Business Reporter
ZIMBABWE’s Central Asia ally, Kazakhstan says its foreign reserves have registered tremendous growth on the back of easing inflationary pressures which have seen the standard of living for citizens correspondingly improving.
Delivering a State of the Nation Address titled “Just Kazakhstan: Law and Order, Economic Growth, Social Optimism” Kazakhstan President, Kassym-Jomart Tokayev revealed significant economic growth recorded over the years and challenged the country’s legislators to remain focused towards economic growth.
“We have outlined a new vector of development, giving fresh impetus to economic diversification. Inflation has slowed, decreasing by 2.5 times compared to the highest level of the previous year. The country’s international reserves have exceeded $100 billion.
“Manufacturing is growing faster than the mining sector, and it is important to maintain this momentum. It is necessary to launch a new investment cycle, effectively utilising the existing foundation,” he said.
His address also coincided with the adoption of a law has been adopted that provides for payments to children from the National Fund.
Administrative liability has also been introduced for involving minors in gambling, and penalties for any form of violence against minors have been increased and a law ensuring the safety of children and preventing and suppressing offences against women and children has entered into force.
He said in general, many systemic steps have been taken to improve the well-being of the people and applauded MPs for being directly involved in this work, constantly staying in close contact with citizens thereby contributing to the realisation of the concept of a “Listening State.”
The Khazakhstan leader said in the wake of aggravating geopolitical confrontation, his administration firmly adheres to a peaceful, evolutionary path.
In 2022, Kazakhstan exported $475k to Zimbabwe. The main products that Kazakhstan exported to Zimbabwe were Other Construction Vehicles ($394k), Transmissions ($51.4k) among others .In the same year , : In 2022, Zimbabwe exported $67.8k to Kazakhstan. The main products that Zimbabwe exported to Kazakhstan were Citrus ($63.5k), Cut Flowers ($4.18k), and Legumes ($101) among others.
The two nations have escalated relations following President Emmerson Mnangagwa’s visit to Khazakhs in 2019 which created room for elevated trade between the two nations.
The Honorary Consul of Kazakhstan to Zimbabwe is Real Estate tycoon and WestProp Holdings Founder and CEO ,Ken Sharpe who has since committed to work flat out in cementing ties between the two nations.
“Kazakhstan has a GDP of US$300 billion, six times our size of the economy but we have the capacity to grow to the same size as that economy, and if you look at the aspirations of His Excellency our President, he wants us to be an upper middle income country by 2030, and currently they are an upper middle income country.
“So I think we have good experiences to share between the countries, and I look forward to promoting business opportunities in Zimbabwe, to bring investors into Zimbabwe, to bring reliable investors who want to be here for the long term, without the mentality of extracting as much as possible,” he said earilier this year when he met the Foreign Affairs Minister, Fredrick Shava.
