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Economy

Prime Minister: Kyrgyzstan’s Economy Needs to Make a “Leopard’s Leap”

The chairman of Kyrgyzstan's Cabinet of Ministers, Akylbek Japarov, has spoken about the country’s economic results for the first half of this year. At a government meeting on July 17 Japarov said that Kyrgyzstan needs to make a further big step forward in its economic development. The phrase Japarov used was "leopard's leap", referencing the fact that the snow leopard was recently announced as Kyrgyzstan’s official symbol. Japarov announced that Kyrgyzstan's GDP growth rate in 2023 was 7%, rising to 8.1% in the first half of 2024. He added: “We need to triple our efforts to put the economy on a sustainable development course and achieve the goals set by the Head of State to have a GDP of $30 billion by 2030 and $200 billion by 2050.” Japarov opined that the government should launch a new program to support domestic entrepreneurs purchasing new technological equipment, and also support small and medium-sized enterprises to expand production and open new jobs. These measures would be in addition to the lowering of the interest rate of the National Bank (which has lowered the interest on bank loans for business) and decreasing Social Fund payments by employers from 12.5% to 2%. Japarov ordered the Ministry of Economy and Commerce to pay more attention to the development of commodity exchanges, and develop an export development program that will propose initiatives for import substitution and promote domestic products. He also emphasized the importance of the ministry’s work in improving the position of Kyrgyzstan in Moody's and Fitch's ratings. Regarding credit ratings, Japarov said: “The Moody's rating agency has revised the credit rating of the Kyrgyz Republic from negative to stable. This indicates that the state is strengthening itself as a reliable partner, capable of promptly and fully fulfilling its financial obligations. However, we must not stop there. I ask you to work carefully in this direction. First, this is a question of the country’s reputation in the eyes of international financial institutions and investors. We must constantly improve our position.”

2 months ago

Arts and Culture

Danish Actor Mads Mikkelsen to Headline Comic Con in Kazakhstan

Mads Mikkelsen has confirmed he will attend Comic Con Astana on July 27-28. “I’ll be there to chat, sign some autographs, share some stories,” the Danish actor said on Instagram. Mikkelsen was a prominent actor in Denmark before achieving international success as a villain in the James Bond film “Casino Royale” (2006). He has received many accolades, including a 2012 best actor award at the Cannes Film Festival for the Danish psychological drama “The Hunt.” He won acclaim for his performance as Hannibal Lecter in the series “Hannibal” (2013-2015) and also had roles in “Doctor Strange” (2016) and “Fantastic Beasts: The Secrets of Dumbledore” (2022). Comic Con Astana, which runs from July 25 to 28, is a magnet for enthusiasts of fantasy, video games, anime, cinema and other forms of popular entertainment. It will be held at the International Exhibition Center in Kazakhstan’s capital. Kazakh graphic novelists are among those expected to present their work. Participants in a cosplay contest will compete for prize money worth 12 million tenge ($25,000).

2 months ago

World Nomad Games

The Rules of the Steppe: Countdown to the 2024 World Nomad Games

The countdown to the 2024 World Nomad Games (WNG) in Astana, Kazakhstan, which will take place between September 8-13, has begun. Now in its fifth incarnation, the upcoming WNG will host an estimated 3,000 athletes - including nomadic and non-nomadic participants (such as American cowboys) - from over 100 nations. The event will showcase sports, science, and culture at venues comprising the Alau Ice Palace, the Astana Arena, the Ushkempirov Martial Arts Palace (named after the Kazakhstani Greco-Roman Olympian wrestler Zhaksylyk Ushkempirov), the Qazaqstan Athletic Sports Complex, the Duman Complex, and the Kazanat Hippodrome. Beside the hippodrome’s equestrian sports complex, the Ethno-aul, or the “Nomadic Universe,” is where visitors can immerse themselves in the many nomadic yurt traditions through classes, entertainment, and cultural programs. The first official WNG began in the resort town of Cholpon-Ata in the Kyrgyz Republic in 2012. At that time, almost 600 athletes from 19 countries took part in ten sporting categories. Since then - with the second and third WNG also in Cholpon-Ata in 2016 and 2018 - and the fourth in the town of İznik in northwestern Turkey in 2022, the number of games and participants has grown exponentially. In 2016, 1,200 athletes from 62 countries took part in 26 sporting categories. In 2018, the numbers increased to 2,000 athletes from 82 countries in 37 sports. In 2022, 3,000 athletes from 102 countries took part in a limited number of games (13) held over a shorter timeframe due to restrictions enforced by the COVID-19 pandemic. September is a significant calendar month for the WNG due to the traditional nomadic migration between seasonal camps in preparation for winter. To the uninitiated, and in particular, newcomer spectators from the West, the WNG is an action-packed alternative to more conventional and established international sports. Earlier this year, UK package tours for the 2024 WNG sold out. There is a Game of Thrones fantasy element to some of the scheduled events. The venerable warrior allure of selected games that include birds of prey, dogs, horses, wrestling, archery, and agility contests, are rooted in the uncompromising landscape from which the games were born. The WNG is fairly new to the international stage, but the games themselves are not. Abiding by the rules set by the Eurasian Steppe, athletic events are often vigorous and compellingly rugged. The vast, grassy plains with their minimal natural resources are where the nomadic inhabitants learned to sustain their way of life in work and play. Thus, the WNG has been extracted, maintained, and perfected by the ancient rituals of age-old battles and challenging recreation. [caption id="attachment_20496" align="alignnone" width="1979"] Kok-Boru, 2018 World Nomad Games Image Source: Helen Owl[/caption] Horses are a vital extension of Central Asian human resourcefulness. Among the sporting category highlights, the popular Kok-Boru (also known as Buzkashi and Ulak Tyrtysh in Kyrgyz) procured from a battle training custom, will take center stage. Mere balls fade in comparison to the headless goat carcass that the equestrian participants must capture and then fling into the...

2 months ago

Finance

Trading Volume of Ruble-Tenge Pair on Kazakh Exchange Tripled in June

The trading volume of the ruble-tenge currency pair on the Kazakhstan Stock Exchange (KASE) in June amounted to 366 billion KZT ($770 million). This is a nearly threefold increase compared to May's trading volume, and the highest trading volume since December 2023. The most significant growth in daily trading volume occurred after June 12, when U.S. sanctions were imposed on the Moscow Exchange (which holds a 13.1% stake in KASE). In the first five months, the average trading volume of the ruble-tenge pair was 191 billion KZT ($400 million). According to the head of the exchange, Alina Aldambergen, the surge last month could be due to seasonal factors. Some participants in the Russian stock market have suspended input and output of Kazakhstani tenge to clients' brokerage accounts since July 15. These measures are connected with the complications of settlements between participants in exchange trades in the Kazakhstani tenge and the increase in time for input/withdrawal of currency and settlements on deals with it.

2 months ago

Middle Corridor

Belgian Company Expands Turkmenistan Operations to Support Growth of Middle Corridor

Jan De Nul, a Belgian group of companies known for its offshore construction and environmental projects, is expanding its activities in Turkmenistan. The company’s expansion is a response to the expected increase in cargo traffic along the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor. A spokesperson from the company said: "We recognize the need to deepen maritime access channels to port infrastructure and operating bases as Caspian Sea levels drop and cargo traffic increases. Our company has the expertise and resources needed to address these challenges quickly and efficiently, given the growing role of the TITR in the region." Jan De Nul's expansion in Turkmenistan confirms the region's importance and potential for transportation infrastructure development.

2 months ago