Business News in Brief

  • Prime Minister of Kazakhstan Karim Massimov held a meeting with Prime Minister of Tajikistan Kohir Rasulzoda on Dec. 15. They discussed bilateral trade and economic cooperation, including cooperation in investment, cultural and humanitarian spheres. The parties noted opportunities to increase mutual trade and expressed the need to expand business partnerships.


  • At a Dec. 14 meeting held in the Prime Minister’s Office between Prime Minister of Kazakhstan Karim Massimov and Prime Minister of the Kyrgyz Republic Joomart Otorbayev, the heads of government discussed trade cooperation and economic and investment issues, as well as progress in implementing these agreements. The sides noted the strength of the Kazakh-Kyrgyz partnership, highlighting the potential for expanded cooperation.


  • Prime Minister of Kazakhstan Karim Massimov took part in an expanded Dec. 11 meeting of the Presidium of the National Chamber of Entrepreneurs (NCE) of Kazakhstan. During the meeting, the board heard a report on work done by the NCE, as well as reports by the chairmen of the Committees of the Presidium of the NCE and regional chambers of entrepreneurs. In his speech, Massimov noted that a constructive dialogue between the government and entrepreneurs was established this year thanks toNCE efforts. “Representatives of the NCE always take part in our government meetings as well as others.They express their views on particular issues and open up to us. The important thing is to maintain and strengthen the link between the state and businesses,” Massimov concluded.


  • In Moscow, First Deputy Prime Minister of Kazakhstan Bakytzhan Sagintayev took part in a Dec. 10 meeting of the Eurasian Economic Commission (EEC), where the most pressing issues regarding the Customs Union (CU) and the Common Economic Space (CES) and the formation of the Eurasian Economic Union (EEU) were discussed. The council meeting saw the preparation of the draft treaty on the accession of the Kyrgyz Republic to the EEU treaty. “By and large, the draft treaty is ready,” Sagintayev said. Furthermore, certain decisions regarding EEU operations were made. In particular, the budget of the EEU for 2015 and EEC regulations were approved. An agreement was also reached on certain issues regarding the exchange of information pertaining to industrial and agricultural cooperation among EEU member states. These arrangements will effectively plan the industrial and agricultural policies in member states. “We had a fruitful meeting today and have found mutually beneficial solutions to important issues surrounding Eurasian economic integration,” Sagintayev declared. During his visit, Sagintayev also held several meetings with his Russian counterparts. At a meeting with Deputy Prime Minister Arkady Dvorkovich, the parties discussed the negotiation process on Kazakhstan’s accession to the World Trade Organisation (WTO,) as well as cooperation undertaken in the spirit of Eurasian integration. During the meeting with Deputy Prime Minister Dmitriy Rogozin, the functioning of the Baikonur complex, including the implementation of the Baiterek project was discussed. Following the talks, the first deputy prime minister of Kazakhstan and Russia’s deputy prime minister expressed interest in expanding bilateral cooperation in space exploration.


  • According to the Kazakhstan Development Bank, the institution has allocated 50 billion tenge (US$272.36 million) for long-term lending to projects in the processing industry via commercial banks. In line with the financing scheme, Baiterek provides loans totaling 50 billion tenge (272.36 million) to the bank for long-term lending to projects in processing industries through commercial banks. Thus, the credit will be subject to 23 manufacturing sectors, including food processing, oil refining, clothing and paper products. Thirteen banks participated in the programme. The Kazakhstan Development Bank has signed loan agreements with these banks. In this regard, the government approved loan terms for final borrowers. Thus, the nominal interest rate for lending will be no more than 6 percent per year, loan terms will be no longer than 10 years, loans will be paid in tenge, the grace period for payment will be 24 months.


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