• KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00190 0%
  • TJS/USD = 0.09166 0.22%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
10 January 2025

Viewing results 67 - 72 of 280

Kazakhstan’s Energy Ministry Discusses Nuclear Plant Construction With South Korea

From October 22 to 25, a delegation from Kazakhstan led by Energy Minister Almasadam Satkaliev visited South Korea. As part of the visit, meetings were held with representatives of leading Korean energy companies and government agencies. The key topics of the talks were cooperation issues in the nuclear power industry. In addition, at the meeting with the South Korean Minister of Trade, Industry, and Energy, they discussed opportunities to expand cooperation in the oil and gas sector and renewable energy. Satkaliev also met with the management of major Korean companies, including Doosan Enerbility, Korea Hydro & Nuclear Power (KHNP), Korea Electric Power Corporation (KEPCO), Korea National Oil Corporation (KNOC), and Samsung C&T. During the talks, the parties considered the prospects of Korean companies participating in an international consortium, which Kazakhstan is studying as a model for implementing the project to build a nuclear power plant. As the minister specified, the final decision on this issue is expected in 2025. Negotiations with Doosan Enerbility concluded with the signing of a memorandum of understanding. This document provides for studying opportunities to localize the Korean company's operation in Kazakhstan and establish a representative office of the plant in Astana. Now, Doosan Enerbility cooperates with Kazakhstan to construct a gas turbine power plant with a capacity of 1000 MW in the Turkestan region. In addition, the company, together with KEPCO KPS, is conducting a technical audit of Kazakhstan's energy infrastructure to reduce emissions and extend the life of the equipment. After the October 6 referendum, in which Kazakhstanis supported the construction of the first nuclear power plant, President Kasym-Jomart Tokayev proposed the creation of an international consortium to implement the project. He emphasized that this project requires the participation of the world's leading companies with modern technology and experience to ensure the safety and efficiency of construction. Russia's Rosatom, South Korea's KHNP, France's EDF, and China's CNNC are considered potential participants. These companies are expected to work together to transfer technology and attract investment, which is particularly important for Kazakhstan as it seeks to reduce energy dependence and strengthen the country's energy security. Construction of the plant is planned to begin on the shores of Lake Balkhash and be completed by 2035. A final decision on the structure of the consortium is expected by 2025.

Startups From Central Eurasia Set to Conquer Silicon Valley

The following 10-15 years will see the birth of large tech companies originating from Central Eurasia, a vast region including Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, Turkey, and Uzbekistan. This was stated at the first technology conference entitled Central Eurasia at Silicon Valley. The conference brought together the region's top 100 startups, American venture investors, large company leaders, and tech giants from Silicon Valley. According to the event organizers, Central Eurasia has enormous untapped potential. With a population of more than 100 million people and an average age of 27, about 200,000 young people in the region annually receive an education in the field of STEM (science, technology, education, mathematics). The area has everything necessary to develop the tech industry: universities, a startup ecosystem, venture funds, and its representative in Silicon Valley — Silkroad Innovation Hub, which, in the first year of its operation, attracted 80 resident startups and more than $30 million in investments. At the conference, Zhaslan Madiyev, Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, said that Kazakhstan accounts for 50% of GDP in Central Eurasia. Kazakhstan is in 10th place in the UN GLOBAL Online Services Index and 3rd place among Central and South Asian countries in the Global Innovation Index (after Iran and India). “Recently, there has been a rapid development of new technologies, AI, blockchain, and all this stimulates the market and entrepreneurs to create startups,” Madiyev said. The minister added that Kazakhstani investors are ready to invest $100,000-$200,000 in startups at an early stage. Still, finding $1 million or $2 million in investment can be challenging, even in a more mature stage. Therefore, he urged the promotion of Kazakhstani startups abroad, especially in Silicon Valley.

Swiss Company Roche to Produce Anti-Cancer Drugs in Almaty

On October 24, the Swiss pharmaceutical giant F. Hoffmann-La Roche Ltd., in partnership with Nobel Almaty Pharmaceutical Factory JSC, launched the production of innovative drugs in Almaty. The project followed an agreement between Roche, Kazakhstan’s SK-Pharmacy LLP, Nobel, and the Kazakh Research Institute of Oncology and Radiology, with the support of National Company Kazakh Invest. Under the agreement, Roche committed to establishing local production of three biotechnological drugs for the treatment of HER2-positive breast cancer, an aggressive form of the disease that affects up to 20% of breast cancer patients in Kazakhstan. At the opening ceremony, Kazakhstan's Minister of Health, Akmaral Alnazarova, said: "The localization [of production] of oncological drugs by a global leader like Roche is a huge step forward for our country. This project will provide patients access to advanced treatments and significantly contribute to developing Kazakhstan's healthcare infrastructure.” The transfer of Roche's advanced technologies and production capabilities to local partners will reduce healthcare system costs in Kazakhstan and significantly expand patient access to essential medicines. Around 5,000 new cases of breast cancer are registered in the country annually, with approximately 1,200 resulting in death. This project is expected to increase the number of patients receiving therapy to 1,335 by 2026. The project is part of Kazakhstan’s plan to increase the share of domestically produced medicines and medical devices to 50%.

