September 2010|1 - KazEnergy
September 2010|1 - KazEnergy September 2010|1 - KazEnergy
ECONOmy |6 sures. For instance Kazakhstan can boast a relatively high level of GDP real growth, which reached 1.2% in 2009 (US$110 billion) and 8% in the first half of 2010 (US$81.5 bln). International reserves of the country peaked at US$53.1 bln, up from a meagre US$3.5 bln in the middle of 2001. Foreign investments influx in the first half of 2010 achieved US$5.1 billion. At the beginning of 2003 the Government of Kazakhstan adopted the Innovative Industrial Development Strategy for the years 2003- 2015. The Strategy came at a time when basic economic reforms had been completed, successfully replacing the old system of economic relations with a market economy. In the first decade of its independence Kazakhstan was successful in fostering market-based institutions, the country’s energy industry saw a rapid growth and the banking sector has taken the leading position within the CIS countries. However, being aware of the economy’s heavy reliance on the energy and minerals sectors the Kazakhstan Government adopted an ambitious three-stage New Industrial Development Strategy to ensure sustainable development of the domestic economy through its genuine diversification, creation of new competitive industries, modernization and expansion of the existing infrastructure with the ultimate goal of moving from an extraction-based industry to a service and technology based economy. On top of the successfully operating National Oil Fund established in 2000, and the Development Bank of Kazakhstan, the first ever institution of its kind in the FSU, established in 2001, new development institutions were established in 2003 within the Strategy, all deriving millions of dollars from oil revenues. These new institutions included the Sustainable Development Fund ”Kazyna”, Export Credit Corporation, Centre for Engineering and Transfer of Technologies, Centre for Market Research and Analysis among others, which were further united under the “Samruk- Kazyna” Fund. iNvESTmENT pOTENTial The country’s investment potential is now based on minerals and raw materials. Because their exploitation forms a considerable part of the national gross product, the quality and extent of deposits’ utilization and the reproduction of raw material reserves play a decisive role in the present and future of Kazakhstan. For example, it is envisaged that exploration of the oil and gas field Kashagan, which is one of largest fields in the world, will make Kazakhstan one of the major producers of hy-
September 2010|6 fOr iNSTaNCE KazaKhSTaN CaN bOaST a rElaTivEly high lEvEl Of gDp rEal grOWTh, WhiCh rEaChED 1.2% iN 2009 (uS$110 billiON) aND 8% iN ThE firST half Of 2010 (uS$81.5 blN).
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<strong>September</strong> 2010|6<br />
fOr iNSTaNCE KazaKhSTaN CaN bOaST a rElaTivEly high lEvEl Of<br />
gDp rEal grOWTh, WhiCh rEaChED<br />
1.2% iN 2009 (uS$110 billiON) aND 8%<br />
iN ThE firST half Of 2010 (uS$81.5 blN).
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