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Kazakhstan has achieved astonishing economic growth since its independence in 1991, becoming Central Asia's largest economy. It has benefited from market-oriented reforms since the 2000s, which have improved the business environment and attracted more FDI.
According to the World Bank, the country's GDP increased from $18.3 billion in 2000 to $225.3 billion in 2022, and its GDP per capita rose from $1,229 in 2000 to $11,476 in 2022, transforming into an upper middle-income economy. Kazakhstan's GDP grew by 5.1% in the first half of 2023, driven by exports and fiscal stimulus. The economy is expected to grow by 4.5% in 2023 and subsequent years, aided by new oil production.
The key economic drivers of Kazakhstan’s economic growth are:
Oil and gas are the biggest contributors to Kazakhstan's economy, making up 20% of GDP and half of exports. Kazakhstan is developing new fields and pipelines to China and Europe. The US Energy Information Administration recorded Kazakhstan's oil production from 1.73 million barrels per day (bpd) in 2017 to 2.03 million bpd in 2020.
Mining and metals are another key driver of Kazakhstan's economy, making up 10% of GDP and a fifth of exports. Kazakhstan has rich mineral resources, such as uranium, copper, zinc, and iron ore, which are highly valued in the world market.
Kazakhstan is the top producer of uranium with 40% of global output.
Agriculture makes up 5% of GDP and a tenth of employment. Kazakhstan has a lot of potential for agricultural production due to large fertile lands and a good climate.
Services make up 60% of GDP and 70% of employment, continuing with infrastructure and digitalization development.
Bilateral trade and investment between Thailand and Kazakhstan have grown steadily since establishing diplomatic relations in 1992. Both countries have expressed interest in enhancing cooperation in various sectors, such as energy, mining, tourism, agriculture, and industry.
Thailand is also pursuing a free trade agreement with the Eurasian Economic Union (EAEU), which includes Kazakhstan.
Both countries have signed bilateral investment treaties, which provide legal protection and promotion for investors from both sides.
Thailand grants visa exemption to Kazakhstani tourists from 25 September 2023 to 29 February 2024 as part of Thai tourism economic stimulus and promoting bilateral tourism development.
The 3rd Meeting of the Joint Commission for the Bilateral Cooperation between Thailand and Kazakhstan held in Bangkok in 2017 resulted in the current visa-free travel scheme for Kazakhs tourists to Thailand.
By Mr.Sarawut Thiramanit, Dr. Prachaya Suwanhirunkul
Enterprise Thailand
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