Kazakhstan - The Times Of Central Asia

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Central Asia-South Korea Summit 2026

Central Asia’s First Korea Summit Produces Different Deals for Each Country

The first Central Asia-Republic of Korea Summit brought five countries to Seoul with very different records of working with Korean capital. Kazakhstan arrived with commercial agreements worth about $19 billion, while Uzbekistan is discussing multibillion-dollar financing through the state-owned Export-Import Bank of Korea. In Turkmenistan, Korean companies are expanding beyond their traditional role in the gas-chemical industry; Tajikistan is offering mineral resources; and Kyrgyzstan is establishing a dedicated government contact point to help attract Korean businesses. On September 16, the presidents of all five Central Asian states met South Korean President Lee Jae Myung together for the first time. Until now, the Korea-Central Asia Cooperation Forum, established in 2007, had operated mainly at a ministerial level. A permanent secretariat was established in 2017, and in 2020 the meetings were elevated to the level of foreign ministers. The leaders adopted the Seoul Declaration, agreeing to hold summits every two years, with Kazakhstan set to host the next in 2028. Ministerial meetings in the intervening years will review implementation and prepare the next summit’s agenda. The declaration also envisages Korea Desks across the five Central Asian countries to help businesses address administrative obstacles. The leaders expressed interest in combining Central Asian minerals with Korean technology to build joint production networks, and agreed to pursue measures to reduce non-tariff barriers. Seoul also sees Central Asia as part of its own industrial strategy. South Korea, one of the world’s leading producers of automobiles, electronics, batteries, and ships, needs stable supplies of energy and raw materials. Opening the summit, Lee spoke of combining the region’s resources with Korean exploration and processing technologies. Critical minerals, energy, and supply-chain resilience were among the main issues at the meeting. In 2025, South Korea’s trade with the five countries reached $10 billion for the first time: Korean exports totaled $8.67 billion, while imports from Central Asia amounted to $1.39 billion. Cumulative Korean investment in the region reached $6.48 billion. Kazakhstan and Uzbekistan continue to account for most of this trade and investment. The talks in Seoul showed how different the next step could look in each of the five countries. [caption id="attachment_56323" align="aligncenter" width="1774"] Image: Akorda[/caption] Kazakhstan: $19 Billion in Agreements and Large-Scale Industry Kazakhstan arrived at the summit with the largest announced commercial package. On September 15, a day before the regional summit, Kazakhstan and South Korea signed around 80 agreements worth approximately $19 billion through the Kazakhstan-Korea Business Council in Seoul. About $11 billion is associated with projects involving Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, which controls major state assets in oil and gas, energy, transport, telecommunications, and uranium mining. The $19 billion figure represents the value of signed agreements and announced projects at different stages of development. Behind the headline figure are several major industrial projects. QazaqGaz and Hyundai Engineering agreed to implement a gas processing plant at Karachaganak with an annual capacity of 5 billion cubic meters. KazMunayGas and Samsung E&A signed an agreement on expanding the Pavlodar refinery’s capacity to 9 million metric tons a...

