Page 923 – The Times Of Central Asia

18 Dec 2023

Kazakhstan, Kazakhstan Business & Economy

Government Reports Steady Economic Growth

June 27, 2024
By Times of Central Asia

Government Reports Steady Economic Growth

The economy of Kazakhstan has successfully adapted to external conditions and has entered a trajectory of sustainable growth this year. From January-November, economic growth reached 4.9%, compared to 2.7% in the same period last year. Overall, Kazakhstan’s GDP per capita increased from $11,500 to $13,300, the official website of the Prime Minister (primeminister.kz) reported.

Inflation in annual terms slowed to 10.3% in November, down from 20.3% in December 2022.

During the first six months of this year, $13.3 billion of foreign direct investment was attracted, which is a very high figure and guarantees support for economic growth in the medium term. By the end of the year, it is planned to reach approximately $27 billion.

A total of 210 new investment projects were put into operation in all sectors of the economy, creating 19,500 jobs. In total, 291 projects are expected to be put into operation by the end of the year.

Production in mechanical engineering is growing at a record pace of 26.8%. At the same time, in the automotive industry and the production of electrical equipment the figures are even higher – 41% and 32%, respectively.

This year, Kazakhstan exported goods worth $65 billion. At the same time, exports of processed goods reached $21 billion.

18 Dec 2023

Kazakhstan, Kazakhstan Business & Economy

Chinese Automaker Chery to Build Auto-Industrial Park in Almaty

June 27, 2024
By Times of Central Asia

Chinese Automaker Chery to Build Auto-Industrial Park in Almaty

On December 16^th, First Deputy Prime Minister of Kazakhstan, Roman Sklyar paid a working visit to the city of Hefei in China’s Anhui Province. During the visit, Sklyar held negotiations with the Secretary of the Party Committee of Anhui Province and the Chairman of the People’s Government of Anhui Province, wherein the parties discussed further deepening trade, economic, investment, industrial, cultural and humanitarian cooperation between the regions of Kazakhstan and Anhui Province.

As a result, a ceremony was held to sign a Memorandum of Cooperation between Kazakhstan’s Astana Motors and the Chinese automobile manufacturing company, Chery International Co., Ltd. The document provides for the development of strategic cooperation between the above-mentioned enterprises of Kazakhstan and the People’s Republic of China in the field of joint construction of an automobile industrial park in the Almaty Industrial Zone in Kazakhstan.

18 Dec 2023

Kazakhstan Environment, Kyrgyzstan Environment, Kazakhstan Local Politics, Kyrgyzstan Life & Culture, Kyrgyzstan, Kazakhstan Life & Culture, Local Politics, Kazakhstan, Kyrgyzstan Local Politics

President Japarov: Kyrgyzstan Should Provide Irrigation Water to Kazakhstan

June 27, 2024
By Times of Central Asia

A UN resolution obliges upstream countries, including Kyrgyzstan, to provide water to downstream states, Kyrgyz President Sadyr Japarov said on December 16^th at the second People’s Kurultai (Congress) in Bishkek.

Answering questions from the Kurultai delegates, the president said that the water problem would be solved through the construction of so-called ten-day and daily regulation pools. Such reservoirs will allow for the accumulation of water in winter and for it to be freely shared with neighbors downstream.

The president said that Kyrgyzstan does not have a sufficient number of reservoirs, and, therefore, this year there was not enough water to supply to Kazakhstan.

This past summer, the southern regions of Kazakhstan experienced a severe shortage of irrigation water for their fields.

The construction of such reservoirs, the president explained, will meet the needs of Kyrgyzstan and, in addition, there will also be enough water to supply to downstream neighbors.

The president also announced plans to build reservoirs. The reservoir construction program will last until 2027, he said.

18 Dec 2023

Central Asia, Business & Economy

EBRD to Allocate €200 Million for Development of Youth Businesses in Central Asia

June 27, 2024
By Times of Central Asia

EBRD to Allocate €200 Million for Development of Youth Businesses in Central Asia

The European Bank for Reconstruction and Development (EBRD) has launched a program aimed at developing youth businesses in Central Asia and Mongolia, and will allocate $218 million over seven years to ensure access to financing and training for young entrepreneurs. The program is aimed at the development of micro, small and medium-sized businesses under the guidance of young people aged 18 to 35 years.

Companies will receive financing through 20 partner financial institutions, whilst participants will also be able to receive trainings, access various events, and use consulting services. The investments is set to be complemented by a package of up to €30 million in grants and concessional co-financing.

The EBRD notes that many young people in Central Asia have entrepreneurial skills, but do not have economic opportunities. According to the bank’s estimates, only 10% of young people have the necessary education and work skills.

“Solving this problem is important for Central Asia, where small and medium—sized enterprises account for almost half of total employment and almost 40% of regional GDP,” the EBRD emphasized.

The program is funded by the Government of Kazakhstan, the Small Business Foundation, and the European Union.

18 Dec 2023

Turkmenistan, Turkmenistan International Affairs, Turkmenistan Business & Economy

Turkmenistan – EU: Transport and Energy on Agenda of Upcoming Forums

June 27, 2024
By Times of Central Asia

The fifteenth meeting in the format of the Turkmenistan-European Union Human Rights Dialogue will be held in Brussels on December 18^th, followed by the 22nd meeting of the Turkmenistan-EU joint committee on the 19^th, during which key aspects of bilateral relations, including trade and the economy will be discussed.

The Turkmen delegation will also take part in the Transport Investment Forum, which is scheduled for January 29-30, 2024 in Brussels. The forum, organized by the European Commission, will bring together representatives of the public and private sector, and investors interested in improving sustainable transport links between the two regions.

The event will be a follow-up to an earlier EC study on sustainable transport links between Europe and Central Asia, which was implemented by the European Bank for Reconstruction and Development and published on June 30^th 2023.

As a continuation of this dialogue, it is planned that a meeting of experts in the field of transport from government agencies and private transport and logistics companies be organized in the second quarter of next year. The proposal to hold this symposium in Ashgabat was announced at the 19th meeting of the Ministers of Foreign Affairs of the Central Asian countries and the European Union in Luxembourg on October 23^rd in a joint communique.

Reporting on these activities in a government meeting on Friday, the Deputy Prime Minister and Minister of Foreign Affairs of Turkmenistan submitted for consideration to President Serdar Berdimuhamedov a proposal to organize a meeting with relevant EU structures in the first quarter of 2024 in order to discuss partnership opportunities and exchange experience in the field of energy. It is also planned to hold the next meeting of the foreign ministers of the Central Asian countries and the European Union in Turkmenistan in 2024.

18 Dec 2023

Tajikistan Life & Culture, Tajikistan, Tajikistan Business Economy

“Updates and Reforms”: Communications Service Expands Cooperation with Russian Federation

June 27, 2024
By Times of Central Asia

The establishment of cooperation with Russian companies gives a new impetus to the process of reforming and updating mobile communication networks in Tajikistan, the Communications Service of Tajikistan has stated, adding that a memorandum of cooperation has been signed with the Russian company, PITER IX in Dushanbe. The main purpose of the memorandum is to facilitate the process of modernization and reform in the telecommunications sector in the country.

The Communications Service stated that the agreement provides for the introduction of information and communication technologies, the development of an electronic business system, access to broadband internet, and the distribution of 4G LTE and 5G-ce throughout the republic Earlier, the Communications Service signed a memorandum of understanding with the Moscow company, Digit, in the field of network security, which provides for the holding of joint seminars and events to strengthen cooperation in the information sphere, as well as communication technologies.