Business & Economy - The Times Of Central Asia

Viewing results 619 - 624 of 1126

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.

Central Asia Turkmenistan Turkmenistan International Affairs International Affairs Turkmenistan Business & Economy Business & Economy

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.

Central Asia Kyrgyzstan Business & Economy Kyrgyzstan Business & Economy

English Courses for Labor Migrants Open in Kyrgyzstan

Free English language courses have been opened in Bishkek and Osh for citizens wishing to work seasonal jobs in the UK. According to the Center for Employment of Citizens Abroad, free English language training will be provided to citizens who have previously worked in the UK and plan to return as seasonal workers. The classes will start on August 1 and last two and a half months. "The purpose of the course is to improve your level of English so you can have a more comfortable stay in the UK. If you enroll in the course, you are committing to take (the course) from start to finish," the Center's website says. Students will learn grammar, vocabulary, and pronunciation. However, these courses are not prerequisites for selection into the seasonal worker program. On the organization's website, migrants can fill out a form that requires their data and information about their previous work experience. Earlier this year, the Ministry of Labor, Social Security, and Migration of Kyrgyzstan opened online registration for Kyrgyz citizens seeking seasonal work in the UK. In one day, over 26,000 people registered on the migrant.kg portal. This year's quota for seasonal work in England is at most 10,000 people.

Central Asia Tajikistan International Affairs Tajikistan Business Economy Tajikistan Business & Economy

World Bank Projects Tajikistan’s Economic Growth

On July 16 the World Bank released its latest Tajikistan Economic Update. Tajikistan's economy has shown remarkable growth in recent years, with an impressive expansion of 8.3% in 2023 and 8.2% in early 2024. The report attributes the growth to increased revenues from gold exports, substantial public infrastructure spending, robust migrant worker remittances, and public wage increases. The report highlights that Tajikistan has managed to control inflation through declining global food and fuel prices and a tighter monetary policy. However, the report says that Tajikistan’s economic outlook faces several challenges. Subdued economic growth is projected at 6.5% in 2024 and 4.5% in the medium term, reflecting sluggish growth in the country’s key trading partners: China, Kazakhstan, Russia, and Turkey. The report says that potential risks to Tajikistan’s economic outlook include escalation of global and regional tensions, and stricter migration policies in Russia. It cautions that for Tajikistan to ensure sustainable development, it needs to implement structural reforms focused on enhancing economic openness and competitive neutrality and improving public sector governance, transparency, and accountability for better public service delivery. Ozan Sevimli, World Bank Group Country Manager for Tajikistan, commented: “Tajikistan's recent economic performance is commendable, but sustaining this momentum will require concerted efforts to address structural challenges to ensure competition among all economic players. Embracing fair competition and competitive neutrality between state-owned enterprises and the private sector is vital for fostering innovation, driving efficiency, and ensuring that all players can thrive on a level playing field, ultimately benefiting the economy and society."

Central Asia Kazakhstan Local Politics Local Politics Business & Economy Kazakhstan Kazakhstan Business & Economy

Energy Minister: Kazakhstan Needs Liquefied Gas For Petrochemical Industry

Kazakhstan’s Minister of Energy, Almasadam Satkaliyev, believes that liquefied petroleum gas (LPG) should primarily be used as a raw material for the country’s growing petrochemical industry, instead of its current widespread use as fuel for motor vehicles. “Liquefied petroleum gas is not used as [motor] fuel anywhere in the world. Instead, it is used as an important raw material for producing products with high added value,” Satkaliyev said at a government meeting on July 16, chaired by Prime Minister Olzhas Bektenov. Regarding data from the Ministry of Internal Affairs, Minister Satkaliyev said that in 2023, Kazakhstan had 582,000 motor vehicles running on LPG, an 18% increase compared to 2022 (491,000). Cheaper than gasoline, LPG is Kazakhstan's most popular and economical fuel for vehicle owners. The minister said that due to low prices for LPG, the country's motorists continue switching to this fuel type, thus increasing its consumption. Earlier reports said that in 2023, LPG consumption in Kazakhstan increased by 400,000 tons, or 28%, compared to 2022. Last year, LPG consumption volumes amounted to 2.2 million tons compared to 1.8 million tons in 2022. According to analysts, in 2024, LPG consumption in Kazakhstan may increase by another 200 thousand tons and reach 2.4 million tons. Satkaliyev continued by saying that the Energy Ministry had been allocating part of the LPG produced in Kazakhstan to industrial enterprises producing petrochemical products. Thus, there is a shortage of LPG, which stands at 20%—25%. According to the minister, Kazakhstan produced 1.6 million tons of LPG in 2023, and the projection for 2024 is the same: 1.6 million tons. The minister emphasized that three plants in Kazakhstan use LPG as a raw material for producing polypropylene and methyl tert-butyl ether. These projects have attracted $2.7 billion in investments and created 1.7 thousand jobs. Plans are in place for a project to produce butadiene, which will use butane from the Tengiz field as a raw material. The project will cost $1.4 billion and create 750 permanent jobs and up to 7,500 jobs in related industries. There are projects for the production of alkylate and polypropylene, which plan to invest $300 million and create 2 thousand jobs. The energy minister emphasized that implementing these important investment projects requires 345 thousand tons of LPG per year and asked the prime minister to ensure that the government prioritizes the use of LPG for the needs of the petrochemical industry.

Central Asia Turkmenistan International Affairs Turkmenistan International Affairs Turkmenistan Business & Economy Business & Economy

First Chinese Freight Train Leaves For Iran via Turkmenistan

The Iranian ambassador to China, Mohsen Bakhtiar, has announced the launch of a new freight route linking China and Iran. According to Bakhtiar, a Chinese transit train has left Xi'an for Tehran. It will arrive in the Iranian capital about ten days after departing China. The train will enter Iran through the Inche-Burun checkpoint, after passing through Kazakhstan and Turkmenistan. Bakhtiar commented that the launch of this route is part of the Iranian embassy's efforts to strengthen the country's transit potential by ensuring the transportation of Chinese goods to West Asia and Europe.