Economic Growth

Kazakhstan Ranks 38th in IMD World Competitiveness Ranking

Kazakhstan ranked 38th among 70 economies in the 2026 IMD World Competitiveness Ranking. With an index score of 65.4, Kazakhstan ranked ahead of Spain, Portugal, Poland, India, and Italy. Singapore took first place, followed by Hong Kong and Switzerland. The annual ranking assesses economies across four main areas — economic performance, government efficiency, business efficiency and infrastructure. IMD combines statistical data with a survey of senior executives. Hard data account for two-thirds of the ranking and covered 172 criteria in 2026, while responses from around 6,900 executives were used for another 92 criteria. IMD’s methodology explains that the indicators are designed to measure both quantifiable economic conditions and how businesses view the environment in which they operate. Kazakhstan’s strongest results came in government and business efficiency, where it ranked 23rd globally in both categories. Tax policy was a particular strength, placing ninth among the 70 economies assessed. Kazakhstan’s economy expanded by 6.5% in 2025, the sixth-highest growth rate among the economies assessed by IMD. It also ranked sixth among economies with GDP per capita below $20,000. Kazakhstan is the only Central Asian economy included in the 2026 IMD World Competitiveness Ranking. IMD relies heavily on internationally comparable statistics and business survey data. Reliable data is essential for judging competitiveness. Kazakhstan leads Central Asia in the World Bank’s Statistical Performance Indicators and, alongside Kyrgyzstan, was one of only two regional governments to meet the U.S. State Department’s 2026 minimum fiscal-transparency requirements. Kazakhstan has also subscribed to the International Monetary Fund’s Special Data Dissemination Standard since March 2003. The standard sets requirements for the coverage, periodicity, and timeliness of economic data, as well as public access, integrity and information on methodology.

C5+South Korea

What Could Come Next in Kazakhstan-South Korea Relations

The first Central Asia-Republic of Korea Summit in Seoul on September 16 will elevate South Korea’s multilateral cooperation with the five countries of the region to heads-of-state level. The Korea-Central Asia Cooperation Forum has existed since 2007 but until now has remained primarily a ministerial mechanism. Seoul is now seeking to establish a sustainable multilateral framework at the leaders’ level. The summit’s agenda is broad, with a focus on innovation, prosperity, and connectivity. One of its main outcomes is expected to be the Seoul Declaration, setting out a medium- and long-term vision for cooperation in supply chains, emerging industries, and people-to-people exchanges. The economic agenda is already taking more concrete shape. South Korea wants to connect Central Asia’s mineral resources with its technologies for geological exploration and processing, while expanding cooperation in artificial intelligence, digital technologies, and science. Seoul also sees infrastructure, water resources, climate, and industry as potential areas for new projects. On September 16, about 500 representatives of government and business will gather alongside the five leaders. The business summit should offer the first indication of how much of the broad political agenda can be translated into investment, contracts, and joint production. Don’t Copy the Korean Miracle South Korea’s experience inevitably comes up in discussions about Central Asia’s development. But the economy that enabled Korea’s industrial breakthrough in the second half of the 20th century was built in a very different international and historical environment. Professor German Kim, director of the Institute for Asian Studies at Al-Farabi Kazakh National University and one of the founders of Korean studies in Central Asia, told The Times of Central Asia that South Korea’s development experience should not be treated as a model that can simply be copied. “South Korea’s accelerated modernization took place under completely different historical and international conditions. Kazakhstan should therefore study not so much the Korean model of the past as today’s mechanisms for supporting talented young people, startups, venture capital, and technological entrepreneurship,” Kim said. From this perspective, the value of the Korean experience lies more in individual mechanisms that work – from financing technology businesses to linking universities, research, and industry. Critical Minerals and Joint Production Critical minerals have become one of the central elements of South Korea’s agenda in Central Asia. South Korean industry needs reliable supplies of raw materials, while the region holds significant reserves of metals used in electronics, batteries, energy, and other high-tech industries. Seoul is already discussing projects individually with countries in the region. In August, South Korea’s Ministry of Trade, Industry and Resources held talks with Tajikistan on industrial cooperation and possible critical-mineral projects. The Korean side also proposed making meetings between the industry ministers of South Korea and the five Central Asian countries a regular mechanism. That proposal has since moved forward. On September 14, the six countries held their first C5+1 Industry Ministers’ Meeting in Seoul, agreeing to strengthen cooperation across critical-mineral supply chains. The plan explicitly extends beyond extraction to local refining and smelting, materials processing, and...