Kazakhstan May Manufacture Turkish Bayraktar Drones

A delegation headed by Kazakhstan's Minister of Defense , Colonel General Ruslan Zhaksylykov, attended the IV International Exhibition of Defense and Aerospace Equipment SAHA EXPO-2024 opening ceremony in Istanbul. The event brought together leading representatives of the military-industrial complex of Europe, Asia, and the Middle East. It demonstrated the latest developments, including automatic troop and battle management systems, robotic systems, communications, air defense, radio reconnaissance, electronic warfare, radio countermeasures, unmanned aerial vehicles, and laser technologies. During the exhibition, Zhaksylykov held talks with Turkish Minister of National Defense Yaşar Güler and Chairman of the Defense Industry Agency Haluk Görgün. He also met with Mohammed bin Mubarak Fadel Al Mazroui, UAE Minister of State for Defense Affairs. Special attention was paid to the talks with Baykar Defense CEO Haluk Bayraktar. The parties agreed on developing a roadmap for the localization of the production of tactical unmanned aircraft systems and barrage munitions at the operational level in Kazakhstan. Kazakhstan is actively developing the production of unmanned aerial vehicles (UAVs) with the involvement of foreign partners. One of the significant projects is the joint production of Anka drones with Turkey, which will start in 2024. The agreement between Turkish Aerospace Industries (TAI) and Kazakhstan Engineering provides for technology transfer and the creation of an assembly line, allowing Kazakhstan to produce drones independently in the future. In addition to Turkey, Kazakhstan cooperates with South Korea and China on drones. In 2023, Petropavlovsk established local drone production using components from China. Such steps contribute to the development of Kazakhstan's defense industry and reduce dependence on imports.

Woman in Kazakhstan Sentenced for Inciting Ethnic Hatred

In Almaty, a Kazakh woman, Maral Zhalelova, was sentenced to two years in prison for inciting ethnic hatred. The court found that in her video messages in TikTok, she called on Russians to leave Kazakhstan and insulted the ancestors of Kazakh nationality who fought against Nazi Germany during the Second World War. In doing so, she used obscene language and expressed sympathy for Adolf Hitler. Even though Zhalelova did not admit guilt, she apologized for her words. The prosecutor insisted on a five-year sentence, but the court took her apology into account and handed down the minimum sentence, considering that she deserved a “more humane punishment.” The sentence has not been enforced yet. The case began in July 2024 after complaints about Zhalelova's provocative online statements. The investigation recognized that her words offended the feelings and dignity of citizens with Russian nationality, and hurt the memory of ancestors who fought against fascism. During the trial, Zhalelova explained that her reaction was triggered by the events following Russia's invasion of Ukraine. According to her, she sought to support the Kazakh language, but during the broadcasts, insults were directed at her, and she reacted to provocation. In April 2024, another resident of Almaty, Elina Liu, also received two years in prison for making disparaging remarks about the Kazakh people and language, which the court considered as incitement to discord.

EDB Releases Finance for Kazakhstan’s Digital Investment Platform

Following an agreement signed by the EDB and  the Investment Committee of Kazakhstan’s Ministry of Foreign Affairs and National Information Technology JSC, in July, the Eurasian Development Bank’s Fund for Digital Initiatives has allocated the first tranche for a project to establish a National Digital Investment Platform in Kazakhstan. The platform aims to provide comprehensive support to investors and investment projects by streamlining interactions between government authorities and the quasi-government sector to promote investments in Kazakhstan’s economy, and will coordinate and optimize the selection and registration of investment projects, the conclusion of investment agreements, and their monitoring. In addition, the project is expected to serve as a digital transformation model for attracting and supporting investment which can be  implemented in other EDB member states: Armenia, Belarus, Kyrgyzstan, Russia, and Tajikistan. The platform which already has 755 registered investment projects, will  become fully operational by 31 July 2025. Back in March, The Times of Central Asia reported Kazakhstan’s Prime Minister Olzhas Bektenov's announcement that to achieve the target of increasing the Kazakh economy to $450 billion by 2029, at least $150 billion of foreign investment was required during the interim period.