• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00201 0%
  • TJS/USD = 0.09217 0.66%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0.14%
16 February 2025

Viewing results 649 - 654 of 674

US Policymakers and Central Asian Business Leaders Gather in Almaty for the CIPE B5+1 Forum

Cooperation and trade with Central Asia still holds much unrealized potential. The region is developing fast and offers opportunities for companies and agencies, both international and local. As the global geopolitical landscape changes and supply chains are disrupted, the importance of Central Asia as a business and transit hub, through initiatives such as the Trans-Caspian Corridor, is growing.  There are therefore great incentives for the five countries of the region – Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and Turkmenistan – to find ways to function as a single integrated market, in order to capitalize on opportunities for foreign and local companies, and attract more international investment and business.  For this reason the Center for International Private Enterprise (CIPE) is inviting policymakers from Central Asia, the United States and other countries to its B5+1 Forum this week. On 14 and 15 March in Kazakhstan’s business capital of Almaty, leading minds from the public sector will discuss Central Asia’s economic integration, international trade and investment, alongside dozens of high-profile private companies.  An event on 14 March entitled “Looking within Central Asia” will introduce the objectives and expected outcomes of the B5+1 format. Presentations by representatives of Kazakhstan’s Ministry of National Economy, the Caspian Policy Center, the US Department of State and Kyrgyzstan’s Ministry of Economy and Commerce will give business-focused perspectives on improving economic integration and the investment climate.  The discussion on 15 March will center on the theme of “Central Asia’s place in the world economy”. Talks from representatives of the US-Kazakhstan Business Council, the American-Uzbekistan Chamber of Commerce and the European Bank for Reconstruction and Development (EBRD) will give an international perspective on promoting trade and investment flows in Central Asia. The B5+1 Forum forms part of CIPE’s program “Improving the Business Environment in Central Asia” (IBECA). CIPE themselves are affiliated to the US Chamber of Commerce – the catalyst behind the B7 and B20 platforms – and receive funding from the US Department of State.  The establishment of B5+1 is closely aligned with commitments outlined in a document called the New York Declaration to strengthen the republics' economic relations, and improve the business environment for regional economic integration and investments. The upcoming Forum aims to deliver on two key commitments in the declaration.   The Times of Central Asia will be in attendance at the B5+1 Forum on 14-15 March, and will be publishing insight and analysis from the event.

World Bank Group Landmark Visit to Central Asia

The World Bank Group Board of Executive Directors has concluded a landmark visit to Kazakhstan, Kyrgyzstan, and Tajikistan. The Board reported that it had welcomed the opportunity to observe first-hand, Central Asian developments in tackling climate change within the prism of the water-energy nexus, the private sector’s growing address of green issues, and gender equality. Ten executive directors met with high-ranking officials and local stakeholders to discuss ongoing and future support provided by the International Development Association (IDA) to Kyrgyzstan and Tajikistan, and in Kazakhstan, focused on the World Bank Central Asia regional program. In Kyrgyzstan, the delegation attended a meeting with President Sadyr Japarov, Akylbek Japarov the Cabinet of Ministers chairman, and other officials. Visits were made to World Bank-funded project sites for water and sanitation, education, and disaster risk management, as well as a MIGA-guaranteed smart farm of hydroponic greenhouses and IFC agri-food processing projects. In addition to discussions with Tajikistan’s president Emomali Rahmon and his cabinet, the delegation toured the Rogun hydropower plant site and World Bank-financed projects on early childhood development and the improvement of health services. A meeting also took place with IFC investment beneficiaries in Dushanbe. The visit to Kazakhstan, included a World Bank-financed oncology centre, and a tour of the Almaty Airport, an IFC project site. The World Bank Group's key objectives in Central Asia are fostering robust recovery from recent crises, enhancing climate resilience, creating jobs, and protecting the countries’ most vulnerable populations. Dominique Favre, the World Bank’s Executive Director for Switzerland, who also represents the constituencies of Azerbaijan, Kazakhstan, the Kyrgyz Republic, Poland, Serbia, Tajikistan, Turkmenistan, and Uzbekistan, praised the regions’ progress and reiterated the company's commitment to helping Central Asian countries tackle ongoing challenges, particularly concerning water, energy, and agriculture.

The Price of Liquefied Petroleum Gas Falls Below Production Costs in Kazakhstan

In a report on March 5th, Almasadam Satkaliev, Kazakhstan’s Minister of Energy, stated that in 2023 consumption of liquefied petroleum gas (LPG) by the country’s domestic market rose to 2.2 million tons; an increase of 400 thousand tons (or 28%) compared to 2022. Cheaper than gasoline, LPG is understandably the fuel of choice for vehicle owners and a sharp hike in the cost of LPG was met with nationwide objection. Mass protests staged in the western Kazakh town of Zhanaozen in January 2022 soon spread across the country and turned violent in the cities of Almaty and Astana. According to the energy minister, the current maximum wholesale price for LPG established by the state is lower than its production cost. While production varies from 60 thousand to 70 thousand tenge per ton, the wholesale price for manufacturing plants is set at 40,320 tenge/ton excluding VAT. “Due to the unprofitability of liquefied petroleum gas production, manufacturers are running at a loss and are unable to invest in either the maintenance or modernization of their plants,” stated the minister. The price of LPG in Kazakhstan, between 54-86 tenge per litre depending on the region, is the lowest among former Soviet states. For comparison the price per litre in Russia is equivalent to 165 tenge; in Kyrgyzstan, 159 tenge; in Azerbaijan, 171 tenge, and in Tajikistan, 273 tenge. To meet the immediate demands of the country's vehicle owners, a formal agreement has been made between the Ministry of Energy and Tengizchevroil for the monthly supply of 20 thousand tons of LPG. The national company QazaqGaz and shareholders of the North Caspian project are also poised to sign an agreement for the supply of up to 700 tons of LPG per annum from the Kashagan oilfield by the end of this year.