Bonds Investments

Kazakhstan to Receive Maximum Weight in New JPMorgan Bond Index

Kazakhstan will receive the maximum 8% country weight in JPMorgan’s new index for frontier market government bonds, creating an opportunity to attract new foreign buyers of tenge-denominated debt. JPMorgan plans to launch the GBI-EM Edge by the end of September. The maximum weight for any single country is capped at 8%, and Kazakhstan will receive the full quota. Vietnam, Pakistan, and Bangladesh will have the same weight. Other major components will include Egypt, Morocco, Nigeria, and Sri Lanka. The index will cover 26 countries, with nearly $330 billion in bonds eligible for inclusion. GBI-EM Edge is designed for frontier markets, relatively less accessible markets outside JPMorgan’s main emerging market benchmark. Inclusion is a separate development from Kazakhstan’s efforts to join that main index. The index will serve as a benchmark for international asset managers. Some funds seek to replicate its composition, while others use it to compare the performance of their own portfolios. A country’s weight can therefore influence how much money investors allocate to its bonds. However, the nearly $330 billion represents the value of bonds eligible for the GBI-EM Edge, not the amount of future investment. JPMorgan has not yet said how much capital will directly track the new index. That will largely determine how significant the additional demand for Kazakh debt may be. Foreign Investors Have Already Increased Their Holdings Foreign investors began actively buying Kazakhstan’s government debt even before JPMorgan’s decision. According to the Analytical Center of the Association of Financiers of Kazakhstan (AFK), non-resident holdings of government securities reached KZT 2.5 trillion, or about $5.4 billion, by the end of June. During the first half of the year, their portfolio grew by 28.3%, while the share of non-residents in the government securities market increased from 6.2% to 6.9%. In June alone, foreign investors added KZT 185.1 billion, or about $400 million. Just a year and a half earlier, non-resident holdings stood at around KZT 1.1 trillion, or about $2.4 billion. Kazakhstan has maintained a high base rate to combat inflation. This has also kept yields on government bonds high. According to AFK, real yields on government securities – meaning returns above inflation – ranged from 5.7% to 7.4% in the first half of the year. The association’s analysts also linked strong demand to expectations of a gradual reduction in the base rate. For a foreign fund, the trade can look attractive: raise money in a market with lower interest rates, buy tenge, and invest in Kazakh government bonds. If the tenge remains stable or strengthens, the investor benefits both from the high interest rate and from the currency movement. If the tenge falls, some of that return disappears when the investment is converted back into dollars. The tenge’s appreciation has already helped foreign bondholders. It strengthened by 2.6% during August, ending the month at KZT 461.57 per dollar, according to the National Bank. AFK points to another effect of foreign purchases. To buy the bonds, non-residents sell foreign currency and purchase tenge, increasing the supply...

Film Festival

Women, Cinema and Changing Kazakhstan at QYZQARAS 2026

From August 20 to 30, Almaty hosted the third edition of QYZQARAS, an independent international film festival dedicated to women directors’ voices and the female gaze in cinema. Held this year at the Tselinny Center of Contemporary Culture, the festival presented 21 feature films, including five notable works from Central Asia, among them Kristina Mikhailova’s widely discussed River Dreams. River Dreams had its world premiere in the Berlinale Forum Special section in 2026 and received the Prize of the Ecumenical Jury in the Forum program. The screening marked an important milestone: the film became the first Kazakh documentary feature to premiere at the Berlinale. After a run of international festival appearances, the film returned home: on August 20, it opened QYZQARAS at the Tselinny Center of Contemporary Culture. River Dreams “This epic helped me believe in myself and feel at peace. I believe every frame,” Kristina said after the long applause that followed the final scene. Opening with a striking metaphysical orange river, River Dreams explores the inner lives of women in Kazakhstan. Constantly balancing between dream states and startlingly candid confession, the documentary immerses viewers in a wide range of themes – love, trauma, resistance, and survival – as women reflect on their pasts beside moving water. Grounded in a deeply humanist perspective, Mikhailova’s film presents tenderness as a sustained act of courage. Kristina’s presence behind the camera and the atmosphere of trust on set create an unpretentious portrait of contemporary Kazakhstan. It explores how the image of women is changing in this context, and how women directors themselves are shaping that change. Mikhailova begins with a simple question: “What kind of river are you?” From there, she builds the film around the personal stories of women of different ages and social backgrounds in Kazakhstan. This initial impulse encourages them to compare socially constructed ideals of femininity with what actually exists inside each of them. The most unexpected aspect of the film is the amount of humor. The protagonists’ wry, self-aware voices form an uncompromisingly honest agenda for contemporary Kazakh society: corruption, impunity, language, violence against women, and decolonization. “Decolonization is not only about one’s native language; it is about hierarchy. We look down on one another – it is a slave mentality: ‘I am better than you, so I will discriminate against you,’” says one of the young women featured in River Dreams. The director takes a transparent approach to the sensitive issue of language: in her view, what matters most is not which language we speak, but whether we are speaking about what truly matters. [caption id="attachment_56247" align="aligncenter" width="1024"] Image: Azhar Utezhan[/caption] “The girls did not resist or struggle with the concept of radical vulnerability; it is a very simple idea,” Mikhailova said. The Aksai River, where Kristina grew up and where her father taught her as a child to be stronger, becomes an embodiment of the socio-political whirlpool into which women in Kazakhstan have been drawn over the past 30 years. Unpredictable weather and shifting water levels carry...

