with helping to secure the deal.