Kazakhstan and Iran Pledge to Boost Trade Turnover to $ 3 Billion
ASTANA — Deputy Prime Minister of Kazakhstan, Serik Zhumangarin, reiterated an ambitious target set by the leaders of Kazakhstan and Iran of achieving a $3 billion bilateral trade turnover at the 19th meeting of the Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation between Kazakhstan and Iran held in Tehran on Dec. 4,…
Kazakh President Enhances Global Business Relations with Landmark Agreements at COP28
ASTANA — President Kassym-Jomart Tokayev made a significant impact at the Conference of the Parties of the United Nations (UN) Framework Convention on Climate Change (COP28) on Dec. 2 in Dubai, the United Arab Emirates (UAE) by overseeing the signing of ten agreements between government agencies and business entities of Kazakhstan and various countries. On…
Kazakhstan Unveils $245 Million Ferroalloy Plant in Pavlodar Region
ASTANA — Plans to construct a state-of-the-art plant to produce ferroalloys in Ekibastuz, Pavlodar Region, with a production capacity of 80,000 tons of ferrosilicon annually, were announced during a Dec. 1 state commission on economic modernization meeting, chaired by Prime Minister Alikhan Smailov, the Prime Minister’s press service reported. The plant will contribute significantly to…
Central Asian Diplomats Convene in Bishkek for UNRCCA Meeting Amid Global Uncertainty and Challenges
ASTANA — First Deputy Minister of Foreign Affairs Kairat Umarov took part in the 13th annual meeting of Deputy Foreign Ministers of Central Asian countries on Nov. 28, organized by the UN Regional Center for Preventive Diplomacy for Central Asia (UNRCCA) and the Ministry of Foreign Affairs of the Kyrgyz Republic, ministry’s press service reported.…
IMF Evaluation Highlights Key Reforms for Kazakhstan’s Financial Sector Resilience
ASTANA — The financial sector of Kazakhstan underwent a thorough evaluation as part of the 2023 Financial Sector Assessment Program (FSAP) led by the International Monetary Fund (IMF)’s 2023 IV Article Mission, which concluded this November. This assessment aims to identify critical areas for reform to enhance the sector’s resilience and policy framework. The Astana…
Central Asia and EU Collaborate in Initiative for Inclusive Youth Development
ASTANA — Education and Labour Deputy Ministers from Central Asian countries convened in Torino, Italy, on Nov. 22 for a high-level meeting of the € 10 million ($ 10.9 million) Dialogue and Action for Resourceful Youth in Central Asia (DARYA) project to foster regional cooperation and inclusive development, reported European Training Foundation’s press service. This…
National Bank of Kazakhstan Reduces Base Rate to 15.75% as Inflation Decelerates
ASTANA — The Monetary Policy Committee of the National Bank of Kazakhstan (NBK) reduced the base rate to 15.75% per annum, with a corridor of +/- 1 percentage point on Nov. 24, NBK’s press service reported. The decision, driven by updated forecasts, data analysis, and an evaluation of inflation risks, reflects a strategic response to…
President Tokayev Strengthens Bilateral Ties with Azerbaijan’s Leader Ahead of SPECA Summit in Baku
ASTANA — President Kassym-Jomart Tokayev congratulated President of Azerbaijan Ilham Aliyev and Azerbaijan’s people for their monumental achievement in safeguarding the country’s territorial integrity in compliance with international law and United Nations (UN) Security Council resolutions during his Nov. 24 working visit to Baku to attend the first UN Special Program for the Economies of…
President Tokayev Urges Global Unity Amidst Escalating International Tensions at CSTO Summit
ASTANA — President Kassym-Jomart Tokayev underscored the gravity of the evolving situation in the Middle East, emphasizing the urgent need for collective action in the face of escalating international tensions during a narrow format session of the Collective Security Council of the Collective Security Treaty Organization (CSTO) held in Minsk on Nov. 23, Akorda press…
Year of Economic Transformation: President Tokayev’s Vision for Kazakhstan Comes to Fruition
ASTANA — In November of last year, President Kassym-Jomart Tokayev unveiled his ambitious election program titled Just Kazakhstan – for all and for everyone, signaling a commitment to usher in a new economic era. A Nov. 22 article from the Kazakh Prime Minister’s press service provides a comprehensive overview of the significant strides made during…
Kazakhstan Explores Collaboration with African Union Through KazAID
ASTANA — Kazakh Ambassador to Ethiopia and Permanent Representative to the African Union Barlybai Sadykov met with key officials from the African Union (AU) Commission focusing on the potential collaboration between the Kazakhstan Agency for International Development (KazAID) and the AU Commission on Nov. 16, Kazakh Foreign Ministry’s press service reported. Sadykov met with Education,…
Kazakhstan Secures $1.6 Billion Investments: Pfizer, Çalık Holding, and Global Giants Spearhead Economic Transformation
ASTANA — Pfizer, Çalık Holding, Alarko Holding, and several other foreign companies have inked new contracts for projects worth $ 1.6 billion during the Kazakhstan Round Table on Global Investment (KGIR) held on Nov. 17, with the presence of Prime Minister Alikhan Smailov, the Prime Minister’s press service reported. Overall, 26 memorandums and commercial documents…
IMF Forecasts Moderate Growth, Urges Fiscal Reforms and Highlights Climate Risks for Kazakhstan
