15 May 2024

Kazakhstan - Vietnam economic cooperation

Kazakhstan, Kazakhstan International Affairs, Kazakhstan Business & Economy

Kazakhstan and Vietnam Look to Expand Economic Cooperation

Potential areas for increasing trade between Kazakhstan and Vietnam were discussed on May 15 by the Minister of Industry and Construction of Kazakhstan, Kanat Sharlapaev and the Minister of Industry and Trade of Vietnam, Nguyen Hong Dien.

The parties noted that trade turnover between the two countries amounted to US $979 million in 2023, including $958 million in the trade of industrial products. From January-March 2024, bilateral trade reached $229 million.

The Vietnamese side expressed interest in developing mineral deposits in Kazakhstan, as well as engaging in cooperation in the chemical industry.

In turn, the Kazakh minister echoed the high potential for industrial cooperation between the two countries.

Other sectors earmarked for cooperative development included the production of equipment for light industry, mechanical engineering, energy, agriculture, and food production.

 

 

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Times of Central Asia

15 May 2024

Photo: Uzbekistan Ministry of Transport

Central Asia, Home, Uzbekistan, Uzbekistan Home, Uzbekistan Life & Culture

Uzbekistan to Launch New International Bus Routes

Uzbekistan’s Transport Ministry has announced plans to launch ten new international bus routes during this year.

The new routes will connect Samarkand and Bukhara with Kyrgyzstan’s capital Bishkek; Bukhara with Kazakhstan’s capital Astana; Samarkand, Bukhara and Shakhrisabz with Turkestan in Kazakhstan; Samarkand and Bukhara with in Tajikistan’s capital Dushanbe, and Tashkent with Ufa and Krasnodar in Russia.

Uzbekistan currently runs 196 buses operated by 32 domestic and foreign companies,on 37 routes to Russia, Kazakhstan, Kyrgyzstan, and Tajikistan.

From January-April 2024, 173 thousand passengers travelled on international bus routes, 15% more than during the same period in 2023.

 

 

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Times of Central Asia

15 May 2024

EuroChem & CNCEC sign contract for fertilizer plant

Kazakhstan, Kazakhstan International Affairs, Kazakhstan Business & Economy, Kazakhstan Home

Major Mineral Fertilizer Production Plant Planned for Kazakhstan

EuroChem, a global fertilizer leader and China National Chemical Engineering Co. (CNCEC), a global provider of industrial engineering technologies are to collaborate on the design, construction, and commission of a large-scale chemical complex to produce mineral fertilizers in Zhanatas located in Kazakhstan’s Zhambyl region.

The agreement was officially signed on 14 May in Astana.

Scheduled to open in 2027, the construction of  the chemical complex is part of the Integrated Kazakhstan Industrialization Roadmap and represents the third and final stage of a project in which EuroChem has invested over US$1 billion.

EuroChem Group President Oleg Shiryaev said that once in operation, the plant will have an annual output of over one million tons of mineral fertilizers, in high demand by Kazakhstan, other Central Asian countries, China, Russia and Europe.

According to a report by the Kazakh Ministry of Industry and Construction, the new enterprise will create 2,400 new jobs.

During the signing of the agreement, Minister of Industry and Construction of Kazakhstan Kanat Sharlapaev, welcomed the input of  world leaders in mineral fertilizer production as an important step in developing the country’s chemical industry and emphasized: “To be truly food secure, fertilizers are a must. This is therefore a landmark project for us. Its joint implementation with EuroChem and Chinese partners is a great example of large Eurasian cooperation at its best and a significant event for regional food security.”

 

 

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Times of Central Asia

15 May 2024
Central Asia, Uzbekistan, Turkmenistan, International Affairs, Tajikistan, Tajikistan Business Economy, Local Politics, Kyrgyzstan, Turkmenistan Business & Economy, Business & Economy, Kazakhstan, Uzbekistan Business & Economy, Kazakhstan Business & Economy, Kyrgyzstan Business & Economy

Tajikistan To Reconnect To Central Asia’s Unified Energy System

Tajikistan will soon connect itself to Central Asia’s unified energy system.

