Kazakhstan to double domestic vehicle production, build three vehicle manufacturing plants
NUR-SULTAN – Kazakhstan plans to double domestic production of automobiles to meet demand within the Eurasian Economic Union, according to the Ministry of Industry and Infrastructure Development. The country will open three new vehicle assembling plants jointly with Hyundai, KAMAZ and Kirovets. “We plan to increase the production of vehicles from 32,000 to 60,000 units.…
Petropavlovsk-made socks in demand by domestic market
NUR-SULTAN – Matex recently opened the first and only facility in the North Kazakhstan region that manufactures socks. The company represents the economy of simple things in action, as its goods are necessary, in demand and, to date, have almost exclusively been imported. Company director Aramais Ter-Astvatsaturyan, who extensively studied the light industry market, learned…
Air Astana’s low-cost airline recruits final employees ahead of launch
ASTANA – Air Astana has hired 90 staff members for its new low-cost airline FlyArystan and is seeking 60 more employees prior to its scheduled launch in the first half of this year. Kazakhstan’s national airline announced in November plans for its low-cost subsidiary, which will include four Airbus A320s, with plans to grow to…
Kazakhstan to introduce tax free system for foreign tourists
ASTANA – Foreign citizens making purchases in Kazakhstan will be exempt from value added tax (VAT) payments in a few years. The Ministry of Culture and Sports will implement the system starting in 2022 and expects to attract more tourists to the country. “The tenth measure (which is implemented under the national programme of tourism…
Kazakhstan begins meat exports to Iran
ASTANA – The Akmola Region meat supplier Agroproduct recently concluded Kazakhstan’s first contract to export meat to Iran. The first batch of meat has already arrived in Iran. “The first batch of export meat from Kazakhstan to Iran came from the Akmola region. It is worth noting that Iran is a Muslim country with very…
Kazakh government implements Economy of Simple Things programme
ASTANA – The Ministry of Industry and Infrastructure Development has implemented an Economy of Simple Things, a new programme focused on developing light manufacturing and the construction and furniture industries. The ministry plans to create 16,000 new jobs by 2025 and reduce imports from 59 to 37 percent. Approximately 400 billion tenge (US$1 billion) will…
AIFC court launches eJustice, first electronic legal management system in Central Asia
ASTANA – The Astana International Financial Centre (AIFC) and the International Arbitration Centre have officially launched the eJustice system in Astana’s financial hub. The system allows lawsuits to be filed from anywhere in the world, and will help manage the legal and electronic processing of all legal documents. “The AIFC Court and the International Arbitration…
Kazakh, Iranian companies to expand international air routes
ASTANA – Kazakh company Qazaq Air and Iranian Mahan Air received permission from the Civil Aviation Committee of the Ministry of Industry and Infrastructure Development of Kazakhstan to open new international connector routes. The Kazakh airline will connect the country with Georgia, Kyrgyzstan and Russia, while the Iranian carrier will open a route between Tehran…
Kazakhstan plans to export nine million tonnes of grain and flour
ASTANA – Kazakhstan expects to export nine million tonnes of grain and flour this year, including increased shipments of domestic wheat to China, one of the world’s largest markets. The country delivered 307,000 tonnes of wheat to China in 2017 and almost two times more – 560,000 tonnes – last year. Experts believe that in…
Air Astana increases number of flights to Uzbekistan
ASTANA – Air Astana will begin April 1 offering three additional flights per week from Almaty to Tashkent and two additional flights per week from Astana to Tashkent. The airline is also negotiating to offer flights to Japan and the United States through an intermediate point. Currently, the company has daily flights from Almaty to…
Kazakh citizens invest $2.6 million in National Bank notes
ASTANA – Kazakh citizens have purchased government notes worth $2.6 million through the National Bank’s Invest Online system, an innovative technology product for people to invest in securities. Invest Online was launched in March as an affordable way to invest, providing an opportunity for Kazakh citizens to acquire government securities (notes of the National Bank)…
Kazakh National Bank blocks second-tier banks from taking commissions for loans
ASTANA – Kazakhstan’s National Bank has banned second-tier banks from charging fees for lending to the population. This move follows its ban on such banks charging interest on accounts more than 180 days overdue. The National Bank prohibited establishing and charging fees for maintaining a bank account associated with issuing and servicing a loan, as…
KAZGUU supports young researchers in Year of Youth