ASTANA — The International Monetary Fund (IMF) forecasts a more moderate growth rate of 3-3.5% next year from 4.8% this year, said the IMF mission chief for Kazakhstan Nicolas Blancher during a Nov. 21 press conference on the outcomes of Article IV consultation with Kazakhstan. According to Blancher, the spillovers of the Russian-Ukraine conflict had…
Kazakhstan Takes Part in Meeting As Part of Global South Summit
ASTANA — Deputy Prime Minister and Minister of Foreign Affairs of Kazakhstan, Murat Nurtleu, at the invitation by India’s Minister of Foreign Affairs, Subrahmaniyam Jaishankar, participated in a ministerial meeting India and the Global South: Joint Development for a Better Future on Nov. 17, a crucial component of the second Voice of the Global South…
One Year of Tokayev’s Presidential Tenure: A Year of Reforms and Transformation
ASTANA — Exactly one year ago, Kassym-Jomart Tokayev secured a resounding mandate from the people, receiving over 80% of the votes in the presidential elections. Since then, President Tokayev has steadfastly pursued a path of deep and sustainable reforms he initiated in 2019, wrote State Counselor Erlan Karin in his Nov. 20 Telegram post. Reform…
US and Central Asian Countries Launch B5+1 Business Platform to Boost Economic Integration
ASTANA — To foster economic cooperation, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, and the United States (US) inaugurated the B5+1 business platform on Nov. 16, announced the U.S. State Department’s Bureau of South and Central Asian Affairs (SCA) on its X official account. The B5+1 initiative, operating within the framework of the existing C5+1 cooperation, will…
ACWA Power Unveils Vision for Renewable Energy and Water Solutions in Kazakhstan
ASTANA — In an interview with The Astana Times, Marco Arcelli, the Chief Executive Officer of ACWA Power addressed Kazakhstan’s potential in renewable energy and water shortages on the sidelines of the Kazakhstan Global Investment Roundtable (KGIR) on Nov. 17. In March, an agreement was signed between the Kazakh Ministry of Energy, Samruk Kazyna Sovereign…
Kazakhstan Gears Up for KGIR, Highlights Investment Opportunities and Regional Development Focus
ASTANA — On the eve of the Kazakhstan Global Investment Roundtable (KGIR) scheduled for tomorrow, Deputy Foreign Ministers Nazira Nurbayeva and Roman Vassilenko provided insights into Kazakhstan’s foreign direct investment (FDI) profile, discussed government initiatives aimed at enhancing the investment climate, and highlighted key collaborative projects with foreign participation during a Nov. 16 press briefing…
Kazakhstan Launches Construction of Key Railway Bypass in Almaty to Enhance Transit Efficiency
ASTANA — Kazakh Prime Minister Alikhan Smailov launched the construction of a vital railway line in the Almaty region during a Nov. 14 ceremony marking the commencement of the first link of the railway track, reported the Prime Minister’s press service. The impetus behind the project arises from the unprecedented surge in rail freight transportation…
Kazakhstan’s Smart Policy: National Development and Progressive Reform Agenda
In late October, Kazakh President Kassym-Jomart Tokayev delivered an insightful speech on the eve of the country’s Republic Day holiday. Not only did the address reflect on the Declaration of Independence in 1990, but it also provided a comprehensive assessment of current events in the country. This dual perspective allowed Tokayev to seamlessly embody both…
Astana as Financial Center of Turkic World: Elevating Economic and Investment Potential in Central Asia
ASTANA — Designating Astana as the financial center of the Turkic world will enhance the city’s standing as a vital economic and financial hub in the region, providing a platform to highlight the country’s immense potential and attractive investment opportunities, commented the Astana International Financial Centre press service on Nov. 9, following the announcement made…
IMF Backs VAT Rise for Enhanced Competitiveness During Meeting with National Economy Minister
ASTANA — The Kazakh Minister of National Economy Alibek Kuantyrov convened with the International Monetary Fund (IMF) mission, led by Nicolas Blanchet, on Nov. 10. According to the ministry’s press service, the IMF supported raising the value-added tax rate (VAT) from the existing 12% to 16% arguing that such a decision will bolster the competitiveness…
Central Asia-Based Film Awards Announces Short List of Nominees for 2023
ASTANA — The Alternativa Film Awards, a highlight of the renowned Alternativa Film Project initiated by the global tech company inDrive in 2023, have unveiled their list of nominees. This prestigious shortlist comprises 14 full-length films and seven shorts, representing the cinematic prowess of Central Asia and other Asian nations, as reported by the Alternativa…
Kazakhstan – China Visa-Free Travel Comes into Effect, Intends to Boost Tourism Ties
ASTANA — The Kazakh Ministry of Foreign Affairs announced that the agreement on mutual exemption from visa requirements between Kazakhstan and the People’s Republic of China officially took effect on Nov. 10, the ministry’s press service reported. According to the ministry’s statement, under Article 1 of the agreement, citizens of both countries are now exempt…
Asian Infrastructure Investment Bank Invests $36 Million to Power Kazakhstan’s Green Economy
ASTANA — The Asian Infrastructure Investment Bank (AIIB) finalized a significant $ 36 million loan agreement on Nov. 7 for developing, constructing, and operating the Shokpar 100 MW Wind Power Plant in the Zhambyl Region, the bank’s press service reported. This partnership signifies a collaborative effort between China Power International Holding and Visor International DMCC,…