Source: Tokayev outlines Alatau City project success for Kazakhstan’s economic growth

President Kassym-Jomart Tokayev said the Alatau city project must succeed to unlock a new model of sustainable economic growth for Kazakhstan, Qazinform News Agency correspondent reports.

He made the statement on Tuesday during his speech at a joint session of the chambers of the Kazakh Parliament.Tokayev noted that economic diversification remains one of the state’s key tasks and said Kazakhstan is entering a new investment cycle intended to drive this process.

“Diversification is not just a slogan or a beautiful word; it is a very complex and responsible task that cannot be approached superficially,” said Kassym-Jomart Tokayev.

According to the president, last year the gross inflow of foreign direct investment into Kazakhstan rose by 14 percent, exceeding 20 billion US dollars. He also pointed to increasing capital flows into future industries, including manufacturing, transport and logistics, digital infrastructure, and the financial sector, which he said will contribute to Kazakhstan’s dynamic development.

Tokayev emphasized the importance of the Constitutional Law on the Special Legal Regime of the City of Alatau, saying it creates broad opportunities for foreign and domestic businesses.

“The law opens up broad opportunities for foreign and domestic businesses, so we must properly utilize the potential of this unique legislative act. The creation of rapidly developing digital megacities, innovation clusters, and highly productive industries is aimed at transforming Kazakhstan into a high-tech and business hub of Eurasia. If this project, unprecedented in our vast region, succeeds (and success must absolutely be ensured), a completely new model of sustainable economic growth will be established,” said Kassym-Jomart Tokayev.

Earlier, the Head of State said Kazakhstan is shifting to a new economic model.