Spanning two continents, the Republic of Kazakhstan is the ninth largest country on earth, and the world’s largest landlocked nation. Kazakhstan shares borders with China, Kyrgyzstan, Russia, Turkmenistan and Uzbekistan.
Home to large reserves of oil and gas, Kazakhstan is the largest economy in Central Asia, responsible for around 60% of the region’s economic output. Kazakhstan is among the most dynamic and innovative economies in the region, and the OECD has praised Kazakhstan for its openness to FDI.
Oil and gas are the backbone of Kazakhstan’s economy, and the country has potential to become a world-class oil producer. In addition, Kazakhstan is the world’s foremost producer of uranium – responsible for around 35% of global production.
Other important exports include ferrous metals, chemicals, machinery, wool, meat and coal. Kazakhstan is a global leader in the production of minerals such as salt, titanium and potassium.
Agriculture continues to play an important role in the country’s economy. Livestock are farmed on the steppes, and apples and nuts grow wild in the southern mountains – there is tremendous potential for the development of agribusiness.
The new Kazakh government has introduced economic reforms, greatly expanding the private market. This forward-thinking approach has continued into the present – in 2014 the World Bank approved a loan of $88m to encourage technological innovation, diversifying Kazakhstan’s economy.
HLB’s Kazakhstan firm was established in 1992 and offers a range of first-class services to domestic and foreign investors.
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