Kazakhstan - The Times Of Central Asia

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Coal

Kazakhstan Coal Exports Hit 7 Million Tons in Q1 2026

Kazakhstan coal exports reached 7.1 million tons in the first three months of 2026, while the domestic market remained the primary destination for the country’s coal producers, Nikolai Radostovets, executive director of the Republican Association of Mining and Metallurgical Enterprises, said at the VII Coal Industry Forum. Energy Ministry figures have put Kazakhstan’s 2025 coal production at around 115.9 million tons. Of that amount, 85.9 million tons were supplied to the domestic market, including the housing and utilities sector and thermal power plants, while exports amounted to 30 million tons. Kazakhstan’s main coal export destinations remain Russia, Poland, Uzbekistan, Turkey, India, and Malaysia, Radostovets told participants at the Coal Industry Forum, held as part of the Astana Mining & Metallurgy Congress, AMM 2026. Coal output is expected to rise this year to 128.9 million tons. In January-March, nearly 29 million tons of coal were mined, while exports reached 7.1 million tons, according to industry association data. “One of the key tasks for the industry remains ensuring stable supply to the domestic market, including thermal power plants and the housing and utilities sector,” Radostovets said, whilst also stressing that exports remain a crucial part of the sector’s sustainability. “Exports ensure workload for enterprises, foreign currency earnings, tax revenues and stable production programs. Domestic needs are always prioritized, but exports help maintain overall production levels and the financial sustainability of enterprises,” he said. He also warned that Kazakhstan’s coal exports face mounting transportation risks linked to geopolitical shifts across Eurasia, as well as insufficient capacity in regional logistics infrastructure. To preserve export potential, Radostovets said Kazakhstan needs more predictable tariff-setting by transport operators, expanded alternative logistics routes, improved efficiency at the Caspian ports of Aktau and Kuryk, and stronger intergovernmental coordination on transit issues. Meanwhile, Kazakhstan’s Energy Minister Yerlan Akkenzhenov sought to reassure coal producers that domestic demand for their products is likely to grow in the coming years as the government expands coal-fired power generation. “Against the backdrop of rising electricity consumption, industrial growth and the development of the digital economy, reliable baseload generation is becoming increasingly important. In this regard, the government has approved the national project ‘Development of Coal Generation,’” Akkenzhenov said. The program covers 2026-2030 and provides for the construction of new energy facilities, while expanding or modernizing existing installations. This is expected to create additional demand for around 20 million tons of thermal coal per year by 2030. Kazakhstan’s renewed emphasis on coal reflects a wider tension in its energy policy. The government is seeking a route out of electricity shortages and provide reliable baseload generation for industry, data centers, and other energy-intensive sectors, while also maintaining its formal target of achieving carbon neutrality by 2060. Officials have argued that new coal capacity will be paired with cleaner technologies and modern emissions controls, but the scale of the planned expansion underlines how central coal remains to Kazakhstan’s power system. The national project includes eight new coal-generation facilities, including major projects in Ekibastuz, Kurchatov, and Zhezkazgan, as well...

