Page 695 – The Times Of Central Asia

13 Jun 2024

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

Cargo Transport from Uzbekistan to EU Countries via Latvia

June 17, 2024
By Times of Central Asia

According to the Ministry of Transport of Uzbekistan’s press service reports, Uzbekistan and Latvia have agreed to develop road freight transportation through Latvian ports.

The decision followed discussions by the Uzbek-Latvian Joint Commission on International Road Transportation on issues related to trade development, economic relations, and increasing the volume of international cargo transportation.

In a statement welcoming the move, the Ministry of Transport of Uzbekistan announced, “Today, the importance of the route passing through Latvian ports is growing and expanding trade relations between Uzbekistan and EU countries. In this regard, the meeting focused on the effective utilization of Latvia’s port infrastructure potential. Head of the Public Transport Department of the Latvian Ministry of Transport Annija Novikova has expressed readiness to provide comprehensive assistance in creating favorable conditions for national carriers of Uzbekistan within the framework of cooperation,”

During the meeting, the parties agreed to provide special permits for organizing cargo transportation by road through Latvian ports and established a quota of permits for 2024.

13 Jun 2024

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

South Korean Corporation Bank to Open in Kazakhstan

June 17, 2024
By Times of Central Asia

Microfinance organization BNK Finance Kazakhstan, part of the Korean corporation BNK Financial Group Inc., has been granted permission to transform into a second-tier bank.

The news was reported by the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market’s press service (ARFM).

BNK Financial Group Inc. is the largest South Korean financial group with assets of $129 billion and a national rating of “AAA.” The group has two banks with over 300 branches and “A2” international ratings.

In 2021, BNK MFI received a license to carry out microfinance activities. Since then, the company has significantly increased its performance and capabilities and now ranks 13th in terms of assets in Kazakhstan’s microfinance organizations sector.

The decision by the Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) to issue a permit for BNK’s voluntary reorganization into a second-tier bank was approved by a resolution on June 7.

As noted by the press service, the appearance of a new foreign bank in Kazakhstan’s financial market will strengthen competition in the banking sector and provide clients in Kazakhstan with financial services that adhere to international groups’ advanced corporate standards.

Earlier this month, during talks with the head of South Korea, Yoon Suk Yeol, Kazakhstan’s president Kassym-Jomart Tokayev, cited Seoul as one of Astana’s most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover and is among Kazakhstan’s top ten largest foreign investors.

13 Jun 2024

Kazakhstan, Kazakhstan International Affairs, Kazakhstan Business & Economy

First Cargo Transported from Pakistan to Azerbaijan via Kazakhstan

June 28, 2024
By Times of Central Asia

A Pakistani transport and logistics company, TCS, has now completed a pilot delivery of goods from Karachi (Pakistan) to Baku (Azerbaijan) through the Caspian seaport of Aktau in Kazakhstan.

The shipment was organized with the assistance of the Embassy of Kazakhstan in Islamabad, in an effort to expand Kazakhstan’s transit transport potential.

Kazakhstan’s Foreign Ministry announced that the transportation of Pakistani pharmaceutical products under TIR, along the 4,820 km long route through Afghanistan and Uzbekistan to Aktau and then by sea to Baku, took 21 days.

According to Pakistani logistics experts, the Trans-Afghan corridor in tandem with the Karakoram Highway, can provide significant impetus to expanding the transit and transport potential of Kazakhstan and Pakistan, with reference to the Trans-Caspian International Transport Route.

13 Jun 2024

Kyrgyzstan, Kyrgyzstan Life & Culture, Kyrgyzstan International Affairs

U.S. Program Improves Lives of Over 300,000 Kyrgyz Citizens

June 28, 2024
By Times of Central Asia

On June 12, Bishkek hosted a conference themed “Active Communities – Foundation for Development” to review the success of the five-year Jigerduu Jarandar project.

The event was attended by Member of the Jogorku Kenesh (Kyrgyz parliament) Elvira Surabaldieva, Kyrgyz Minister of Justice Ayaz Baetov, Deputy Minister of Labor, Social Development, and Migration Chyngyzbek Mamat uulu, USAID/Kyrgyz Republic Acting Mission Director James Lykos, and representatives of civil society organizations and local self-governments.

As reported by the U.S. Embassy in Kyrgyzstan, since 2019, the U.S. government’s Jigerduu Jarandar project – through the U.S. Agency for International Development (USAID) – has positively impacted communities across 19 municipalities in Kyrgyzstan.

