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Inaugural Meeting of Kazakhstan-Saudi Business Council Held in Riyadh

The first meeting of the Kazakhstan-Saudi Business Council took place on December 21st, 2023, demonstrating the deepening diplomatic and economic relations between the two countries. This event was organized by the Embassy of Kazakhstan to Saudi Arabia and the Federation of Saudi Chambers, as part of the 6th session of the Intergovernmental Committee between the two nations. In attendance were the Ambassador of Kazakhstan to Saudi Arabia, Berik Aryn, and Co-Chairman of the Business Council and General Director of GreyWolf Management LLP, Kanat Kudaibergen. Representatives from 46 Kazakh companies also participated in the meeting. Saudi Arabia was represented by the Ambassador of Saudi Arabia to Kazakhstan, Faisal Al-Qahtani, Co-Chairman of the Business Council and CEO of Alrajhi International Investments, Ahmed Al-Dakhil, as well as representatives from the Federation of Saudi Chambers and over 40 Saudi company managers and representatives. The establishment of the Kazakhstan-Saudi Business Council was formalized through an agreement signed between the National Chamber of Entrepreneurs of Kazakhstan, Atameken, and the Federation of Saudi Chambers during the Astana International Forum in June 2023.

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How Will Free Trade Zone Between EAEU and Iran Affect Kazakhstan?

The free trade Agreement between the Eurasian Economic Union (EAEU) and Iran will ensure an increase in annual mutual trade to U$18-20 billion in the near future, Andrey Slepnev, a member of the Board for Trade of the Eurasian Economic Commission said during a briefing. The free trade agreement between the EAEU and Iran is scheduled to be adopted on December 25th 2023. “Iran is a large market, our neighbor, and a key country in the international North-South transport corridor,” said Slepnev. “We consider this new agreement as one of the elements of this corridor." Slepnev stated that currently trade between EAEU countries with Iran is carried out, among other things, within the framework of the interim agreement adopted in 2019, which covers about 360 commodity items. But even this has made it possible to double mutual trade in three years, from $2.5 billion to more than $5 billion, and in 2022 to bring it to $6.2 billion. “The conclusion of a full-scale agreement will allow us to double trade in a short time. The first target we are focusing on is $18-20 billion, which is quite realistic to achieve in the foreseeable future," said Slepnev, adding that implementation of the agreement will be carried out on the basis of the WTO. For this purpose, work will be carried out on the harmonization of regulations, since Iran is not a WTO member. In addition, the parties will strive to increase the volume and channels for making payments in their national currencies. “In Kazakhstan, we see prospects for the supply of traditional Kazakh products to Iran; first of all, wheat, barley, agri-food products, metals, and chemical products. This agreement will allow Kazakhstan to increase its presence in the Iranian market," he added. Slepnev stressed that the expansion of the EAEU trade partnership with third countries will make it possible to use and actively develop the transit and transport potential of EAEU countries. Trade with Iran naturally involves the use of the North-South corridor, and will also contribute to the communications in the East-West corridor, which runs through the countries of Central Asia and Russia. “The demand for these intercontinental transport corridors is constantly increasing in the context of international tension. Economically, we live in a time when the one who is faster wins, so our advantage is speed and convenience," Slepnev concluded.

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Kazakhstan to Build New Reservoirs to Reduce Dependence on Neighboring Countries

The Ministry of Water Resources and Irrigation of Kazakhstan on December 22nd said it is beginning work on the construction of nine new reservoirs out of a planned twenty to reduce Kazakhstan’s dependence on the water flow from neighboring countries by 25%. The commissioning of new reservoirs will also increase the area of irrigated land by 250,000 hectares and reduce the threat of flooding in 70 rural settlements with a population of 137,000 people. Currently, design documentation is being developed for the nine facilities, and negotiations are underway to attract investors to the construction of new reservoirs. The Ministry of Water Resources and Irrigation has developed a Comprehensive Water Development Plan for 2024-2030. The document includes measures for the construction and reconstruction of reservoirs, reconstruction of hydraulic structures and irrigation systems. “The plan will be implemented in several stages,” said the Minister of Water Resources and Irrigation of Kazakhstan, Nurzhan Nurzhigitov. “In 2024-2026, it is planned to begin construction of twenty new reservoirs with a volume of 2.4 km³ in eleven regions. The implementation of the Comprehensive Plan will increase the volume of available water resources by 3.7 km³, expand the area of irrigated land to 2.2 million hectares, reduce annual losses of irrigation water by 3 km³, and also provide water supply to 41 settlements with a population of more than 55,000 people.” Kazakhstan, especially its southern regions, is highly dependent on irrigation water flow from upstream Kyrgyzstan. This past summer, Kyrgyzstan experienced a shortage of irrigation water and was forced to reduce the water flow to Kazakhstan’s southern Zhambyl region, which negatively impacted the region’s agriculture.