AMM 2026

U.S. Investors Show Growing Interest in Kazakhstan’s Mining Sector

U.S. investors are showing growing interest in Kazakhstan’s critical minerals sector, with attention increasingly focused not only on extraction but also on processing, metallurgy and broader supply-chain development, according to Nicole Rodgers, president of the U.S.-based Alliance for Mineral Security, an industry group representing companies involved in mining, processing and the use of strategic minerals. Rodgers spoke during the panel session “Investment Climate in Mining and Metallurgy” at the Astana Mining & Metallurgy Congress, AMM 2026, where she emphasized that predictability and regulatory consistency are among the most important conditions for attracting global capital. “In our view, Kazakhstan is moving in the right direction, including by harmonizing regulations with international standards, developing early-stage geological exploration, building industrial clusters and moving toward more sophisticated investment structures,” Rodgers said. “At the same time, American investors are interested not only in extraction, but in participating across the entire value chain.” She pointed to an agreement between U.S.-based Cove Capital and Kazakhstan’s national mining company Tau-Ken Samruk on the joint development of the Severny Katpar and Verkhne Kairakty tungsten deposits in the Karaganda region of central Kazakhstan. Under the deal, the investment package includes plans to build two processing plants and a metallurgical facility, with a total projected value of $1.1 billion. Interest from Washington has also been reinforced at the political level. Speaking at the C5+1 Critical Minerals Dialogue in June, U.S. Special Envoy for South and Central Asia Sergio Gor said Washington intended to play an active role in developing Central Asia’s mining sectors. “Interest in Kazakhstan from American investors is high, but for that interest to materialize in practice, infrastructure, energy capacity and skilled personnel are critical,” Rodgers added. While foreign interest is rising, industry representatives said Kazakhstan’s ability to convert that interest into long-term investment will depend on the consistency of its legal and regulatory framework. Nikolai Radostovets, executive director of the Republican Association of Mining and Metallurgical Enterprises, said amendments to Kazakhstan’s Subsoil Code, adopted in 2018, should now be aligned with changes in environmental, water and land legislation introduced in recent years. Ruslan Baimishev, president of the Kazakhstan Mining Chamber, also highlighted the importance of legislative stability, particularly in tax policy, saying investors require consistency in government decisions. World Bank Senior Mining Specialist Remy Pelon said many countries are reforming their mining sectors to meet growing demand for minerals needed for the global energy transition. At the same time, Pelon warned against overcorrection. “Governments must create conditions for the efficient use of mineral resources in the interests of national development, but it is equally important to preserve a balance between industrial policy, openness to new market players and competitiveness,” he said. “That balance is especially important for countries aiming not only to extract raw materials, but also to develop processing, local manufacturing and technological expertise.” Kazakh officials used the forum to underscore recent legal measures designed to improve investor protections. Arman Khassenov, deputy chairman of the Committee for the Protection of Investors’ Rights under the Prosecutor General’s Office,...

Pensions

A History of Kazakhstan Pension Reforms: Between Market and Monopoly

Kazakhstanis rushed to withdraw pension savings in May ahead of a sharp increase in the minimum balances required to access their funds, in what may prove to be the final major wave of early withdrawals from the country’s state-run pension system. According to local financial outlet Kapital.kz, the Unified Accumulative Pension Fund (UAPF) processed 119,100 applications for one-time pension withdrawals for housing in May, twice as many as in April. The withdrawals totaled 117.8 billion tenge, roughly $240 million. The surge came shortly before new “minimum sufficiency thresholds” were published in early June, which will make early access to pension savings difficult for most working-age contributors. The change has reopened a wider debate over Kazakhstan’s pension system, which has undergone several transformations over the past quarter century. From a bold market experiment in the late 1990s, to a rigid state monopoly, and now back to a tightly regulated market model, the system has long struggled to balance the protection of citizens’ retirement savings with the need to generate investment returns. How Kazakhstan Got Here: The Private Market Experiment, 1998-2013 Before 1998, Kazakhstan operated a solidarity pension system, under which the state paid pensions from current revenues without maintaining individual retirement accounts. Pension payments depended mainly on length of service and salary level. The economic crisis that followed independence forced the government to change course. On January 1, 1998, Kazakhstan became the first post-Soviet country to adopt a funded pension model inspired by Chile’s system. It created a multi-tiered framework based on mandatory individual contributions equal to 10% of income, alongside a state-funded basic pension. The idea was straightforward: private pension funds would act as institutional investors, channeling billions into the economy while generating sustainable returns for contributors. For a time, the model was seen as one of the most ambitious financial reforms in Central Asia. But over the following years, serious flaws became increasingly clear. Eventually, the government itself acknowledged that the experiment had failed. Regulators identified several core problems. The first was negative real returns. Pension funds consistently underperformed inflation. Average annual returns stood at only 2.2%, while inflation averaged 6.8%, meaning citizens’ savings steadily lost purchasing power. The second was toxic assets. In pursuit of higher yields, pension funds invested heavily in opaque corporate securities. Of the 38 major issuers financed with pension money, 32 later went bankrupt, resulting in substantial write-offs borne by contributors. The third was high management fees. Private fund managers charged substantial commissions even during periods of poor performance or losses. Later audits found that many of these fees had been used to finance inflated executive salaries and bonuses. By the summer of 2013, the government had begun dismantling the private pension model. From Private Funds to State Monopoly, 2013-2020 By autumn 2013, all pension accounts from private funds had been transferred to the UAPF, which came under the management of the National Bank of Kazakhstan. The state monopoly addressed one major issue: the preservation of capital. But it also created a new institutional...