Most of Kazakhstan Changes Time Zone

From March 1st the whole of Kazakhstan will be on the time zone UTC+5. Currently only the country's western regions are in the UTC+5 zone, with the rest of Kazakhstan set an hour later at UTC +6. This means that at midnight on 29 February the central, eastern and southern parts of Kazakhstan will move an hour back. Kazakhstani scientists have claimed that the UTC +6 time zone has had a negative effect on people's biological rhythms and health, as it does not correspond to natural solar time in the country. They believe that the establishment of a single time zone will have a positive impact on people's wellbeing. The clock change will also eliminate time barriers between different regions, and simplify the running of transport and other communications. This in turn will benefit business, government work and emergency services. This switch, however, has had a mixed reception. Some people are unhappy that the reduction in daylight hours will increase their electricity bills, while others are worried that lighter mornings will affect their sleep.

Former President’s Daughter, Aliya Nazarbayeva, Accused of Raiding Business Worth $170 million

The daughter of Kazakhstan's first president, Aliya Nazarbayeva, stands accused of seizing control of a business operation worth approximately $170 million. This comes alongside similar charges brought against Valentina Rogova, the wife of the former chairman of the Constitutional Council. Businessman Nurlan Bimurzin broke the news during a press conference, claiming that these alleged transgressions began in 2003, when he and his operation were targeted by the financial police. He alleges that a representative of Nazarbayeva offered to alleviate the pressure in exchange for half the shares in his business. However, within a year, Nazarbayeva purportedly demanded the remaining shares. Bimurzin asserts that Nazarbayeva resorted to kidnapping his father and issuing death threats against his family to secure the remaining shares. Consequently, in 2003, Bimurzin and his family lost their business, comprising seven oil depots and 96 gas stations. Bimurzin also implicated Valentina Rogova in the crime, suggesting she provided protection for Nazarbayeva. For two decades, Bimurzin and his business partner, Medgat Kaliyev, kept silent out of fear for their loved ones' safety. Now, hoping that justice will prevail, they have submitted a statement to the General Prosecutor's Office, which has since been forwarded to the Asset Recovery Committee, Bimurzin told the press conference. Public figure, Zharkyn Kurentayev stated that the assets, estimated at $170 million, were listed as being worth 19,000 tenge (approximately $42) in fraudulent documents. The victims claim they did not even receive this meagre sum. In their formal petition, Bimurzin and Kaliyev requested the initiation of a criminal case against Aliya Nazarbayeva and Valentina Rogova, seeking justice for their alleged crimes. Deputy of the Mazhilis, Ermurat Bapi has also demanded that the Prosecutor General's Office conduct a full investigation.

Update: Russian Defence Minister Speaks about Threats to Central Asia

Speaking at a Defence Ministry meeting on February 27th, the Russian Minister of Defence Sergei Shoigu spoke of threats coming from Afghanistan extremists and Western NGO's. The Russian minister prioritized “ensuring military security in the Central Asian strategic area,” and warned that the situation in the region remains complex, with the greatest threat coming from the territory of Afghanistan. In Afghanistan, Shoigu claimed that over the past year alone, the number of ISIS militants in Afghanistan had increased by 15%. He explained that their key objectives were to spread radical ideology and to conduct subversive activities on the southern borders of the Collective Security Treaty Organization (CSTO); the Russian-led security alliance which includes Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan. The Russian defense minister stated that Russia’s Central Military District would concentrate its efforts this year on resolving crisis situations in the countries of the region and participate in seven exercises in the territories of Kazakhstan, Kyrgyzstan, and Tajikistan. With drug production and trafficking from Afghanistan through the Central Asian republics expected to rise by 20%, this would be a primary crises of the CSTO to be address. Last week, Armenian Prime Minister Nikol Pashinian announced that his country has frozen its membership in the CSTO. Shoigu also stated that over 100 large pro-Western non-governmental organizations with more than 16,000 representative offices and branches are currently operating in the Central Asia. "Against the backdrop of the special military operation [of Russia against Ukraine]", he said that "these NGOs have significantly increased their anti-Russian activities in order to reduce the military-technical, economic and cultural cooperation of the Central Asian states with the Russian Federation.” The Deputy Minister of Foreign Affairs of the Republic of Kazakhstan, Roman Vassilenko, responded with strong support for the civil sector and non-governmental organizations (NGOs) in Kazakhstan. He emphasized, "Support for the civil sector and NGOs is a top priority for the president, the government, and the Ministry of Culture and Information, which is responsible for this area." Vassilenko further highlighted that there are 18,000 NGOs in Kazakhstan operating in accordance with national legislation, constituting a crucial part of the country's society. In response to statements from Russia regarding proactive measures against NGOs in Central Asia, the Ministry of Foreign Affairs of Kazakhstan stated that it is not aware of any such measures being taken by Russia.