Speech by the Head of State Kassym-Jomart Tokayev at an expanded meeting of the Government

   Summary of the President’s Speech at the Extended Government Meeting
On January 28, 2025, President of Kazakhstan Kassym-Jomart Tokayev held an extended government meeting to review the results of the past year and outline priority tasks for the near future.

    Key Outcomes and Priorities Announced by the President:
Economic Growth:
    In 2024, Kazakhstan’s economic growth reached 5.1%. The President emphasized the importance of maintaining this positive trend and set a goal to increase the national economy to $450 billion by 2029, which requires an annual GDP growth of at least 6%.

    Budget and Tax Policy:
Over the past five years, the budget deficit has exceeded 11 trillion tenge. The President highlighted the need for effective budget management and accurate forecasting. A key proposal was to reduce the tax burden on the payroll fund while compensating for it by increasing the VAT rate, which would allow businesses to build financial reserves and increase wages.

    Attracting Investments:
The President expressed concern about insufficient investment in key sectors and called on regional governors to intensify their efforts in this area. He noted that bureaucracy at the local level often hinders investors, slowing down economic development.

    Energy Security:
The development of nuclear energy was emphasized as crucial for Kazakhstan’s sustainable growth. The President stated that without nuclear energy, the country's steady development would be at risk.

    Agricultural Development and Rural Areas:
The President pointed out problems in the agricultural sector, including inefficient use of feedlots and the sale of livestock to neighboring countries at low prices. He stressed the importance of modernizing rural areas and stated that this issue would be under special control.

    Conclusion:
President Kassym-Jomart Tokayev emphasized that the effectiveness of the Government and regional governors will be assessed based on economic development and improvements in citizens’ quality of life.