TCA Interviews

Kazakhstani Filmmaker Zhanana Kurmasheva on Her Semipalatinsk Nuclear Test Site Documentary

Zhanana Kurmasheva is a Kazakhstani documentary filmmaker and graduate of the T. K. Zhurgenov Kazakh National Academy of Arts, where she studied film directing. Her debut feature documentary, We Live Here, turns to the human legacy of the Semipalatinsk nuclear test site through the lives of people still living with its consequences. The film became the first documentary from Kazakhstan selected for competition at CPH:DOX, one of the world’s leading documentary film festivals. Over the past year and a half, We Live Here has screened at international festivals and was nominated for Best Documentary Film at the 2025 Asia Pacific Screen Awards. In an interview with The Times of Central Asia, Kurmasheva discusses why the story of the Semipalatinsk test site resonates with audiences around the world, what it was like filming on contaminated land, the growing interest in tours to the area, and why her next film will focus on consumerism. TCA: Zhanana, We Live Here premiered at CPH:DOX in Copenhagen, one of the world’s leading documentary film festivals. What did that moment mean for you? Zhanana: In the world of documentary cinema, CPH:DOX is one of the most prestigious festivals. Every filmmaker wants to be there because it showcases more than 200 of the strongest documentaries from around the world each year. Our film also became the first Kazakh project ever invited to compete in the festival. There were only 12 films in our section, and getting in was extremely difficult because the competition was intense. Being included in a program of that caliber came as a huge surprise to us. TCA: Why was it such a surprise? Zhanana: Honestly, when we were making this film, we never expected this level of success or invitations to so many festivals. By documentary standards, our project was produced on a very modest budget provided by Kazakhstan’s national film fund. The film was made largely through enthusiasm and dedication, without major international resources or influential foreign co-producers. We did everything ourselves. That is why I’m grateful for the opportunity CPH:DOX gave us. Participation there immediately brought international visibility to the film. TCA: What role did producer Banu Ramazanova play in bringing the film to international audiences? Zhanana: The fact that this film happened at all is largely thanks to our producer, Banu Ramazanova. She single-handedly promoted the film using her own resources. She believed in the project so strongly that she proved documentary cinema is worth investing in and that it can achieve a very high level. It’s wonderful that we have producers like her in Kazakhstan who genuinely care about the future of our documentary industry. TCA: Why do you think the selection committees responded to the film? Zhanana: It’s difficult for me to judge because we weren’t the ones making the selections. But if I had to guess, several factors played a role. First, Central Asia is still largely absent from the global documentary landscape. People know very little about our region, so any appearance of material from here naturally...