Education Policy

Kazakhstan Education Reform Puts 12th Grade Under Review

Kazakhstan is considering whether to eliminate the 12th grade at Nazarbayev Intellectual Schools (NIS), as some families transfer their children to regular schools after the 10th grade so they can graduate a year earlier. Established in 2008, NIS is a state-funded network of elite schools specializing in science, mathematics, and languages. It operates its own 12-year curriculum. Education Minister Zhuldyz Suleimenova said 88% of NIS graduates finish school at age 18, while about 300 received their diplomas at age 19 last year. A commission is examining whether the curriculum can be compressed into 11 grades, with conclusions expected by January 2027. The discussion began after remarks by President Kassym-Jomart Tokayev on August 26. At a national education conference, Tokayev questioned whether it made sense to keep 18-year-olds in school and instructed officials to review the 12-year programs at NIS and private schools. Possible changes would also affect international programs. Suleimenova referred to the uniform national standard for school education enshrined in Kazakhstan’s new Constitution, which took effect on July 1. No decision has yet been made to eliminate the 12th grade. The commission is comparing the curricula of NIS and regular schools and calculating the number of instructional hours. NIS has a longer school day, roughly from 8 a.m. to 5 p.m., plus eight hours of individual instruction a week. In regular schools, the main curriculum ends after the ninth grade; at NIS, it ends after the 10th. In the 11th grade, students at regular schools take state examinations while preparing for the Unified National Testing, Kazakhstan’s university entrance exam. NIS students have another year. There is a historical irony to the current debate. For more than two decades, Kazakhstan prepared to move in the opposite direction by making 12 years of schooling the national standard. The transition had been discussed since the early 2000s, and by 2012 the new model was being tested in more than 100 schools. The timetable was postponed several times, in part because of insufficient infrastructure. As recently as 2019, a full transition was planned for 2021. But the 12th grade ultimately took root mainly at NIS and some international schools. Today, the NIS network includes 22 Intellectual Schools and three international schools, with about 20,000 students and more than 2,600 teachers. Its schools use the NIS Programme and the International Baccalaureate. More than 4.1 million children are attending Kazakhstan’s schools in the 2026/27 academic year, including about 227,000 in the final 11th grade. The number of years spent in school, however, is only one part of the discussion. There is also an external measure of educational outcomes. On September 8, the same day Suleimenova spoke, the Organisation for Economic Co-operation and Development (OECD) released the results of the 2025 Programme for International Student Assessment (PISA). Students in Kazakhstan scored 420 points in science, 414 in mathematics, and 385 in reading. The respective OECD averages were 482, 463, and 461. More than 41% of participants from Kazakhstan failed to reach the baseline Level 2 in...