• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00189 0%
  • TJS/USD = 0.09151 0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
15 January 2025

Viewing results 631 - 636 of 1126

Transnational Companies Implement Seven Projects in Kazakhstan’s Agro-Industrial Sector

The Ministry of Agriculture and Kazakh Invest national company are to support 55 projects involving foreign investors, with a total investment of $3.8 billion. Seven of these projects are being carried out by major transnational companies, it was announced at a government meeting on July 13. According to the government's press service, the seven projects are the establishment of an orchard and construction of a fruit processing plant in the Almaty region with the Swiss company INOKS Capital; the building of a salty snacks plant in the Almaty region by PepsiCo with an investment of $160 million; producing foot-and-mouth disease vaccines in the Zhambyl region in collaboration with the French company, Boehringer Ingelheim Animal Health; producing soft drinks by Coca-Cola Almaty Bottlers in Shymkent; constructing an integrated livestock complex in the Akmola region with the Spanish consortium BigFarm, valued at $132 million; construction of a deep grain processing plant in the Almaty region by China's CITIC Construction; and the production of soft drinks by Mareven Food in the Almaty region.

The State of Civil Aviation in Central Asia Post-Pandemic and Amid Russia Sanctions

The pandemic of 2020-21 took a toll on civil aviation worldwide, and Central Asia was no exception. However, since then and post-February 2022, the region’s leading economies - Kazakhstan and Uzbekistan - have improved passenger air transport through low-cost carriers and made themselves more attractive for air cargo. In addition, Russia is steadily exiting the market due to sanctions, whilst Beijing is looking to fill the void. Air cargo: Kazakhstan and Uzbekistan Less than a month ago, the Silk Road in the Sky—Kazakhstan Cargo Hub regional forum on cargo transportation and logistics took place. It was held under the auspices of the International Air Cargo Association (TIACA) with the support of Kazakhstan’s Ministry of Transport and the country’s Aviation Administration. The forum hosted talks between various organizations, with documents signed between Astana, Karaganda, and Aktobe airports with MNG Airlines, MSC Air Cargo, Coyne Airways, and Alpha Sky (Kazakhstan). Memorandums of cooperation were also concluded between TIACA and the airports of Aktau, Aktobe, Astana, Karaganda, Uralsk, and SCAT Airlines, as well as between TIACA and the Joint Authorities for Rulemaking on Unmanned Systems (JARUS). More than 300 participants from 30 countries attended the forum, representing organizations across the freight transport chain, including shippers, forwarders, ground service providers, airports, airlines, manufacturers, and IT service providers. According to the Civil Aviation Committee under Kazakhstan’s Ministry of Industry and Infrastructure, the cooperation of local companies with the international community, as well as their use of advanced technologies, is expected to boost Kazakhstan’s trade with the other countries of Central Asia by 2.4 times – from $6.3 billion to $15.0 billion – amid a $560 million increase in Kazakhstani exports. The Government of Uzbekistan, meanwhile, began looking into the idea of making the country a regional transshipment hub back in September 2022, when Central Asia was seeing an influx of emigrants from Russia, especially Russian men fleeing mobilization. The lion's share of Uzbekistan Airways cargo traffic represents China-Europe deliveries transiting through Uzbekistan. For these deliveries, the company has operated routes such as Tianjin–Athens, Hong Kong–Amsterdam, and Shenzhen–Chalons-Vatry (Paris), with plans to increase freight volumes with the routes Tashkent–Guangzhou–Tashkent (currently being implemented), Tashkent–Lahore–Tashkent (to be launched in 2025-26), Tashkent–Xi'an–Tashkent (launch scheduled for this year), Tashkent–Chengdu–Tashkent (planned for 2026), and Tashkent–Dhaka–Tashkent (to be launched in 2027). Foreign players have shown increased interest in Uzbekistan’s transit potential, as well. For example, Poland’s SkyTaxi has launched cargo transportation from China through Uzbekistan to Europe. The first plane landed in Tashkent back on June 11, 2022. Indeed, Tashkent Airport has gained importance as a transfer point for technical stops and refueling. On July 7, 2022, Azerbaijan’s Silk Way West cargo carrier made its maiden flight on the Baku–Navoi–Hong Kong route. The company delivers goods from Europe to Asia, as well as from the U.S. to Africa. In 2020, an open skies policy was introduced across all regions of Uzbekistan, giving international airlines access to the country’s airports and ground services. Meanwhile, Kazakhstan’s open skies policy was extended last year until...

