While the world economy continues to be unsettled, economic growth in Kazakhstan has continued. Strong domestic demand, coupled with increased oil output and crop production boosted economic growth from 5% to 6% during the past year. The economy of Kazakhstan is the largest economy in Central Asia. It possesses enormous oil reserves as well as minerals and metals. It also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production, as well as developed space infrastructure. Kazakhstan is an upper-middle-income country with per capita GDP of nearly USD 13.000 in 2013. Average consumption growth is 5% annually.
Oil and oil products account for 75% of Kazakhstan´s exports. Oil and gas fields are located in the Western part of Kazakhstan and by the Caspian Shore. Existing oil refineries need modernization and repair to improve their productivity. Technology and equipment are required.
Mining industry is concentrated in the Central part of Kazakhstan (copper, iron ore, coal, minerals) and in the Eastern part of Kazakhstan (gold, precious metals, minerals). Practically all mining machinery is imported from the Western countries. New machinery and modern technology are in demand.
Kazakhstan launched a State Health Care Development Program to restructure its healthcare system. Health, medical care and life sciences are one of the country´s major priorities of development. This opens a big market for various treatments, medical and imaging devices, wound care technology and materials, pharmaceuticals for cancer and cardiovascular disease; and technology for injuries recovery.
Air and water pollution are a significant environmental concern in Kazakhstan. Technology and equipment to control industrial and mining activities, land degradation, desertification and water scarcity are required.
Agriculture accounts for only 5 % of the GDP but it employs almost 25% of the population. Technologies for improving food production, food processing and food safety are required.
Building and construction boom continues. Growth in the business is fueled both by private investments and by government spending on oil incomes. High-quality building and construction materials, machinery, equipment and technologies are required.
Electricity is in growing demand in Kazakhstan, due to strong economic
growth. Power plants are mostly located in the Northern part of
Kazakhstan in the coal-producing and hydropower generating regions.
Kazakhstan has recently built a new electricity transmission line to aid the energy flow from the north to the south of the country. New electric grids are constantly built to improve the energy flow between various parts and cities of the country.