Business | Economy

Investments in Kazakhstan up 3.3% in 2012

GDP recorded $210.8 billion in 2012

  • By Shehab Al Makahleh Staff Reporter
  • Published: 17:17 December 11, 2012
  • Gulf News

Abu Dhabi: The Gross Domestic Product (GDP) of Kazakhstan grew this year by 5.2 per cent to $210.8billion and investments hiked by 3.3 per cent, said Askar Mussinov, ambassador extraordinary and plenipotentiary of the Republic of Kazakhstan to the UAE.

Speaking at a reception on the 21th Anniversary of Independence of the Republic of Kazakhstan, Mussinov said that his country has witnessed major socio-economic development this year.

“Our country’s GDP per capita reached$12,500. Concerning the issues of the socio-economic development of Kazakhstan, despite the impact of negative factors in the country it maintains a positive trend. Thus, the GDP grew by 5.2 per cent to $210.8 billion and investments by 3.3 per cent,” said the ambassador.

He added: “The international reserves of Kazakhstan, according to the National Fund, from the beginning of the year increased by $12.5 billion to reach $ 85.5 billion (40 per cent of the GDP),”

Mussinov said that inflation in 2012 was 3.9 per cent, lower by 2.3 per cent than in 2011.

“Now, Kazakhstan is implementing an ambitious programme of accelerated industrial innovations. Its goal is to create a npn-oil based economy, to be able to enhance non-oil activities through diversified plans by 2020,” the ambassador stressed.

With regard to UAE-Kazakhstan relations, Mussinov added: “I am particularly pleased to note that 2012 was another significant milestone in the history of bilateral relations between Kazakhstan and the UAE. Warm and trusting relationships that have developed between the President of Kazakhstan Nursultan Nazarbayev and President of the UAE, His Highness Shaikh Khalifa bin Zayed Al Nahyan, are a determining factor and a guarantee of successful cooperation between Kazakhstan and the UAE in the political, economic, cultural and humanitarian spheres.”

He hailed UAE investments in Kazakhstan, pointing out that several major projects are taking place there, and work is underway on the construction of a multifunctional complex “Abu Dhabi Plaza” in Astana.

“Activity in Kazakhstan has started with a joint Kazakh-UAE equity fund ‘Al Falah’ with a registered capital of more than $500 million. In 2012, a number of important agreements signed between Kazakhstan and the UAE on extradition, legal assistance in criminal matters, and on legal assistance in civil and commercial matters, were ratified,” said the ambassador.

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