Kazakhstan is the eighth largest country in the world and the largest country in Central Asia. However, with only 7 inhabitants per km2, Kazakhstan is one of the most sparsely populated countries in the world. Due to its large oil and gas reserves, the country has a high GDP. With the publication of a strategy for 2050, Kazakhstan has embarked on a course of reform that should make the country one of the most prosperous and modern countries in the world.
Business climate
Thanks to recent reforms, the Kazakh business climate can be called liberal and actively promotes corporate social responsibility. A World Bank survey ranked Kazakhstan 25th in the Ease of Doing Business (2020). In addition, former First President Nazarbayev called on foreign investors and local entrepreneurs to be socially responsible in a speech. Since then, the idea of corporate social responsibility has had solid foundations in the business climate. For example, the president presents an annual award for good corporate social responsibility practices.
Economic outlook
Before the Covid-19 pandemic, the Kazakh economy grew by 4.5% in 2019. After the pandemic in 2021, the economy grew again by as much as 4%. Kazakhstan wants to develop as an international transport hub because of its position between China, Russia and Europe. To this end, it is investing heavily in (rail) roads, ports, pipelines and is establishing contacts with surrounding countries in order to have a strong transport function.
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Sector |
Opportunities |
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Agriculture |
In the 'Strategy 2050', the Kazakhstan government focuses on improving agriculture by attracting foreign investment, strengthening cooperation in the sector and increasing exports. |
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Sustainable energy |
In the same strategy, Kazakhstan aims for 10% renewable energy by 2030 and even 50% by 2050. Opportunities for Kazakhstan can be found in solar energy, wind energy and hydropower projects. |
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Waste management |
Kazakhstan produces a lot of waste, which is often still dumped in Soviet-era landfills. In the new strategy, the government aims to renew the waste sector by among others promoting recycling. |
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Transport and logistics |
Kazakhstan is developing as a transport hub between China, South Asia, Russia and Western Europe by means of railways, roads and ports on the Caspian Sea. There are many opportunities due to the large state investments and the large number of subsidies that Kazakhstan has received to expand and improve its infrastructure. |
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ICT and telecommunications |
Kazakhstan is not only going to renew the entire government apparatus by, among other things, using new technologies, but also wants to encourage entrepreneurs to do the same. There will be great potential for technology companies to do business in Kazakhstan. |
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Mining |
Kazakhstan has a wealth of natural resources, including oil, gas, coal, uranium and other minerals. After Russia, Kazakhstan is the largest oil owner among the old Soviet republics. |
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Consumers |
The growth of the middle class and an increase in real income have increased the demand for good quality products and brands. Dutch products can respond to this, especially if these high-quality products also include good customer service, which is often lacking in Kazakhstan. |
Interested?
Kazakhstan offers many opportunities for entrepreneurs. Economic growth is expected in the coming years and the ambitions of the government are high. Kazakhstan is developing into one of the most important post-Soviet republics. We are happy to make an appointment with you to discuss in detail the opportunities for your products or services.