• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00212 0%
  • TJS/USD = 0.10456 0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%

Viewing results 2557 - 2562 of 4651

Kazakhstan Promotes Investment Opportunities in South Korea

On June 4, Seoul hosted a seminar organized by Caspian Group Korea and several Korean organizations, on the development of bilateral economic cooperation and investment opportunities offered by Kazakhstan. Endorsed by Kazakhstan’s Foreign Ministry as a significant platform for promoting investment opportunities to the Korean business community, the seminar was attended by deputies of the National Assembly of the Republic of Korea, Kim Song Won and Kim Seung Soo, and Korean companies including Samsung, Hyundai, KPMG Korea, KT, and CJ. In his address, Deputy of the National Assembly Kim Song Won referred to the important relationship between Kazakhstan and Korea, and emphasized the need to create synergy by combining advanced Korean technologies and rich Kazakh natural resources. Ambassador of Kazakhstan to the Republic of Korea, Nurgali Arystanov, likewise welcomed strengthening cooperation between the two countries and particularly, the input of Korea’s experience in Kazakhstan's industrial development, smart city technologies, healthcare systems, as well as agriculture and smart farms. Focus then turned to the new Alatau City project, an ambitious centre in Kazakhstan which designed to attract for Korean advanced technologies, will play a significant role in strengthening bilateral investment cooperation and the development of sustainable urban infrastructure.    

Kazakhstan’s Bolashak Program: More Trouble Than It’s Worth?

In 1993, Nursultan Nazarbayev, the first president of Kazakhstan, established the Bolashak ('Future' in Kazakh) International Scholarship. Its goal was to help gifted Kazakhstani youth obtain a high-quality foreign education. However, the program is currently mired in scandals with alarming regularity. Of course, most of these clickbait stories are minor — such as a 2022 incident with the famous singer Dimash Qudaibergen. He was selected for the Bolashak Program and went abroad before changing his mind. He tried to transfer the scholarship to someone else but was forced to return the money to the state. Still, several cases indicate that behind the scenes at the Center for International Programs, which administers the scholarship, something is not right. So far, no one has intervened – the program is still running – but the latest scandal could attract the attention of Kazakhstan's president Kassym-Jomart Tokayev. And he has already expressed dissatisfaction with some of the conditions of the scholarship. Getting the president’s attention Let’s unpack the current scandal, which has to be extinguished by a senior official such as the minister of education and science. Kazakhstani Natalya Vorobyova recorded a video message to Tokayev, saying that in 2016, she and her colleague Makpal Daribaeva acted as debt guarantors for her former colleague Valeria Gavrilenko, who had completed the Bolashak Program. According to Vorobyova, Gavrilenko “in 2019, conspiring with the center’s employees… illegally withdrew two apartments [that had been pledged to the center] as collateral and went off to live in the UK.” Now, her debt – graduates of the program are required to work in Kazakhstani government agencies for 3-5 years (depending on the region) – has to be repaid by the guarantors, i.e., by Vorobyova and Daribaeva. They owe about KZT30 million ($60,000). The press service of the Center for International Programs explained that since Gavrilenko evaded paying off the debt, the agreement transferred it to the guarantors. Just days later, on May 30, Sayasat Nurbek, who heads Kazakhstan’s Ministry of Education and Science, intervened, saying that an agreement had been reached with Gavrilenko whereby she would pay off her debt, with a corresponding agreement already signed by her. “Since Gavrilenko took it upon herself to fully return the money, an agreement was signed with her, and she has begun to pay back the money. Accordingly, the claims against the guarantors are withdrawn. Nevertheless, we were forced to initiate a case against all three obligation-bearers. We were forced to do this because they are jointly liable under the law. If Gavrilenko pays the full amount, the claims against the guarantors will be dropped. Unfortunately, they seem to have been advised incorrectly. They felt threatened that they would be forced to pay full damages. Today, we are concentrating all claims on Gavrilenko,” Nurbek said in the Senate as he was answering questions from journalists. As for the third party in this scandal – which, according to the minister, is also responsible – it is the former president of the Center for International...