The unified system for energy distribution was created in 1960, when the systems of Uzbekistan, southern Kyrgyzstan, northern Tajikistan and southern Kazakhstan’s Shymkent junction were connected to work in parallel through 110- and 220-kV power lines. This system operated in isolation from the Soviet Union’s general scheme.

In 2003 Turkmenistan left the energy system, having decided that it was able to provide itself with electricity on its own. And in early November 2009, the entire southern part of the Tajik energy system was automatically de-energized due to a spontaneous shutdown of units at the Nurek HPP. Tajikistan and the south of Uzbekistan remained without electricity for a day. After that Uzbekistan announced its withdrawal from the energy “ring”.

After that Uzbekistan completely de-energized the lines connecting its energy system with the Tajik system. As a result, Tajikistan’s energy system automatically remained isolated from the rest of the region. Thus, the system ceased to exist as such in 2009, but was recreated again in 2019. Currently, it includes Kazakhstan, Uzbekistan, and Kyrgyzstan.

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Times of Central Asia

15 May 2024
Central Asia, Uzbekistan, Turkmenistan, International Affairs, Tajikistan, Tajikistan Business Economy, Kyrgyzstan, Turkmenistan Business & Economy, Business & Economy, Kazakhstan, Uzbekistan Business & Economy, Kazakhstan Business & Economy, Kyrgyzstan Business & Economy

IFC to Support Central Asian Tech Startups With New Fund

The International Finance Corporation (IFC) is allocating $5 million to a new fund that will be used to support technology startups in Central Asia, Gazeta.uz reports.

IFC is reportedly investing in Sturgeon Emerging Opportunities, a new venture capital fund managed by Sturgeon Capital, a major venture capital investor in emerging markets.

Sturgeon Emerging Opportunities will focus on supporting startup projects in areas such as fintech, business-to-business platforms, agri-tech, healthcare and education.

The investment in Sturgeon is part of IFC’s Startup Catalyst program, which aims to address financial challenges in undervalued venture capital ecosystems by investing in incubators, gas pedals and funds in emerging markets.

“The fund will help start-up entrepreneurs to expand their businesses, improve operational efficiency and create long-term employment opportunities,” the statement said.

Besides investing  in projects in Central Asia, the fund also intends to work in other emerging markets such as Egypt and Pakistan.

Sturgeon Capital estimates that the IT startup market in these countries could generate nearly $300 million in annual digital revenue by 2030. However, startups in these countries are currently struggling to raise capital to launch and scale their products and services.

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Times of Central Asia

15 May 2024
Central Asia, Turkmenistan, Turkmenistan International Affairs, International Affairs, Turkmenistan Business & Economy, Business & Economy

EU’s Central Asia Representative Reaffirms the Union’s Commitment to the Region

Teri Hakala, Special Representative of the European Union for Central Asia, has recently spoken about the EU’s goals for its presence in the Central Asian region, and plans for the coming years.

Speaking at the conference, “Turkmenistan and the EU: 30 years of cooperation”, Ms Hakala said: “The EU has a very strong presence in the Central Asian region. And our goal is to contribute to the development and welfare of these countries and sustainability. In the next 30 years we plan to continue our work in Turkmenistan and in other Central Asian countries, partners, for the benefit of these countries and the EU.”

She also spoke about the EU-Central Asia Transport Investment Forum, which was held in Brussels earlier this year. “In January, the EU organized an investment forum and in March too there were discussions about our commitment and obligations related to the allocation of $10 billion from the EU for the Trans-Caspian Corridor project, which will help to expand trade relations, to include more and more people in their activities. This will contribute to the expansion of not only the transport corridor, but also the energy corridor,” Ms Hakala added.

The Trans-Caspian Transport Corridor is a route connecting Europe and Central Asia. It is expected that once complete, cargo will be delivered along it in just 15 days.

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