President Kassym-Jomart Tokayev initiated a significant reshuffle of key government positions on February 6, 2024, signing decrees following the dismissal of the Government the previous day. Among the notable changes, Olzhas Bektenov, former head of the Executive Office of the President, was appointed as the new Prime Minister of Kazakhstan. Bektenov's candidacy was proposed by the ruling Amanat party and subsequently approved by the Mazhilis, the lower house of Parliament. The Ministers of Foreign Affairs, Education, Technologies, Transport, Industry and Construction, Energy and Internal Affairs have retained their portfolios.
On February 7, President Tokayev presided over an extended Government meeting aimed at reviewing Kazakhstan's socio-economic development in 2023 and outlining key objectives for 2024 and beyond. Among the ambitious targets set forth by the Government are the goal of increasing the economy to $450 billion by 2029, achieving an annual GDP growth rate of at least 6%, and ensuring that macroeconomic indicators surpass the growth in real incomes of citizens. In 2023, Kazakhstan demonstrated resilience by adapting to new conditions and achieving a robust economic growth of 5.1%.
Recognizing the importance of addressing environmental challenges, particularly in the agro-industrial complex, the Government emphasized the need for doubling the financing of agriculture, transitioning from raw material production to agricultural product processing, and implementing water-saving technologies.
Crucial to preventing an energy crisis, the modernization of the utility and energy sector, including upgrading 19 heat sources in high-risk areas, was highlighted as a priority.
In line with global trends, Kazakhstan aims to enhance its competitiveness by prioritizing digitalization and the widespread adoption of artificial intelligence across various sectors of the economy.
To bolster investment inflows, the Government established Investment Headquarters tasked with creating an ecosystem conducive to attracting both foreign and domestic investments. This initiative aims to intensify the functioning of development institutions and foster clear interaction between foreign missions, the investment center, and regional authorities.
As Kazakhstan embarks on this new chapter under the leadership of the reconfigured Government, it seeks to forge closer ties with partners like South Korea, leveraging mutual interests and shared goals to drive progress and prosperity for both nations.
In line with the new priorities set by the Government of Kazakhstan, more potential has been opened for Kazakh-Korean partnership in the following areas: green energy, smart farming, smart waters, energy, digital transformation and
e-commerce as well as financial cooperation.