Page 710 – The Times Of Central Asia

13 Sep 2024

Central Asian Countries Hold Second Inter-Parliamentary Forum, Adopt Khiva Declaration

September 13, 2024
By Sadokat Jalolova

The second inter-parliamentary forum of Central Asian countries was held in Khiva, Uzbekistan on 12 September.

It was attended by political representatives from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, members of youth parliaments, and local and international mass media.

Topics addressed at the forum included new forms of interparliamentary cooperation between Central Asian countries, and recommendations for increasing the role of women and young people in the region’s socio-economic development.

The Special Representative of the United Nations Secretary-General for Central Asia, Kaha Imnadze, commented: “This forum once again confirms Uzbekistan’s important role in strengthening regional cooperation, as well as in ensuring peace and security.”

Imnadze added that the UN is ready to strengthen cooperation with Central Asia in areas such as the use of transboundary waters, the melting of glaciers, gender equality, and youth activism.

The forum’s results resulted in the adoption of the Khiva Declaration, which will serve as the basis for the future cooperation of Central Asian countries within the framework of inter-parliamentary initiatives.

The first inter-parliamentary forum of Central Asian countries was held last year in Turkestan, Kazakhstan. The event led to the adoption of the Turkestan Declaration.

13 Sep 2024

Central Asia, Kyrgyzstan, Business & Economy, Kyrgyzstan Local Politics, Kyrgyzstan Business & Economy

Kyrgyzstan to Begin Manufacturing Helicopters

September 13, 2024
By Vagit Ismailov

Daiyrbek Orunbekov, Head of the Information Policy Service of the Kyrgyz Presidential Administration, stated on his Facebook page that Kyrgyzstan has begun production on ultralight small-size two-seat helicopters.

Describing the helicopter, he wrote: “It is a two-seater, can hold 70 liters of fuel, and flies 600 kilometers in 3 hours; pricing starts at around 60 thousand dollars.” He also added that automobile, helicopter, and other manufacturing plants would soon be opening in the country.

The production of helicopters in Kyrgyzstan, assembled from components supplies by Poland, is the country’s first foray into the market.

The helicopters can be used for various tasks, from pilot training and aerial photography to police patrols, power line control, medical personnel transport, and aerial agricultural work, and according to Orunbekov, interest has already been expressed by UAE companies in the test models.

The Times of Central Asia previously reported that the German company “Linding Group” plans to invest some 10 million dollars in assembling aircraft in Almaty, Kazakhstan.

13 Sep 2024

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

Kazakhstan’s Longest Road Tunnel Opens on Western Europe – Western China Transport Corridor

October 8, 2024
By Sergey Kwan

On September 12, a new tunnel was opened at the Shakpak Baba pass in Kazakhstan’s southern Turkestan region.

As the Kazakh Ministry of Transport reported, it is the longest automobile tunnel in Kazakhstan. The two-lane tunnel is 840 meters long, 11 meters wide, and 8 meters high. Control centers on both sides of the tunnel monitor lighting, ventilation, and traffic lights. The tunnel’s opening will facilitate traveling and cargo transportation during winter.

At the tunnel’s opening ceremony, Kazakhstan’s Deputy Minister of Transport Satzhan Ablaliyev stated: “The opening of this tunnel is an important event for Kazakhstan’s transport infrastructure. It will not only improve the region’s year-round transport accessibility but will also significantly increase traffic safety in this difficult section. The tunnel will prevent drivers from being trapped in the snow on the Shakpak Baba pass in winter. In addition, the main traffic flow will now be redirected to bypass the village of Shakpak Baba, increasing safety in the village.”

The tunnel is part of the Kazakh section of the international road transport corridor Western Europe-Western China. With a total length of 8,445 km, the corridor runs 2,233 km through Russia, 2,787 km through Kazakhstan, and 3,425 km through China.

In July, Kazakh Minister of Transport Marat Karabayev announced that in 2024, Kazakhstan planned to repair and construct 12,000 kilometers of road.

13 Sep 2024

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

Swedish Company to Help Turkmenistan Establish Fast Payment System

September 13, 2024
By Vagit Ismailov

The Swedish IT company “CMA,” specializing in software solutions for financial markets, has signed an exclusive agreement with Turkmen company “Abraýly Işler”, at the International Conference “HI-TECH Turkmenistan 2024.”

