BAKU, Azerbaijan, June 30
By Nargiz Sadikhova - Trend:
Kazakhstan has the opportunity to increase its GDP by 5 percent due to development of 10 deposits of natural resources, Founding Partner of Emirates Legal Limited, regulated by Astana International Financial Center Syed Mujtaba Hussain said, Trend reports with reference to Kazakh media.
Hussain made the statement during a webinar held within the Astana Finance Days 2020 session.
During the webinar he said that currently there are four main economy sectors in Kazakhstan, i.e. trade (17.3 percent of GDP), mining (16.3 percent of GDP), oil and gas (13.3 percent of GDP) and manufacturing (12.7 percent of GDP).
“Current share of mining in GDP is approximately $180 billion. The World Bank estimates mineral resources in Kazakhstan at 5,000 deposits, which are yet to be developed. Their cost is estimated at $46 trillion. And this is by the most crude calculations, so they may be inaccurate,” he said.
Hussain said that nevertheless the potential of these stocks is well-understood.
“At the same time, the cost of one of these fields will be about $9.2 billion. This means that the exploration of each field will increase Kazakhstan’s GDP by $1 billion within 10 years. If we study about 10 deposits, that will make up to $92 billion, which in 10 years time will allow for country's GDP to increase by 5 percent. And this is only thanks to the mining industry,” he said
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