Committed to fostering active citizenship, the project has benefited over 62,000 residents through the creation of parks, safer sidewalks, improved street lighting, and inclusive playgrounds. The project has also provided free legal aid to 38,000 individuals, supported some 11,000 survivors of gender-based violence, and improved solid waste management systems to the benefit of over 200,000 residents.

In praise of the initiative, James Lykos, Acting Mission Director of USAID/Kyrgyz Republic, commented: “The United States is proud to have supported the Kyrgyz government and local communities through the USAID Jigerduu Jarandar project. It has been a joint effort to help citizens make their communities a better and safer place, and better understand and claim their rights.”

Minister of Justice Baetov expressed gratitude to the USAID Jigerduu Jarandar project for promoting initiatives in the field of legal assistance and notary services for citizens of Kyrgyzstan.

13 Jun 2024

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

SPECA Countries’ Digitalization of Multimodal Data Exchange along Trans-Caspian Transport Corridor

June 28, 2024
By Times of Central Asia

An international seminar on “Trade Facilitation and Digital Transformation of Multimodal Data and Document Exchange along the Trans-Caspian Corridor” was held in Aktau, Kazakhstan on June 11-12.

Participants included the Ministry of Trade and Integration of Kazakhstan, the United Nations Economic Commission for Europe (UNECE), the International Association “Trans-Caspian International Transport Route” (TCITR), and partners including the German Society for International Cooperation (GIZ) and the Permanent Secretariat of the Intergovernmental Commission of the Transport Corridor Europe-Caucasus-Central Asia.

The seminar followed the adoption of the SPECA Roadmap for Digitalization of Multimodal Exchange of Data and Documents along the Trans-Caspian Transport Corridor, using UN legal instruments and standards, at the Presidential Summit of participating States of the United Nations Special Programme for the Economies of Central Asia (SPECA), back in November 2023,

The workshop in Aktau, which brought together experts in trade, transport, and digitalization from fifteen countries, focused on the digitalization of multimodal exchange of data and documents along the Trans-Caspian Transport Corridor, particularly in the ports of Baku (Azerbaijan), Aktau (Kazakhstan), and Turkmenbashi (Turkmenistan).

During the event, reports were given on the implementation of UN standards for digitalization of international supply chains, port community systems, interoperability, and multimodal data exchange.

A visit to Kuryk, organized by the Kazakh side, included a presentation of the port’s digitized system as well as ongoing work on transhipment and storage of cargo.

The United Nations Special Program for the Economies of Central Asia (SPECA) was launched in 1998 to strengthen sub-regional cooperation in Central Asia and its integration into the world economy. SPECA countries include Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.

Kazakhstan’s trade turnover with SPECA countries in 2023 amounted to $9 billion.

13 Jun 2024

Kazakhstan, Kazakhstan International Affairs, Kazakhstan Business & Economy

Kazakhstan and South Korea to Cooperate in Critical Minerals, Oil and Gas

June 28, 2024
By Times of Central Asia

During South Korean President Yoon Suk Yeol’s visit to Kazakhstan on June 12, agreements were made on cooperation in critical minerals and metals, as well as in the oil and gas industry.

A Memorandum on partnership on critical minerals and metals was signed by the Ministry of Trade, Industry and Energy of the Republic of Korea and the Ministry of Industry and Construction of Kazakhstan.

The document represents the first step towards the establishment of an international chemical analytical laboratory in Kazakhstan and aims to strengthen cooperation between the two countries in the supply of lithium, nickel, cobalt, tantalum, tungsten, beryllium, niobium, titanium, rhenium, phosphorus, copper, aluminum, chromium, manganese, and rare earth metals.

An additional Memorandum on security and development of the critical minerals supply chain was signed by the Korean Institute of Geoscience and Mineral Resources, Korea’s SK Ecoplant Co. Ltd., and the Ministry of Industry and Construction of Kazakhstan.

The agreement provides for a comprehensive exchange of information on supply chains for critical minerals and metals, joint geological exploration and production of critical minerals and metals, and the mining and processing of lithium to produce lithium batteries.

Kazakhstan’s national oil and gas company KazMunayGas and Hyundai Engineering, South Korean EPC engineering company, signed an agreement on cooperation in the oil, gas and petrochemical industries.

Aimed towards exploring opportunities for cooperation in the above, it includes provision for technology exchange, specialist training, and the transfer of technical knowledge and experience.