22 May 2024

Photo: Kazakh Ministry of National Economy

Central Asia, International Affairs, Business & Economy, Kazakhstan, Kazakhstan International Affairs, Kazakhstan Business & Economy

Turkic Investment Fund Opens Operation

The inaugural meeting of the Board of Governors of the Turkic Investment Fund (TIF) was hosted by Istanbul on 21 May.

The Turkic Investment Fund, the first financial institution for economic integration of the countries of the Turkic world was officially established by Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkey on 16 March 2023   at the summit of the Organization of Turkic States in Ankara.

With an initial capital of $500 million, TIF’s main objective is the development of economic and commercial relations between the Turkic countries. According to estimates by the Turkish Ministry of Finance, by the end of 2024, the Turkic states will occupy an important place in the global economy, reaching an economic volume of $1.9 trillion to the benefit of a population of  178 million.

Commenting on the importance of Turkic integration for his country, Deputy Prime Minister – Minister of National Economy Nurlan Baybazarov and Kazakhstan’s representative on the TIF Board of Governors, said: “The Government of Kazakhstan fully supports the start of the Fund’s operation. I am confident that it will become a catalyst for economic growth and development of the participating countries, contribute to the deepening of investment cooperation and effective interaction in the implementation of joint projects.”

The key sectors to receive funding include infrastructure, renewable energy, agriculture, tourism, and IT.

 

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Times of Central Asia

22 May 2024

Image: hronikatm.com

Central Asia, Turkmenistan Home, Home, Turkmenistan Life & Culture, Turkmenistan, Features, Turkmenistan Environment, Turkmenistan Lead Story

One Dead and Six Missing in Turkmenistan Mudslides

One soldier has been killed and six are missing during mudslides caused by recent heavy rains in Turkmenistan. It is being reported that the man died at the Serakhs border outpost in Akhal province.

“On May 17, around 17:00 hours, seven soldiers from the 16-border outpost of the Border Troops connection in Serakhs [on the border with Iran] went missing. The body of one of them was found May 18. The searches for the other six soldiers continue,” an anonymous source commented.

“The search work is being carried out by the border troops’ forces of the adjacent territories,” the source said. Special means, such as drones or helicopters, are not involved in the search operations.

The source adds that on the day of the incident, the soldiers were sent to repair the automobile roads next to the military unit, which were washed away by mud-flows. The Turkmen government is trying to stop information about the incident from being published, and “it is dangerous to ask and inquire about the details”. But in conversations among themselves, servicemen are discussing that “sending soldiers in such weather to this area was a wrong decision and the cause of the accident was the negligence of the commanders and management of the border guard unit.”

“It was not possible to get comments on the disappearance of several soldiers and the death of at least one of them from the Turkmen authorities, including the aforementioned military unit,” the source notes.

For almost ten days, Turkmenistan’s capital Ashgabat has been flooded with rain, in what local meteorologists think have been the worst downpours since the 1970s. The rain has caused significant damage to the city’s infrastructure.

The Akhal province has also been badly affected, with agricultural land flooded. Mud-flows hit the cities of Anev and Kahka, and in many areas electricity and part of the rail network were shut down. However, there have been no reports in Turkmen media about the rains and the damage they are causing.

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Times of Central Asia

22 May 2024
Kazakhstan, Kazakhstan International Affairs, Kazakhstan Business & Economy

Kazakhstan Aims to Increase Non-Resource Exports

Kazakhstan aims to increase non-resource exports to $37.7 billion in 2024 and by 2025, to $41 billion.

Announcing the government’s plans on 21 May, Prime Minister Olzhas Bektenov, Bektenov emphasized the importance of strengthening support for export-oriented enterprises through the provision of consulting services, information support and assistance in entering new markets and explained: “We need to increase the production and export of high value-added goods. We must actively support domestic producers and exporters.”

At the meeting, Minister of Trade and Integration Arman Shakkaliyev also reported on measures taken to increase non-resource exports.

In 2023, the country’s non-resource exports increased by 3%, with 278 new products added to the list. The expansion of non-resource exports encompassed 135 countries. Exports to China rose by 8%, South Korea by 26%, and Vietnam by 46%. Kazakhstan also increased its export of processed agricultural products: flour by 1.1%, sunflower oil by over 55.5%, and beverages by 42.8%.

The Ministry of Trade plans to expand the exports of finished products to China 2.5-fold, to $12.5 billion, and increase supplies of high-margin goods – chilled lamb, poultry meat and by-products – to Middle Eastern countries.

