• KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01188 0.85%
  • KZT/USD = 0.00209 0%
  • TJS/USD = 0.09434 0.43%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
08 September 2024

Viewing results 1 - 6 of 239

World Nomad Games Opening Ceremony: A Fusion of the Ancient and the Modern

With much pageantry, August 8 saw Astana host the opening ceremony of the 5th World Nomad Games, themed as the "Gathering of the Great Steppe." A procession of singers and dancers in tall white telpek hats and flowing red and gold robes opened proceedings, marrying modern beats to traditional music. This fusion of the ancient and the present was a key theme running through the entire event. With the melodies building to crescendo, the flag-waving crowd lifted their torches aloft, chanting “Kazakhstan,” before the national anthem peeled out from the stage. With 89 countries participating in this edition, the parade of athletes followed, each nation led forth by a white steed and a woman in a traditional, sparkling costume. From the hundreds representing the Kyrgyz Republic – a perennial champion at the World Nomad Games – to far smaller contingents, such as the three representatives from Benin, each nation was afforded their moment in the spotlight. Last, but far from least, the athletes from Kazakhstan emerged to a huge roar of appreciation. Taking to the podium with the keynote address, President Tokayev told the crowd Kazakhstan is “known to everyone as a land of peace and coexistence. The games, he stated, are a “great event on a global scale… Nomadic civilization has left a deep mark on world history. The new technologies they developed provided the impetus for global progress. Five thousand years ago, nomads domesticated the horse and shaped a horseback riding culture that spread across the world… Serving as a bridge between East and West, nomads played a crucial role in the rapprochement of various cultures. “The great nomadic life will never cease to exist,” Tokayev concluded. “Even amid globalization, the nomadic lifestyle that existed for a thousand years is reviving and taking a new shape. Modern nomads are making efforts to reclaim a central place in history. We are moving and traveling easily all over the world in search of education and job opportunities.” First Deputy Prime Minister, Roman Skylar took the opportunity to emphasize that in the wake of unprecedented floods, the nation had grasped this moment to show “resilience in our commitment to our traditions.” Respect and solidarity were at the core of his address, whilst without naming specific conflicts which continue to cast a long shadow over the region, Skylar stated that there can be “no peace without unity.” Specifically mentioning the conflict in Gaza, the son of Turkey’s President, Bilal Erdogan, President of the World Ethnosport Confederation echoed these sentiments, remarking that the games represent the “bonds of unity that the world needs today more than ever.” [video width="848" height="480" mp4="https://timesca.com/wp-content/uploads/2024/09/WhatsApp-Video-2024-09-08-at-23.10.59.mp4"][/video] Also in attendance at the event hosted by President Tokayev were the President Mirziyoyev of Uzbekistan, President Japarov of the Kyrgyz Republic, Gurbanguly Berdymuhamedow, the Chairman of the People's Council of Turkmenistan, the Rais (Head) of Tatarstan, Rustam Minnikhanov, and the Head of the Republic of Sakha (Yakutia), Aisen Nikolayev. Dazzling visuals marked the end of the ceremony, as trapeze artists pirouetted...

Turkish Contractors Implement New Large-Scale Projects in Turkmenistan

The Turkish Ministry of Trade has reported that construction projects valued at $53.3 billion are being implemented in Turkmenistan; signifying Turkey's significant presence in this sector of the country. By comparison, the total value of projects implemented by Turkish contractors in Russia amounted to $102.3 billion, making it the largest market for the Turkish sector, whilst in Kazakhstan, its market share is  $29.5 billion. Statistics show that 13.9% of all realized foreign projects are related to the construction of highways, tunnels, and bridges, while 13.8% are for housing; 8.6% for power plants; 7.1% for shopping centers; and  6.6% for airports. In 2024, Turkish contracting companies completed 148 projects abroad worth $11.2 billion, while 433 international projects totaling $28.1 billion were completed last year. The average value of projects increased from $64.9 million in 2023 to $75.7 million in 2024. Following a meeting on September 2, between the National Leader of the Turkmen people, Gurbanguly Berdimuhamedov and Chairman of the Board of  Erman Ilydjak,  a new shopping center will be built in Ashgabat by Turkish company Rönesans Holding.

