BAKU, Azerbaijan, October 30. Kazakhstan has significant potential for economic growth beyond the oil and gas sector, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), said during an online briefing, Trend reports.
He noted that particular attention should be given to technology, the financial sector, and areas linked to regional integration.
“The role of the private sector in diversifying the economy is extremely important, while the government’s task is to provide favorable conditions by developing infrastructure and improving regulation. This will help attract more foreign direct investment and strengthen non-oil sectors of the economy,” Azour said.
Azour emphasized that sustainable growth requires three key elements: maintaining macroeconomic stability, investing in infrastructure, and increasing connectivity with neighboring countries.
According to the IMF representative, the reestablishment of the fiscal rule, development of transport and technology projects, and reduction of trade barriers will contribute to Kazakhstan’s long-term economic growth and its integration into regional and global value chains.