Russian Securities Are Leaving Kazakhstan — Reports

The Central Securities Depository of Kazakhstan has urged those in the financial sector to send orders to withdraw Russian securities from their nominal holding by August 1. These statements were reported by RBC, which referenced a notice letter by a Kazakhstani brokerage to its clients and a source within the financial sector, who confirmed the authenticity of the letter. In the letter to clients, the broker informed them that he received a letter from the Kazakhstan depository notifying him about the necessity of completing deals with the National Settlement Depository by the end of the month. Quoted by the broker, the message of the Kazakhstan depository states that, "The Central Securities Depository notifies you that you need to conduct transactions with the participation of National Settlement Depository JSC that are ordinary and necessary for the alienation of debt or shares in favor of non-U.S. persons and not included in the U.S. blocking sanctions list, by August 1, 2024. After this date, the possibility of executing orders by the Central Securities Depository on these financial instruments will be considered, taking into account the peculiarities of possible restrictions.” In the letter, the Central Securities Depository informs clients in advance about possible restrictions and difficulties in executing orders on securities with the prefix RU before the ISIN after the specified date. The Depository also added that when processing orders from clients, the Central Securities Depository will consider the possibility of their execution, considering the risks and consequences that may arise for itself. "In essence, the letter says that they recommend finalizing all settlements and ridding Kazakhstan depository of securities with Russian ISINs. The Kazakhstan depository does not want to see these securities in portfolios," - says Julia Khandoshko, CEO of European broker Mind Money. In mid-June, the US Treasury Department's Office of Foreign Assets Control (OFAC) included the Moscow Exchange, which owns 13.1% of KASE shares, in the Specially Designated Nationals requiring sanctions list. The exact volume of Russian securities held in Kazakhstan is still being determined. However, from March to December 1, 2022, Bloomberg estimates that Kazakh brokers conducted transactions with Russian federal loan bonds totaling $1.4 billion.

Afghanistan Ready to Implement TAPI Project

The meeting of Turkmenistan's ambassador to Afghanistan, Khoji Ovezov, with Afghan Foreign Minister Amir Khan Muttaki in Kabul demonstrated specific dynamics in implementing the TAPI gas pipeline project. The news agency Alemarah reported the talks centered on the TAPI project and its advancement in Afghanistan. Diplomats discussed the possibility of increasing the pipeline's capacity, which could significantly increase the volume of Turkmen gas supplies to Pakistan and India. In addition to TAPI, the sides considered expanding transit and transportation connections through the Turgundi station and the joint electric power project of the Nurul Jihad substation in Herat province. The Afghan side assured determination to resolve the outstanding issues on the TAPI project and start actual work. "We are preparing all the necessary documents and starting preparations for construction," Amir Khan Muttaki said. The minister also noted the work being done to develop railroad facilities in the dry port of Turgundi and promised to update Turkmenistan soon. Taliban official Zabihullah Mujahid recently announced Afghanistan's readiness to develop the TAPI project further and cooperate with regional countries to create a North-South international transport corridor.

Kazakhstan Seeks to Increase Local Content in Oil and Gas Equipment Production

From July 10 to 12, the Kazakhstani city of Atyrau hosted the Oil and Gas Machine Building Forum. The Forum aimed to develop local content and support domestic manufacturers of oil and gas equipment and local suppliers of works and services for the sector. The event also included Open Doors Days for three major oil and gas operators in Kazakhstan: Tengizchevroil, North Caspian Operating Company, and Karachaganak Petroleum Operating B.V. As reported by the Kazakh Ministry of Energy, these three major subsoil users account for 70% of all oil and gas equipment purchases in Kazakhstan. Speaking at the Forum, Vice Minister of Energy Alibek Zhamauov said that both Kazakhstan’s president and prime minister outlined several specific tasks aimed at developing local content in the oil and gas sector. Particular attention, they said, should be paid to increasing the share of Kazakhstani goods, works and services in the sector’s purchases, creating new as well as modernizing existing production facilities, localizing the production of the most popular products in Kazakhstan, as well as moving design offices to the country, with the mandatory involvement of local engineers and design companies. Due to efforts of the Ministry of Energy, in May of this year contracts were signed between Tengizchevroil, North Caspian Operating Company, and Karachaganak Petroleum Operating B.V. and domestic manufacturers for the purchase of locally made oil and gas equipment worth $240 million. Speaking at the Forum, Leyla Gimranova, Deputy Director of the Project Department at Kazakh Invest, emphasized that oil and gas engineering could become a new growth point in developing domestic added-value production and import substitution. She said that last year, Kazakhstan produced oil and gas equipment for $72.7 million and imported such equipment for $1 billion. “This is a significant difference that needs to be reduced. Therefore, we are actively working to identify priority goods for import substitution, the production of which is possible based on existing domestic enterprises," Gimranova said.

Uzbekistan’s Investment in Kazakhstan Reaches Record Levels

The volume of gross direct investment flow from Uzbekistan to Kazakhstan in 2023 was a record $22.2 million, as reported by Zakon.kz. This is the largest statistic recorded since the end of 2005. Last year, Kazakhstan and Uzbekistan implemented several important investment projects. In particular, $71.2 million was invested into the production of Chevrolet Onix cars in the Kostanay region. A metal rolling plant was built in the Almaty region after a roughly $57 million investment. Lastly, a facility to produce various sterile pharmaceutical and hygiene products was established in Shymkent following an approximately $9.3 million investment. The increase in investment offers from Uzbekistan is reported to be related to the positive business environment in Kazakhstan. The report notes that extremely favorable conditions have been created for business in the neighboring country. The current conditions in Kazakhstan effectively protect the rights of investors and thus encourage investments. The governments of Tashkent and Astana recently signed a Treaty to enhance cooperation between the two countries. The countries agreed to increase the volume of mutual trade to $10 billion and expand business relations soon. According to the Telegram channel “Data Hub,” Uzbekistan had become the third largest foreign investor, surpassing China, regarding the number of companies registered in Kazakhstan. These statistics show that Uzbekistan is increasingly becoming an important trade partner for Kazakhstan.