Turkmenistan in World’s Top Ten for Cheap Gasoline

According to The Global Petrol Prices portal, the cheapest gasoline price in the world is $0.029 per liter in Iran. In addition, low prices were observed in Libya ($0.032), Venezuela ($0.035), Egypt ($0.309), Algeria, Kuwait ($0.344), Malaysia ($0.471) and Nigeria ($0.485). According to the portal, the price of one liter of gasoline, Octane-95, in Turkmenistan is $0.0429. It ranks 8th in the list of most affordable gasoline prices. The highest gasoline prices are recorded in countries such as Israel, Barbados, Singapore, Denmark, Switzerland, the Netherlands, Liechtenstein, Iceland, Monaco, and Hong Kong. The highest price is observed in Hong Kong—$3.269 per liter. Kazakhstan has the next lowest price among Central Asian countries. The country is placed 11th in the ranking for the cheapest gasoline prices. In Kazakhstan, one liter of Octane-95 gasoline costs $0.507. The price of gasoline in Kyrgyzstan, which is 30th on the list, was $0.874 per liter at the beginning of September 2024. The price of a liter of gasoline in Uzbekistan during this period was $0.986, ranking 42nd. Fuel markets in these Central Asian countries are regulated, and prices stay mostly the same. The table does not include information about the cost of gasoline in Tajikistan. The Global Petrol Prices portal has been tracking retail energy prices since 2012, including fuel prices, electricity, and natural gas prices in more than 150 countries. Neven Valev, Ph.D., an economist with extensive scientific experience, leads the team of economists.

The Onset of “Friend-Shoring” in Central Asia

As Central Asia’s significance for global supply chains grows, the world’s major economic powers are seeking closer economic ties with the region’s countries. China, Russia, and the West all curry favor through investments and initiatives to bolster the region’s exports and secure their supply chains. Bordering China and Russia, Central Asia spans a land surface area corresponding to 87% the size of the entire European Union (EU). The region has a combined market of 76 million people and gross domestic product of 450 billion U.S. dollars. It is critical to global energy supply chains as it possesses 20% of the world's uranium reserves, as well as 17.2% of total oil and 7% of natural gas deposits. Kazakhstan produces over half of the EU’s critical raw materials,  i.e. substances used in technology which are subject to supply risks and are hard to replace with substitutes. In the first seven months of 2024, rail cargo across the Middle Corridor, a trans-Caspian trade route linking China to Europe, has increased 14-fold compared to the same period last year. As the region opens up and undergoes significant economic transformation, supply chains are increasingly directed there, sparking competition for control over its vast natural resources and production capabilities. Major economic powers are stepping in to strengthen bilateral ties to ensure reliable trade partnerships. These strategies, known as “friend-shoring,” aim to reduce geopolitical risks, enhance supply chain stability, and transform Central Asian countries into trusted allies by fostering strong bilateral relationships and deeper economic ties. China and Russia remain at the helm of regional activity China has been actively engaging with Central Asian countries through strengthening economic ties and building strategic partnerships. Through the Belt and Road Initiative (BRI), which aims to enhance infrastructure and trade connectivity across the region, China has helped strengthen the region’s rail network. China supplies equipment and invests in Uzbekistan’s electric vehicles, scooters, and leather production. Uzbekistan, in partnership with PowerChina and Saudi company ACWA Power, is also constructing the country’s first green hydrogen plant. Kyrgyzstan’s bilateral trade with China was up 30% in 2023 compared to 2022. This year, Turkmenistan has surpassed Russia in gas exports to China. In 2023, Kazakhstan's agricultural exports to China doubled to $1 billion compared to 2022, making China the largest importer of agricultural products from the country. Historically, Russia has been a major trading partner for Central Asian countries due to the Soviet legacy of a command economy, which established strong economic interdependencies that persisted in post-USSR period. While the region is aggressively diversifying its trade relationships, Russia is increasing gas supplies and energy infrastructure investments, specifically in renewables and nuclear facilities. Kazakhstan delivers most of its oil to Europe through Russia. Russian-led organizations, including the Eurasian Economic Union (EAEU) and the Commonwealth of Independent States (CIS), promote cooperation and economic integration with free movement of goods, services, and capital among member states. Russia's war against Ukraine has disrupted supply chains, but it has also opened up new trade opportunities, especially for Kazakhstan, as...