Priority will also be given to expanding exports of Kazakh food and organic products to highly competitive EU markets.

 

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Times of Central Asia

22 May 2024

Image: BBC

Central Asia, International Affairs, Local Politics, Kyrgyzstan, Kyrgyzstan International Affairs, Kyrgyzstan Local Politics

NGOs in Kyrgyzstan Have Two Months to Register as “Foreign Agents”

Kyrgyzstan’s Ministry of Justice has approved the creation of a register for “non-governmental organizations performing the functions of a foreign representative”, which gives authorities the right to inspect their activities.

All non-profit agencies that receive foreign funding have been given two months from 16 May to submit documents to the ministry.

Kyrgyz president Sadyr Zhaparov signed the law “on Foreign Representatives” on April 2, despite over 100 organizations and civil society figures appealing for him not to do so. Zhaparov made assurances at the time that non-governmental organizations would not be persecuted.

Local NGOs funded from abroad that are engaged in political activities in Kyrgyzstan are now recognized as “performing the functions of a foreign representative”, and are placed in a separate register. Organizations included in this register — so-called ‘foreign agents’ — may be subjected to various unscheduled inspections.

Several international organizations, as well as the United States and certain countries in the European Union, have voiced criticisms of the new law. After it came into force, the Soros-Kyrgyzstan Foundation announced that it would be terminating its activities in Kyrgyzstan.

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Times of Central Asia

21 May 2024

The alleged suspect captured on video; image: mvd.gov.kg

Central Asia, Kyrgyzstan Justice, Home, Justice, Kyrgyzstan, Features, Kyrgyzstan Features

Arrest Made in Connection with Bishkek Unrest

The Ministry of Internal Affairs of Kyrgyzstan has announced the detention and opening of a criminal case against a man suspected of beating foreigners during unrest which occurred on the night of May 18, leaving 41 people hospitalized. The suspect also allegedly transported people to places where foreigners lived during the events which transpired in the Kyrgyz capital.

On May 18, 2024, a video showing the beating of foreign citizens began circulating on social media. The footage revealed an unidentified man of Asian descent, approximately 20-25 years old, wearing a beige hooded sweater, striking victims with his hands and feet on their faces and other body parts. The incident took place after four individuals broke into a house near the Dordoi Market.

The accused assailant was identified on surveillance cameras located in the vicinity. “Four attackers arrived in a dark-colored Mercedes-Benz Sprinter on May 18 at 04:00 am.,” the Ministry’s statement reads. Investigations revealed that it is “registered to a resident of the Issyk-Kul region. The driver of the said car was Zhekshenbekov Azat, born in 1999, a native of the Issyk-Kul region, living in Bishkek, and an employee of a furniture workshop. The detainee was placed in the temporary detention center of the Bishkek City Internal Affairs Directorate.”

The investigation is ongoing, with the authorities seeking to identify and apprehend the others involved. On Monday, President Japarov promised swift action should the events be repeated, sating that “Anyone, whether he is our citizen or a foreign citizen, who threatens the integrity of our state, organizes chaos, will be punished mercilessly.”

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Times of Central Asia

21 May 2024

@President.uz

Central Asia, Uzbekistan, International Affairs, Business & Economy, Uzbekistan Business & Economy, Uzbekistan International Affairs

Uzbekistan’s Banks Double Their Capital in Five Years

Uzbekistan’s president Shavkat Mirziyoyev has familiarized himself with a presentation on the country’s banks’ participation in attracting foreign investments.

Over the past five years, the capital of Uzbek banks has doubled, their loan portfolio has increased 2.3 times, and the volume of annual lending has grown 1.8 times.

Mirziyoyev commented: “Four banks issued Eurobonds for the first time and attracted $1.3 billion. Last year, banks attracted $3.8 billion worth of foreign loans, and their large clients directly attracted $6 billion without government guarantees. In modern conditions, it is necessary to expand this activity and realize projects qualitatively”.

The presentation also provided information on the activities of the National Bank of Uzbekistan and Uzpromstroybank. This year, the National Bank plans to implement projects worth $6 billion.

Uzpromstroybank plans to attract funds worth $3.1 billion from the international financial market this year. The bank’s clients have started the realization of investment projects worth $4.8 billion.

Mirziyoyev has called for systematic monitoring of investment projects of clients and prompt resolution of emerging problems, emphasizing the importance of comprehensive support of entrepreneurs at all levels — from district to republican, increasing their financial and innovation awareness.

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