• KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01137 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09272 -0.11%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 26

Plans Underway For Central Asia’s First Privately Owned Airport

A new airport is being planned in Uzbekistan's Tashkent region, which will be financed by Chinese investors. The planned airport will be the first in Central Asia built entirely with private financing and owned by private individuals. Last week at the Uzbek-Chinese business forum in Shenzhen, delegations from Uzbekistan and China signed numerous business and investment contracts. Among them, the contract to build an airfield in the Ahangaran district in the Tashkent region attracted special interest. The project is expected to use capital sourced solely from an unnamed Chinese investor company. Construction is expected to start in the second half of this year. In addition to the airport, seven more projects, worth $56m, are being planned with Chinese investors for the Akkurgan district, including facilities for producing knitwear, fabrics, synthetic mattresses, footwear, and building materials.

Chinese Agricultural Drones May Be Manufactured in Kazakhstan

On January 17th, a delegation from Kazakhstan led by Deputy Minister of Agriculture, Abulkhair Tamabek visited the assembly site of the company, Eavision Robotic Technologies in the city of Suzhou in China’s Jiangsu Province. The company specializes in the production of unmanned aerial vehicles for monitoring and protection from pests, plant diseases and weeds, using artificial intelligence technology. During the meeting with Xinyu Wang, General Director of Eavision Robotic Technologies, the delegation discussed a project for localizing the production of agricultural drones in Kazakhstan. Emphasizing the uniqueness of such a project, the Ministry of Agriculture stated that there are no such similar production facilities in Russia or any other Central Asian countries. As a result of the negotiations, a Memorandum of Technical Cooperation was signed for the manufacture of agricultural drones in Kazakhstan. The two sides agreed to develop a roadmap for the implementation of the project, and determine the location of production facilities in Kazakhstan and potential sales markets, including in neighboring countries.

Uzbekistan Aims to Attract More Foreign Investment, Increase Exports

On January 18th, President Shavkat Mirziyoyev chaired a government meeting on priority tasks in the field of investment, export and industry for 2024, his press service has reported. It was stated at the meeting that the Uzbekistan 2030 strategy has set a goal of bringing the country's GDP to $160 billion and per capita income to $4,000 a year, which cannot be achieved solely through the domestic market; meaning there is a need to attract more foreign investment and increase exports. Over the past six years, the country has received almost $50 billion in foreign investment, with the economy growing by 6% last year. However, exports did not increase. It was stated that although Uzbekistan has enjoyed the EU’s GSP+ trade preference system and has the opportunity to export 6,200 types of goods to Europe duty-free, only 384 types of goods were exported under this system last year. To take the economy to a new level would require exports to be increased by at least 30% annually. A total of $200 million has been allocated for export lending, but that has not always translated into the production of value-added products and exports. From now on, subsidies and loans will be provided primarily to exporters entering new markets with products with high added value. Another issue discussed at the meeting was industrial production. Over the past six years, the volume of investments attracted to industry has increased seven-fold, with equipment worth $14 billion being imported over the past three years. Uzbekistan has created 24 special economic zones (SEZs), where land is allocated in a simplified manner and tax benefits are provided by the state. However, these opportunities are not being fully utilized. For instance, 800 hectares of land with ready-made infrastructure is still empty in the SEZs. Therefore, it was decided that 240 hectares of land in SEZs in the Bukhara, Navoi, and Tashkent regions will be outsourced to foreign companies.