Noting the value of cooperation in creating a national system of fast payments, CMA Regional Director Maxim Nescheret stated, “We have already implemented similar projects in more than 50 countries, and we hope to share our experience with Turkmenistan in creating this important system.”

CMA, founded in 1983, currently provides over 37 central banks and many commercial banks worldwide with solutions for instant payment systems, central depositories, and automated clearing houses. Built on CMA’s advanced technology platform for high performance, scalability, and security, the service is customized to meet each client’s needs.

In addition to the fast payment system, CMA is engaged in discussion with Turkmenistan’s stock market regarding the possibility of creating basic services, including a central depository and settlement center, to help attract external investments and expand cooperation with foreign investors.

Although Turkmenistan is actively modernizing its banking sector and digital payments, including the introduction of a contactless payment system and mobile applications to facilitate transactions, challenges remain.

One of the main issues is the need for infrastructure to support fast and contactless payments. Although local banks such as Halkbank have introduced mobile apps and terminals for contactless transactions, their usage remains limited. Moreover, people often lose money due to bank failures and technical problems.

13 Sep 2024

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

Kyrgyzstan Signs Agreement with Leading Ratings Agencies

October 8, 2024
By Anton Chipegin

The Kyrgyz Ministry of Economy and Commerce has signed an agreement with the ratings agencies S&P (Standard and Poor’s) and Fitch.

In a statement, the ministry said: “To build the republic’s potential in the international arena and to enter international markets, it is necessary to cooperate with the three big international rating agencies: Moody’s, S&P, and Fitch.”

This week, Minister of Economy Daniyar Amangeldiev met with representatives from S&P and Fitch and Oppenheimer Europe Ltd’s investment bank. Oppenheimer Europe Ltd. will act as a consultant for work with the rating agencies. The parties discussed the prospects of strengthening cooperation and joint work in assessing credit risks and Kyrgyzstan’s investment attractiveness.

“The parties expressed readiness to work on actively assigning and improving long-term rating. This will create prerequisites for strengthening the confidence of partners and investors”, the agencies commented.

Rating agency representatives informed Kyrgyz officials about the need to assign a credit rating and the stages of entering international capital markets.

In 2015, the Ministry of Economy of Kyrgyzstan signed an agreement with rating agencies Moody’s and Standard and Poor’s, giving the country an international credit rating for the first time.

In 2016, the Kyrgyz authorities rejected the services of Standard and Poor’s, for unnamed reasons.

In May 2024, Moody’s raised Kyrgyzstan’s credit rating from negative to stable. Contrary to the agency’s forecasts, Kyrgyzstan’s economy and budget indicators have been virtually unaffected by Western sanctions imposed on Russia, the country’s largest trading partner.

13 Sep 2024

Central Asia, Tajikistan International Affairs, Uzbekistan, Turkmenistan, Turkmenistan International Affairs, Tajikistan Business Economy, International Affairs, Tajikistan, Kyrgyzstan, Kyrgyzstan International Affairs, Turkmenistan Business & Economy, Uzbekistan Business & Economy, Business & Economy, Kyrgyzstan Business & Economy, Uzbekistan International Affairs

Central Asia Seeks Increase in Trade with China

September 13, 2024
By Sergey Kwan

On September 12, the Central Asia-Jiangsu Trade Center, a multifunctional platform showcasing exports from Kazakhstan, Uzbekistan, Tajikistan, and Turkmenistan, opened in Nanjing, the main city of Jiangsu Province in eastern China.

According to the Kazakh Ministry of Trade and Integration, the operation of the Center in Jiangsu Province, known for its developed infrastructure, will facilitate access to the huge Chinese market for all five Central Asian countries.

Plans are now in place to launch a similar multifunctional center in Kazakhstan’s capital, Astana, to showcase Chinese and Kazakh goods.

Official statistics show continued growth of trade turnover between Kazakhstan and China. During the first seven months of this year, bilateral trade increased by 2.8% compared to the same period in 2023, and amounted to $16.8 billion. Between January and July 2024, trade between Kazakhstan and Jiangsu Province grew by over $1 billion, from $723.3 million to $1.758 billion.

As reported by Kazakh Minister of Trade Arman Shakkaliyev, Jiangsu Province currently imports products, mainly from the industrial and agricultural sectors, worth more than $266 billion annually.