Central Asian Police and Prosecutors Follow the Money

Gathering intelligence on money laundering and terrorist financing is just one step for authorities trying to crack down on those crimes. Transforming the intelligence into courtroom-ready evidence is just as vital. That challenge was the focus of a European Union-led workshop in Türkiye this week that drew more than 50 judicial and law enforcement officials, many of them from Central Asian countries. The prosecutors, police and financial intelligence experts discussed asset confiscation and forfeiture, mutual legal aid, open source intelligence and parallel financial investigations, which amount to following the money while separate criminal probes are underway. “The need to ensure the conversion of financial intelligence into admissible evidence in court is paramount, as it is the step that allows countries to prevent, detect and better prosecute criminals involved in financial crimes,” David Hotte, team leader at the EU Global Facility on money laundering and terrorism financing. The EU project and Türkiye´s financial intelligence unit, which is part of the Ministry of Finance, organized the workshop in Ankara, the Turkish capital. It ended Wednesday. The participants were from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Azerbaijan, Georgia and Somalia. In recent years, Kazakh authorities have pursued an international campaign to recover assets that they say were stolen and moved abroad. Last month, Kazakh authorities said they had completed an investigation into the case of a nephew of former president Nursultan Nazarbayev and that the equivalent of $1.6 billion worth of assets had been returned to the state. The United Nations Office on Drugs and Crime is also helping Central Asia with efforts against financial crimes. In April, it hosted a training session on money laundering for prosecutors, judges and financial investigators in Kyrgyzstan. Similar workshops have been held in Uzbekistan and Kazakhstan. Some civil society groups in Central Asia say their governments could do a lot more to ensure budget transparency and curb violations of financial legislation. A 2023 index compiled by Transparency International ranks countries by perceived levels of public sector corruption – 0 is very corrupt and 100 is very clean. Kazakhstan scored 39, followed by Uzbekistan (33), Kyrgyzstan (26), Tajikistan (20) and Turkmenistan (18). The index scores are based on at least three “data sources” drawn from 13 different corruption studies and collected by institutions including the World Bank and the World Economic Forum, according to Transparency International.

Afghanistan Increases Electricity Imports from Turkmenistan With New Substation

Afghanistan is on track to increase its electricity imports from Turkmenistan significantly. According to a spokesman from Afghanistan's Ministry of Energy and Water, Matiullah Abid, the 500-kilovolt Arghandi substation is expected to be completed in the next two months. Once the substation is completed, this project and other lines will allow Afghanistan to import up to 1,000 megawatts of electricity from Turkmenistan, alleviating the country’s chronic electricity shortage. Abid emphasized the rapid progress being made on the construction. Once the building phase is finished, electrical equipment installation will begin. According to the Afghan publication TOLOnews, the total cost of this project is $183 million, and it will be completed within two years. Afghanistan's acting Minister of Energy and Water, Abdul Latif Mansoor, stated that officials from the company investing in the Arghandi substation project emphasized that creating investment facilities is crucial for increasing the country's energy production capacity. In January of this year, the electricity company “Da Afghanistan Breshna Sherkat” (DABS) signed a contract with Turkmenistan to supply 1.8 billion kilowatt hours (kWh) of electricity to Afghanistan. The Afghanistan Chamber of Commerce and Industry said that the electricity supply price from Turkmenistan is low.