Nazarbayev In-Law, Askar Kulibayev’s Oil Terminal Seized

Representatives of the General Prosecutor's Office of Kazakhstan have reported that an oil terminal in the port of Aktau belonging to Askar Kulibayev has been returned to the state. The 134-hectare property is valued at $66 million. “It was established that in 2011, the oil terminal was alienated into the ownership of Kulibayev's company. On February 26th, 2024, by the decision of the Specialized Inter-district Economic Court of Mangistau region, the claim of the Almaty city prosecutor was satisfied, and the oil terminal was returned to the state's ownership," said the supervisory body. The Almaty prosecutor's office stated that the claim was filed to compensate for the damage caused by the unlawful seizure of a foreign investor's property. However, the official message does not name the affected company. Now 87-years-old, Askar Kulibayev served as First Secretary of the Guryev (now Atyrau) Regional Committee of the Communist Party of Kazakhstan and as the Minister of Construction in independent Kazakhstan. He is the matchmaker of former President Nursultan Nazarbayev's daughter, and the father of Kazakhstan's richest man, Timur Kulibayev. In 2024, Timur Kulibayev and his wife Dinara Kulibayeva, still sit atop the list of the richest Kazakhs. The combined fortune of the Nazarbayev family is estimated at almost $10 billion.

Water Levels of Kazakhstan’s Reservoirs Continue to Rise

On June 3, the Ministry of Water Resources and Irrigation announced that to date, the country's reservoirs have collected 75 billion cubic meters of water, 15 billion cubic meters more than last year. Over 12 billion cubic meters of the accumulated water is flood water. The statement updates statistics cited in an earlier report by Times CA In total, Kazakhstan's reservoirs can hold 89 billion cubic meters of water. Last year the country's agricultural sector used 14 billion cubic meters of water, and 24.4 billion cubic meters of water were used by other sectors across the country. Welcoming the news, representative of the ministry Moldir Abdualieva said, “The collection of flood water continues. Since the beginning of the flood situation, 3.3 billion cubic meters of water have been sent to Lake Balkhash, and about 6 billion cubic meters of water have been directed to the Caspian Sea”    

Copper Smelter To Be Built In Eastern Kazakhstan

A copper smelting plant with a capacity of 300,000 tons of copper per year is to be built in Kazakhstan's eastern Abay region, according to a government press release. An agreement for the plant's construction has bee signed by KAZ Minerals Smelting LLP, the customer, and China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (NFC), a design services supplier and process equipment procurement company. NFC Kazakhstan LLP will also be involved as a construction and commissioning work contractor. The plant will be built near the village of Aktogay. The raw materials will be the copper concentrate from Vostoktsvetmet LLP's Bozshakol and Aktogay mining and processing plants. “Following the plant's construction, a cluster will be created, combining one of the world's largest copper mines and modern copper smelting production. With a preliminary cost of $1.5 billion, the project will create more than 1,000 new jobs. It is planned to be put into operation by the end of 2028,” the press release says. The high-tech enterprise for producing high-value-added products will be the largest in the country. The applied technologies in copper smelting production meet world environmental standards. The enterprise will provide the internal market needs for processing copper-containing raw materials and copper cathode. “It should be noted that cathode copper is widely used in the electric power industry, machine building, and other industrial sectors. In addition, the new plant plans to produce refined gold, silver, and sulfuric acid,” the release added.

Kazakhstan to Build the World’s Largest Greenhouse

Kazakhstan's Prime Minister, Olzhas Bektenov and  the president of the Agro-Industrial Holding Company “ECO-Culture,” Alexander Rudakov, have issued a joint announcement that the world's largest greenhouse complex is to  be built in the Turkestan region According to the Prime Minister's press service, Agro-Industrial Holding Company  has confirmed plans for the construction of a greenhouse complex in the Keles district of the Turkestan region. Under the first phase, scheduled for completion by the end of 2025 and spanning 51 hectares, the project aims to produce over 28 thousand tons of tomatoes per year. Thereafter, the complex will expand over 500 hectares, to produce 240 thousand tons of vegetables all year round. Produce will be marketed  both domestically and  exported abroad through established logistics and distribution centers. As reported by Alexander Rudakov, his company will create competitive labor conditions for residents and contribute to the region's development within the social responsibility framework. Once up and running, the complex should create no fewer than 7,000 jobs. The Prime Minister's press service commended  “ECO-Culture” as one of the most extensive agro-industrial holdings producing organic vegetables, with a 13-year history of stable development. Last year, its  volume of products exceeded 300 thousand tons. It was also noted that Kazakhstan's climate of investment coupled with measures to support natural production, make a significant contribution to implementing critical economic projects.