Gastronomy

Almaty Turns to Gault&Millau to Boost Food Tourism

Almaty is trying to turn its restaurant scene into part of its international tourism brand. The city administration has announced cooperation with Gault&Millau, the French restaurant guide that evaluates restaurants, chefs, hotels, and hospitality culture in multiple countries. The partnership gives the city a new external platform, while also raising a public-spending question. The Almaty authorities described the cooperation as the first time a guide of this level had entered the Central Asian market. The tourism department said the partnership would open Almaty to a global audience of gastronomic tourists and strengthen the city's position on the international tourism map. “For Almaty, this is a landmark event of international scale,” the department said. The public-spending side emerged in the contract details cited by local media. The project was identified as a 234 million tenge (about $478,000) contract between the city's tourism department and SA GAULTMILLAU for services to promote Almaty's tourism and gastronomic potential on the Gault&Millau platform. The terms cited by local media said the guide would inspect 150 restaurants and 25 hotels in Almaty. At least 100 restaurants are to receive ratings, while hotels would be published or recommended on Gault&Millau platforms and in printed materials. The agreement also provides for an English-language guide and a gala event for the restaurant industry. Gault&Millau's arrival gives Almaty a recognized international format for measuring restaurants and hotels. The value of the project will depend less on the gala and more on whether the ratings are seen as credible, whether restaurants use the process to improve service and consistency, and whether tourists respond. Gault&Millau describes itself as an international gastronomy guide and media brand covering restaurants, chefs, hotels, and culinary culture across multiple countries. In fine dining, it is often mentioned alongside the Michelin Guide and The World’s 50 Best Restaurants, though each system works differently and carries different weight in different markets. For Almaty, the appeal is clear. The city already sells itself through mountains, parks, Soviet-era modernist landmarks, coffee shops, nightlife, and food. Its official tourism website says Almaty has more than 3,810 restaurants, cafes, coffee shops, snack bars, and street-food outlets. It also highlights national cuisine, fine dining, bars, wine venues, street food, restaurants with a view, and vegetarian options. The city has been building this pitch for more than a year. In 2025, the Almaty Tourism Bureau presented an official gastronomic guide with more than 140 venues and themed routes, including traditional Kazakh cuisine, multicultural dining, street food, bars, Art&Eat, and a “Mountains and Gastronomy” route. The idea was to show food as part of a wider Almaty experience, rather than as a narrow list of premium restaurants. The international audience was already starting to notice. In 2024, The Times of Central Asia reported that The New York Times had placed Almaty 25th on its list of 52 places to visit, citing its nature, urban life, coffee culture, markets, and growing interest in gastro-tourism. The Gault&Millau project also places Almaty in competition with Astana. The capital signed...

Infrastructure Finance

Opinion: Central Asia’s Shift from Silk Road Romance to Infrastructure Finance – What the June Forums Are Building

In mid-June, Tashkent and Baku will host two major international finance gatherings within the same regional window: the fifth Tashkent International Investment Forum in Uzbekistan, and the Islamic Development Bank Group’s 2026 Annual Meetings in Azerbaijan. The overlap in timing is useful less as a calendar coincidence than as a signal of how infrastructure, finance, and regional integration are now being discussed together. In Tashkent, the fifth Tashkent International Investment Forum opens under the theme “Investment Resilience: New Frontiers, New Partnerships.” In Baku, the Islamic Development Bank Group will convene delegates from its 57 member countries under the theme “Regional Integration for Sustainable Prosperity.” Add the Astana International Financial Centre’s increasingly active forum calendar, a new cross-border Islamic finance alliance signed in May among regional industry associations, and a stream of connectivity and green investment pledges from recent regional summits, and the wider region looks increasingly focused on turning connectivity talk into investment structures. The more important question is not how much money is being discussed, but what kinds of projects are becoming investable. One answer keeps surfacing: a multi-thousand-kilometer trade route that carries goods from China across Kazakhstan, over the Caspian Sea to Azerbaijan, and onward through Georgia and Türkiye to Europe. The Middle Corridor, formally known as the Trans-Caspian International Transport Route, runs through many of the investment pitches now being made across the region. The forums show how infrastructure, finance, and regional connectivity are increasingly being discussed together. The corridor is one of the clearest tests of whether that agenda can move from conference language into bankable projects. For most of the past century, the world categorized this region under two headings. One is heritage: the caravanserais and blue domes of the old Silk Road. The other is hydrocarbons: the oil and gas beneath the Caspian basin. Both cast the region as a place value came out of or once passed through. The corridor proposes something more ambitious: that value should pass through again, but this time on terms shaped by the region itself. The shift is from selling what lies underground to earning from where the region sits on the map. Freight volumes on the Middle Corridor have risen roughly fivefold over recent years, while transit times have been cut from about a month to roughly two weeks as border procedures and port operations improved. The World Bank’s benchmark study sets out the goal of tripling freight volumes and halving travel time by 2030, and regional projections now point to annual throughput of around ten million tons or more by the end of the decade. For landlocked economies long dependent on a single route to world markets, a second viable artery is less a convenience than a form of strategic insurance. But turning a route on a map into a working corridor requires serious capital. It requires expanded port capacity on the Caspian, additional vessels and ferries, rail upgrades, terminal infrastructure, and the less visible digital and customs systems that allow cargo to clear multiple borders...