International Affairs - The Times Of Central Asia

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Cargo Transport from Uzbekistan to EU Countries via Latvia

According to the Ministry of Transport of Uzbekistan's press service reports, Uzbekistan and Latvia have agreed to develop road freight transportation through Latvian ports. The decision followed discussions by the Uzbek-Latvian Joint Commission on International Road Transportation on issues related to trade development, economic relations, and increasing the volume of international cargo transportation. In a statement welcoming the move, the Ministry of Transport of Uzbekistan announced, "Today, the importance of the route passing through Latvian ports is growing and expanding trade relations between Uzbekistan and EU countries. In this regard, the meeting focused on the effective utilization of Latvia's port infrastructure potential. Head of the Public Transport Department of the Latvian Ministry of Transport Annija Novikova has expressed readiness to provide comprehensive assistance in creating favorable conditions for national carriers of Uzbekistan within the framework of cooperation,” During the meeting, the parties agreed to provide special permits for organizing cargo transportation by road through Latvian ports and established a quota of permits for 2024.

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.

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.

Kazakhstan and South Korea: “A Golden Bridge of Friendship”

The President of Kazakhstan, Kassym-Jomart Tokayev, held talks with the President of South Korea, Yoon Suk Yeol. According to Tokayev, Seoul is 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. South Korea has become a true economic and technological locomotive on a global scale, Tokayev stated. World-renowned Korean corporations seriously support promoting the country’s position in the international arena as a “key global state.” Kazakhstan and Korea have achieved a high level of political dialog, establishing fruitful economic cooperation and strong humanitarian ties. The two countries interact in various spheres, including inter-parliamentary, inter-governmental, and inter-departmental contacts. According to Tokayev, regular contact between businessmen of the two countries plays a very important role in building close ties. More than 700 companies with South Korean capital successfully operate in Kazakhstan. “The 120,000 ethnic Koreans in Kazakhstan fulfill an important role and make an invaluable contribution to strengthening our relations. In turn, more than a thousand Kazakh students studying in Korea are a ‘golden bridge of friendship’ between our countries,” Tokayev stated. During the talks, the presidents discussed prospects for bilateral cooperation in energy, infrastructure and industry, engineering, trade, transport and logistics, digitization and the aerospace industry, the financial sector, education, healthcare and pharmaceuticals, tourism and culture, ecology, and other fields.

Investments

Turkmenistan and UAE Expand Cooperation in Oil and Gas

Turkmenportal reports that prospects for further cooperation in the fuel and energy sector were the focus of recent discussions between Chairman of the Halk Maslahaty of Turkmenistan, Gurbanguly Berdimuhamedov, and the Executive Director of Dragon Oil Company, Ali Rashid Al-Jarwan. According to the publication, Turkmenistan and the UAE are among the richest countries in the world in terms of natural gas and oil reserves and both have extensive experience in developing the oil and gas industry. Dragon Oil has now been operating in Turkmenistan for a number of years. Commenting on the UAE's positive relationship with the country Al-Jarwan expressed gratitude for the opportunity to work in Turkmenistan. Berdimuhamedov in turn, emphasized that the active bilateral interaction enjoyed by the parties was due to the joint efforts of the countries' leaders and expressed Uzbekistan's readiness to further expand productive cooperation with Dragon Oil . Both sides expressed confidence that their existing mutual interests would provide a strong basis for more fruitful cooperation in the oil and gas sector.

U.S. Trade Representative Katherine Tay Visits Uzbekistan

On June 11, President of Uzbekistan, Shavkat Mirziyoyev received U.S. Trade Representative Katherine Tay. According to the president's press service, discussions focused on strengthening bilateral trade cooperation, during which it was noted that business relations have become more active alongside a steady growth in mutual trade and investment. Cooperation with Air Products, Coca-Cola, Citibank, Visa, and many other leading companies and banks in the USA is currently under development. The agenda addressed issues related to Uzbekistan's membership in the World Trade Organization, the restoration of the GSP system, the “C5+1” format, and deepening practical cooperation within the Agreement on Trade and Investments framework, and the importance of a joint platform for identifying new areas for industrial cooperation and promoting relevant projects was noted. During her visit, Katherine Tay also met Uzbekistan's Presidential Assistant, Saida Mirziyoyeva. Reporting on their dialogue, the Telegram channel wrote that the purpose of Uzbekistan's economic reforms was outlined, with particular emphasis on benefits afforded to the well-being of its people. Welcoming the dialogue, Mirziyoyeva said, “We intend to become a full-fledged participant of the international trade system, and rely on the support of the United States to accelerate the process of Uzbekistan becoming a member of the WTO."