Business & Economy - The Times Of Central Asia

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South Korean Corporation Bank to Open in Kazakhstan

Microfinance organization BNK Finance Kazakhstan, part of the Korean corporation BNK Financial Group Inc., has been granted permission to transform into a second-tier bank. The news was reported by the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market's press service (ARFM). BNK Financial Group Inc. is the largest South Korean financial group with assets of $129 billion and a national rating of "AAA." The group has two banks with over 300 branches and "A2" international ratings. In 2021, BNK MFI received a license to carry out microfinance activities. Since then, the company has significantly increased its performance and capabilities and now ranks 13th in terms of assets in Kazakhstan's microfinance organizations sector. The decision by the Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) to issue a permit for BNK's voluntary reorganization into a second-tier bank was approved by a resolution on June 7. As noted by the press service, the appearance of a new foreign bank in Kazakhstan's financial market will strengthen competition in the banking sector and provide clients in Kazakhstan with financial services that adhere to international groups' advanced corporate standards. Earlier this month, during talks with the head of South Korea, Yoon Suk Yeol, Kazakhstan's president Kassym-Jomart Tokayev, cited Seoul as one of Astana's most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover and is among Kazakhstan's top ten largest foreign investors.

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SPECA Countries’ Digitalization of Multimodal Data Exchange along Trans-Caspian Transport Corridor

An international seminar on “Trade Facilitation and Digital Transformation of Multimodal Data and Document Exchange along the Trans-Caspian Corridor” was held in Aktau, Kazakhstan on June 11-12. Participants included the Ministry of Trade and Integration of Kazakhstan, the United Nations Economic Commission for Europe (UNECE), the International Association “Trans-Caspian International Transport Route” (TCITR), and partners including the German Society for International Cooperation (GIZ) and the Permanent Secretariat of the Intergovernmental Commission of the Transport Corridor Europe-Caucasus-Central Asia. The seminar followed the adoption of the SPECA Roadmap for Digitalization of Multimodal Exchange of Data and Documents along the Trans-Caspian Transport Corridor, using UN legal instruments and standards, at the Presidential Summit of participating States of the United Nations Special Programme for the Economies of Central Asia (SPECA), back in November 2023, The workshop in Aktau, which brought together experts in trade, transport, and digitalization from fifteen countries, focused on the digitalization of multimodal exchange of data and documents along the Trans-Caspian Transport Corridor, particularly in the ports of Baku (Azerbaijan), Aktau (Kazakhstan), and Turkmenbashi (Turkmenistan). During the event, reports were given on the implementation of UN standards for digitalization of international supply chains, port community systems, interoperability, and multimodal data exchange. A visit to Kuryk, organized by the Kazakh side, included a presentation of the port’s digitized system as well as ongoing work on transhipment and storage of cargo. The United Nations Special Program for the Economies of Central Asia (SPECA) was launched in 1998 to strengthen sub-regional cooperation in Central Asia and its integration into the world economy. SPECA countries include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Kazakhstan's trade turnover with SPECA countries in 2023 amounted to $9 billion.

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Kazakhstan’s First Automobile Tunnel and Largest Bridge to be Completed this Year

As reported by the Kazakhstan's Ministry of Transport, Kazakhstan's first automobile tunnel through the Shakpak Baba Pass and the country's largest bridge over the Bukhtarma Reservoir are due for completion by the end of this year. All concrete work has been completed and an asphalt road laid in the Shakpak Baba road tunnel. Lighting has been installed and work is now underway to install video surveillance, lay gas pipes, ventilation, and firefighting equipment. Development of the country's longest bridge is likewise on schedule. Around 81% of the bridge supports has been erected and 17 of the 21 piers have been built. Regarding progress on both of the ambitious projects, Transport Minister Marat Karabayev announced, "We plan to complete the construction of the country's first automobile tunnel through the Shakpak Baba Pass by the end of this year. Additionally, we aim to complete the construction of the largest bridge in Kazakhstan over the Bukhtarma Reservoir. The total length of the two-lane road bridge across the Bukhtarma reservoir near the village of Kuigan in East Kazakhstan region will be 1,316 meters."