ASTANA – KAZGUU University has launched a special grant programme during the Year of Youth to demonstrate its institutional support for young researchers and generate new knowledge. The university is providing five, three-year PhD grants in public law and private law. Kazakh President Nursultan Nazarbayev highlighted the many relevant topics in young people’s lives and…
Cost, travel logistics remain barriers to maritime cruise popularity in Kazakhstan
ASTANA – Maritime cruises have never been as popular in Kazakhstan, a landlocked nation, as they have in other more ocean-accessible countries. But some domestic travel officials hope that will change. “The cost of a Vietnam-Malaysia cruise for 10 days will cost 3,900 euros (US$4,409) per person. This is a high cost for local consumers…
AFSA, global regulators launch Global Financial Innovation Network
ASTANA – Astana Financial Services Authority along with a newly-formed alliance of 28 financial regulators and organisations, including Financial Conduct Authority (from the U.K.), International Monetary Fund and World Bank Group established Jan. 31 the Global Financial Innovation Network (GFIN). “We are pleased to be part of this initiative. The GFIN will facilitate greater regulatory…
British expert says AIFC ready to provide Islamic finance-related arbitration in Astana
ASTANA – Born and raised in the U.K., British lawyer and arbitrator, Freeman of the City of London, Shariah scholar and Islamic finance expert Sheikh Bilal Khan wanted to excel professionally while maintaining a link with his family’s traditional roots in South East Asia. He has achieved both goals by contributing his unique proficiency to…
Astana Ballet develops youth involvement in art
ASTANA – Astana Ballet presented new creative achievements, successful tours and productive cooperation with foreign theatre representatives last year. In 2019, the staff, composed mainly of young people, will expand its repertoire and geographic list of tours. “I want to note that every year there is a steady and exact growth of interest in high…
Producing block containers is complicated, but worthwhile business
ASTANA – Kazkont produces mobile homes primarily for field workers and oil and gas and construction companies. Considering Kazakhstan’s vast territory and severe climate, such products are in great demand. Kazkont founder Raimbek Sagadinov decided to start producing modular homes after working with them for a number of years. On average, the 10-year-old company manufactures…
Almaty aquarists create professional-grade underwater worlds
ASTANA – The market for professional aquarists is expanding in Almaty, as their services are in great demand. The experts not only preserve life in aquariums, but help those who enjoy the underwater worlds. Large pet stores also hire such specialists. “This is a very serious profession. It’s a pity that universities do not teach…
EBRD: 2018 was fruitful year in Kazakhstan with focus on renewable energy
ASTANA – For the European Bank for Reconstruction and Development (EBRD), 2018 was another successful year in Kazakhstan. The bank allocated $541 million to the country’s economy for 26 projects. It has set ambitious goals for 2019, reinforcing support for the global development programme for the period through 2030 and focusing on renewable energy. EBRD…
Kazakh President kicks off Year of Youth in Astana
ASTANA – Kazakh President Nursultan Nazarbayev launched the Year of Youth in Kazakhstan during a Jan. 23 ceremony on the EXPO 2017 grounds at the Nur Alem pavilion. He highlighted the importance of housing construction, the creation of new jobs and education development. The ceremony began with a live performance of the Kazakh anthem without…
Kazakh IT start-ups enter global market
ASTANA – SmartLab was named one of the top 10 best start-ups at the Startupbootcamp international competition last month in Australia. The Kazakh company presented its new product – IVCbox, a video platform for communication. “We are creating information technologies for automating and optimising business processes for companies in the banking and commercial sectors. We…
Almaty edible bouquet business to expand to Astana
ASTANA – Almaty businessman Dinmukhamed Baitukayev plans to open a store in Astana by Feb. 14, selling edible bouquets into the Astana market before Valentine’s Day. His company Cosmoberry already operates an edible bouquet service in Almaty and makes bouquets out of strawberries, fruits and chocolates. Baitukayev told The Astana Times he believes the standard…
Kazakh businesswomen elevate small retail business to new level
ASTANA – When sisters Nasima and Nafisa Rozikova realised the format of the store near their house did not meet their needs, they decided to open their own. The new shop is distinguished by good-neighbourliness, thoughtful consumption and the choice of useful and eco-friendly products. They intend to change people’s minds and help local manufacturers…
Kazakh ice cream gets silver in Forbes Russia top 10 new brands rating
ASTANA – Forbes Russia, one of the most popular and authoritative economic rating agencies, has ranked Shin-Line’s Bakhroma ice cream second among its top 10 best new products of 2018. “One of the main directions of development of our company is export. In 2018, we exceeded the 10 percent level in exports. The Bakhroma brand,…