President Tokayev Calls on Italian Businesses to Invest in Kazakhstan

The President of Kazakhstan, Kassym-Jomart Tokayev on January 18th paid an official visit to Italy, holding talks with Prime Minister, Giorgia Meloni. During the discussion, Tokayev stated that Kazakhstan and Italy maintain a wide-ranging political dialogue and have established close economic cooperation, as well as fruitful cultural and humanitarian ties, his press service reported. “We are proud to be Italy's main partner in Central Asia. Our economic cooperation is developing dynamically and has enormous potential for further growth,” Tokayev said. Italy is among the largest investors in Kazakhstan’s economy, with trade turnover between the two countries amounting to approximately $15 billion, whilst direct foreign investment from Italy has reached $7.3 billion. More than 300 Italian companies currently operate in Kazakhstan, including such large investors as ENI, SDF Group, PetroValves, Maire Tecnimont, IVECO, and Tenaris. Meloni confirmed Italy’s commitment to developing contacts with Kazakhstan, stating that “We consider your visit an excellent opportunity to further strengthen Kazakh-Italian relations.” During the talks, the leaders focused on deepening cooperation in the spheres of trade, economy, investment, energy, transport and logistics, agriculture, culture, humanitarian, education spheres, and green energy. In their joint statement, Tokayev and Meloni noted the launch of major transport and connectivity initiatives in Central Asia, particularly those related to the development of the Trans-Caspian International Transport Route. They also emphasized the importance of holding the Central Asia + Italy format meeting in Rome later in 2024, and in Kazakhstan in 2025. As part of the visit, an agreement was signed between the Kazakh Samruk-Kazyna Fund and the Italian group of companies, Cassa Depositi i Prestiti on the creation of a joint investment fund and financing in manufacturing, energy and logistics, as well as a joint final investment decision between the Kazakh national oil and gas company, KazMunayGas, and the Italian company, ENI, on a joint project for the construction of a hybrid power plant (wind and solar) with a total capacity of 247 MW in Kazakhstan. On the same day, President Tokayev attended the Investment Roundtable, Kazakhstan-Italy, in Rome. Speaking to representatives of the Italian business community, Tokayev stated that the energy sector is the main area of economic cooperation between the two countries. “More than 80% of Kazakhstan’s oil is exported to Europe, which provides for about 10% of the EU’s needs. I would like to express my gratitude to Italy, a long-time and reliable energy partner of Kazakhstan. We highly appreciate the contribution of the Italian flagship company ENI to the economy of Kazakhstan. Kazakhstan provides ample opportunities in the field of oil and gas exploration. We implement the best global practices to discover significant deposits. We also invite Italian companies to participate in servicing the oil and gas industry,” the President said. Tokayev also called on Italian businesses to cooperate in the extraction and processing of critical raw materials. “According to World Bank estimates, there are more than 5,000 undiscovered deposits in Kazakhstan worth over 46 trillion dollars. Today, we already produce 19 of the 34 most important...

German Company to Invest €100 Million in Plastic Production in Kazakhstan

On January 12th in Berlin, a meeting took place between the Ambassador of Kazakhstan to Germany, Nurlan Onzhanov, the Official Representative of the National Company KAZAKH INVEST, Saken Olzhabayev, and the owner of WIS Kunststoffe GmbH, Sigmar Roemhild. Therein, the Kazakh and German sides discussed plans for the construction of a plastic production plant in Kazakhstan’s Atyrau region, KAZAKH INVEST has reported. Sigmar Roemhild stated that his company is at the stage of completing the pre-investment process of analyzing the market in Kazakhstan and initially plans to invest about €100 million in the design and construction of the plant. According to Roemhild, there is great potential for production in the country due to its strategic location, favorable investment climate, and availability of raw materials. WIS Kunststoffe GmbH specializes in the production of plastic and polymer raw materials and compounds, polyolefin, styropolymers, technical and structural plastics, granules and powders. Ambassador Onzhanov said that Kazakhstan is Germany's leading trade and economic partner in the region, accounting for over 80% of German trade with Central Asia. The Government of Kazakhstan actively cooperates with large German companies to develop industry with advanced technologies and German experience. Following the meeting, Roemhild and Olzhabayev signed a memorandum of cooperation. According to the National Bank of Kazakhstan, the volume of FDI from Germany to Kazakhstan for thee first three-quarters of 2023 amounted to $623 million, more than twice the figure for the same period in 2022 ($308.6 million).

Chinese Company to Supply Equipment to Businesses via Local Bank

On January 12th, a ceremony was held to sign a framework agreement between the Chairman of the Board of Kyrgyzstan’s state-run RSK Bank, Ulanbek Nogaev, and the President of China National Heavy Machinery Corporation, Xiao Ping. As part of the partnership, RSK Bank and China National Heavy Machinery Corporation (CHMC) will begin supplying equipment and machinery for small and medium-sized businesses in Kyrgyzstan worth a total of $15 million, RSK Bank said. The bank will then lease this equipment to local entrepreneurs. Xiao Ping emphasized that the signing of the agreement between CHMC and RSK Bank will be a boon for the development of the economy in the Kyrgyz Republic. Ulanbek Nogaev, meanwhile, stated that this agreement is strategically important, and will enable the bank to provide small and medium-sized businesses with special equipment without intermediaries, which will mean a significant price reduction. China National Heavy Machinery Corporation specializes in the production of road construction and agricultural machinery, commercial vehicles, and industrial equipment.

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