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EU and Kazakhstan Launch Coordination Platform of Trans-Caspian Transport Corridor

On 12 June, the European Commission and Kazakhstan launched the Coordination Platform for the Trans-Caspian Transport Corridor, also known as the Trans-Caspian International Transport Route (TITR) or the Middle Corridor, in Astana. According to Kazakhstan’s Ministry of Transport, the newly established Coordination Platform will improve the safety and sustainability of the Trans-Caspian Transport Corridor and turn it into a multimodal and competitive route linking Europe and Asia in 15 days or less. The event was attended by representatives of Central Asian countries and other states sited along the corridor, as well as international financial institutions and non-EU G7 countries. Emphasizing the critical development of transport infrastructure and strengthening transport links for the regions’ economic growth and prosperity, Marat Karabayev, Minister of Transport of Kazakhstan, stated: “The establishment of the Coordination Platform provides us with a unique opportunity to join forces, exchange experience and perspectives to reach common goals. I would like to note that our partners from Armenia, Azerbaijan, Georgia, as well as Turkey have been invited to join this effort, which plays an important role in terms of achieving major and sustainable goals for the development of the Trans-Caspian International Transport Route.” The Minister of Transport expressed gratitude to the European Union for its invaluable support and efforts towards the development of Central Asian countries. Speaking at the event, Henrik Hololei, Hors-Classe Adviser at the Directorate-General for International Partnerships in the European Commission, stated: "The Coordination Platform created for the Trans-Caspian Transport Corridor marks a significant step forward in our cooperation to bring Central Asia and Europe closer together. Sustainable transport connections are crucial for consolidating the region’s economic growth and connectivity with Europe." Ms. Maja Bakran, Deputy Director General for Mobility and Transport at the European Commission, then added: “The Coordination Platform will be instrumental in making the Trans-Caspian Transport Corridor a multimodal, modern, competitive, sustainable, predictable, smart and fast route linking Europe, the Caucasus and Central Asia. The coordination efforts among the various stakeholders will drive forward deeper connections and contribute to sustainable economic development of the region.” The Platform’s key objectives are to promote the corridor and coordinate efforts on the implementation of priority hard and soft infrastructure projects in Central Asia. It will also boost and coordinate investments in rail, road, and port infrastructure.

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Uzbekistan’s Reserves Reached $36.6 Billion in May.

The Central Bank of Uzbekistan has stated that its gold and hard currency reserves reached in excess of $36 billion in May, an increase of over $1.5 billion compared to the previous month. However, the physical volume of gold in reserves decreased by 11.4 million troy ounces. Furthermore, the volume of the regulator’s deposits with the central banks of other countries and the International Monetary Fund increased significantly and amounted to $422.7 million. The amount of funds in the accounts of other foreign financial institutions also increased by $1.2 billion. The Times of Central Asia previously reported that as of March 1st, 2024, Uzbekistan’s official reserves amounted to $32.19 billion, having decreased by $2.37 billion in January and February.

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Two Arrested Over Calls for Milk Riots in Kyrgyzstan

In the Issyk-Kul region, citizens suspected of calling for mass riots have been detained; this was reported by 24.kg citing the State Committee for National Security (GKNB) press center. According to the GKNB, two citizens used WhatsApp messenger to agitate local farmers and organize riots in groups with over a thousand participants, calling for blockades and taking milk truck drivers hostage. These actions are related to the seasonal decrease in milk prices due to its low-fat content. Experts confirmed the presence of calls to organize mass riots in the audio recordings. A criminal case has been opened, and an investigation is underway. The GKNB urged citizens to observe public order and not to give in to provocations spread through social networks.