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Large Gas Condensate Field Put into Operation in West Kazakhstan

On December 21st, the Rozhkovskoye gas condensate field was put into commercial operation in the West Kazakhstan region. The Rozhkovskoye field was discovered in 2008. By 2040, the field is expected to produce 14.2 billion cubic meters of natural gas and 7.1 million tons of condensate. The field is operated by a joint venture which includes Kazakhstan’s national oil and gas company, KazMunayGas (50%), the Hungarian company, MOL Group (27.5%), and the Chinese Sinopec (22.5%). To date, about $534 million has already been invested in the field’s development. The Prime Minister of Kazakhstan, Alikhan Smailov, who took part in the launch ceremony via teleconference, emphasized the strategic importance of the project, initiated upon the instructions of the Head of State to attract investment in the exploration and development of new gas fields. Smailov added that in the medium term, the launch of several more gas projects is expected in Kazakhstan, including Urikhtau Central (Aktobe region), Western Prorva (Atyrau region), and Kalamkas (Mangistau region). “Combined, they will provide an increase in production of over 2 billion cubic meters per year. Together with international companies, 12 more promising geological exploration projects are being developed, as well as projects for the additional exploration of existing fields,” the Prime Minister said. In his words, the growing needs of the population and industry require not only an increase in gas resources, but also the capacity for its processing. “The head of state has set the task of increasing commercial gas production to 30 billion cubic meters by 2030. In this regard, new gas processing plants will be built at the Kashagan and Karachaganak fields, as well as in the city of Zhanaozen,” Smailov said.

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Kazakhstan Launches Construction of New Railroad to China

The Prime Minister of Kazakhstan, Alikhan Smailov, via a teleconference on December 20th officially inaugurated the construction of a new railway line, Bakhty-Ayagoz, with a total length of 272 km in the Abay Region of southern Kazakhstan. The project is being implemented upon the instruction of President Kassym-Jomart Tokayev to increase the transport and transit potential of Kazakhstan. The project also involves the opening of a third border crossing with China, Bakhty-Chuguchak. The railway line will increase the throughput capacity between Kazakhstan and China from 28 million to around 48 million tons, lessen the burden on the southern checkpoints, and attract additional volumes of transit. It is planned that the double-track line will begin operating in 2027. The large-scale project will be realized with the participation of a private investor on PPP principles. During the ceremony, the Prime Minister stated that last year Kazakhstan's railroads transported the largest volume of cargo since the country’s independence, which amounted to 245 billion tons/kilometer. These rates have been maintained in the current year, despite the geopolitical situation and infrastructure constraints.[/vc_column_text][vc_single_image image="12823" img_size="full" el_class="scond-image" parallax_scroll="no" woodmart_inline="no"][vc_column_text woodmart_inline="no" text_larger="no"]"Over the past five years, the volume of transit container transportation has grown 3.2-fold. Existing transit corridors are being expanded, and new ones are being opened. The Trans-Caspian International Transport Route, North-South and Southern corridors have become particularly relevant," Smailov said. At the same time, the throughput and infrastructure capacities have reached their peak. To address this strategic issue, a decision was made to implement a number of infrastructure projects in the rail industry. The new line is expected to help increase Kazakhstan's exports and the transit of goods from Russia to China and back.

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Kazakhstan and Saudi Arabia on Path to Strategic Partnership

Kazakhstan and Saudi Arabia on Path to Strategic Partnership On December 20th, the sixth meeting of the Kazakh-Saudi Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IGC) was held in Riyadh. The co-chairs of the Commission are Deputy Prime Minister-Minister of Foreign Affairs of Kazakhstan, Murat Nurtleu, and Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih. As part of the IGC meeting, a Kazakh-Saudi investment round table was organized with the participation of over a hundred business representatives from the two countries. Opening the event, Foreign Minister Nurtleu noted the strategic importance of intensifying cooperation between the public and private sectors of the two countries. The minister drew attention to the enormous potential of the Saudi market for strengthening trade and economic relations, as well as the unlimited prospects for expanding investment partnerships. Nurtleu stated that both countries have significant opportunities to further deepen contacts in such sectors as green energy, food security, transport and logistics, mining, petrochemicals, agriculture, finance, and tourism. Saudi co-chairman of the IGC, Khalid Al-Falih drew attention to the interest of the Kingdom’s leadership in strengthening a diverse array of ties with Kazakhstan, which is considered the leader of the Central Asian region. “Kazakhstan is the largest country with a vast territory, rich natural resources and human capital. It is extremely important for us today to bring relations with your country to the most serious level, which involves a confidential political dialogue, mutually beneficial trade and economic ties, as well as large-scale investments in your economy,” said the Saudi minister. The event also featured speeches from the heads of over thirty large companies in the Kingdom, including such giants as Saudi Aramco and ACWA Power. The latter is already starting to implement renewable energy projects in Kazakhstan. The parties agreed to open a joint innovation hub early next year, which will allow startup projects in Kazakhstan to gain access to the markets of the Middle East and North Africa, and will help promote the brand of Kazakhstan as an IT country.