International Cooperation - The Times Of Central Asia

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International investment International Cooperation

Kazakhstan-Russia Relations in Focus at St. Petersburg

As part of the 27th St. Petersburg International Economic Forum on 5 June, delegates engaged in a panel discussion themed "Russia-Kazakhstan.” The panel comprised representatives of both countries’ public and private sectors, including Deputy Prime Minister of Kazakhstan Serik Zhumangarin, Kazakh Ambassador to Russia Dauren Abayev, and Chairman of the Board of national company Kazakh Invest Yerzhan Yelekeev. As reported by Kazakh Invest, Ambassador Abayev emphasized the strategic importance of Kazakhstan-Russia relations by stating: "Today, Kazakhstan and Russia are implementing 135 joint investment projects worth over $26 billion, creating 28,000 jobs, which is a record figure in recent years. We expect these numbers to continue growing.” Kazakh Invest’s Yelekeev focused on the growing potential for developing bilateral relations, the need to increase investment in joint projects, and favorable changes in Kazakhstan’s investment environment. "Over 19,000 enterprises are successfully operating with Russian participation in Kazakhstan,” announced Yelekeev. “Good results have been achieved through leading projects and very promising initiatives in the investment sector. Russia remains one of the largest investors in our economy. Joint projects contribute to the development of technologies, the opening of new markets, and the creation of jobs. Last year saw a record gross inflow of Russian investments approaching the $3 billion mark." Yelekeev also presented prospective niches to Russian businesses for potential investment projects in the mining and metallurgical sector, petrochemicals, and the automotive industry.

Start-ups Digital Technologies International Cooperation

Kazakhstan’s Al-Farabi Innovation Hub Boosts Start-Up Opportunities in Saudi Arabia

A memorandum of strategic partnership has been signed by Kazakhstan’s Al-Farabi Innovation Hub and Saudi Arabia’s Al Rajhi International for Investment. The intention behind the agreement is to create a business accelerator for technology companies from Kazakhstan and Central Asia in Saudi Arabia, and provide opportunities for start-ups to pilot their practices, identify local business partners and secure venture capital. Supported by the Kazakh Ministry of Digital Development, Innovation and Aerospace Industry, the Kazakh-Saudi Business Council, and Astana Hub, the partnership will help expand the potential of Central Asian start-ups in Saudi Arabia by providing easier access to new capital and opportunities to both expand and compete globally. Emphasizing the significance of the agreement, Aslan Sultanov, founder, and CEO of Al-Farabi Innovation Hub, stated, “We are aimed at creating the best conditions for start-ups from Kazakhstan and Central Asia and strive to provide maximum development opportunities in the MENA market.” The Al-Farabi Innovation Hub was set up to attract talented entrepreneurs and innovative start-ups from Kazakhstan and Central Asian countries to Saudi Arabia.

International trade International Cooperation Tax

Uzbekistan and Turkey Enhance Strategic Partnership

On June 3, Ankara hosted a symposium on "Uzbek-Turkish Strategic Relations – Comprehensive Perspectives for the Future". Aimed to forge conceptual strategies to enhance the partnership between Uzbekistan and Turkey, the event was attended by First Deputy Minister of Investment, Industry and Trade of Uzbekistan Nozimjon Kholmuradov and officials from the Administration of the President of Turkey, heads of various ministries and agencies, as well as prominent political scientists and experts from both nations. Presentations highlighted the impressive momentum in trade, economic, and investment cooperation between Uzbekistan and Turkey. Over the last five years, bilateral trade has surged 1.3-fold, the number of enterprises funded with Turkish capital in Uzbekistan has tripled to 1,898, and the inflow of foreign direct investment (FDI) from Turkey has increased ten-fold. In 2023, 260 new Uzbek-Turkish ventures were established, elevating Turkey to third place in the number of joint ventures in Uzbekistan. The frequency of regular flights connecting the two countries has also grown 2.5-fold to 90 flights per week. Initiatives by Uzbekistan to further refine its investment climate include a steady six percent annual economic growth, a nine percent reduction in inflation, the drafting of an updated "Law on Investments" in alignment with WTO standards and the deployment of an efficient management system for special economic zones (SEZs). In addition, plans are in place to trim tax rates and the number of taxes, launch an ambitious new privatization program and IPO for shares of major companies, and establish a Tashkent International Arbitration Center.

Foreign Investment International Cooperation Industry

Chinese to Build Industrial Park and Bonded Warehouses in Kyrgyzstan

A memorandum of cooperation has been signed between the Ministry of Economy and Commerce of the Kyrgyz Republic and the Xinjiang Xing Long Corporation on the establishment of an industrial park in Kyrgyzstan and construction of bonded warehouses in the territories of both countries. The agreement was made during a visit by the Chinese company to Bishkek where delegates met with Deputy Minister of Economy and Commerce Nazarbek Malaev. The Chinese company has constructed innovative industrial parks in the city of Urumqi, Xinjiang, and owns the Xing Long Industrial Park in Urumqi spanning over 300,000 square meters and home to over 200 large and medium-sized companies. Deputy Minister Malaev welcomed the corporation’s plan to build an industrial park on the territory of Kyrgyzstan and pledged support for its to implementation. He also expressed interest in pursuing joint industrial ventures in Kyrgyzstan.

Central Asia GCC forum International Cooperation International trade

First Meeting of Central Asia – GCC Investment Forum

The Central Asia – GCC Investment Forum met for the first time in Saudi Arabia’s capital Riyadh on 29 May. The Gulf Cooperation Council (GCC) is a political and economic alliance of six Middle Eastern countries: Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman. The forum provided opportunities for representatives of Central Asian governments and business sectors and GCC countries to present economic and investment proposals, exchange views on issues concerning bilateral and multilateral cooperation, and discuss the implementation of strategically important projects in various fields. Delegates also participated in thematic panel sessions focusing on agriculture and food security, mining and metals industry, development and infrastructure, renewable and green energy. Kazakhstan’s Foreign Ministry, the Governor of the Astana International Financial Centre (AIFC) Renat Bekturov, noted the strategic importance of intensifying cooperation between the public and private sectors of the two regions. In his remarks, he emphasized the enormous potential of the Gulf market for strengthening trade and economic relations with Kazakhstan, as well as the unlimited prospects for expanding investment partnerships. With regard to other sectors, Bekturov spoke of the significant opportunities for Central Asian and GCC countries to expand collaboration in green energy, food security, transport and logistics, mining, petrochemicals, agriculture, finance, and tourism.

International Cooperation

Rome Hosts Third Central Asia + Italy Ministerial Meeting

On May 29, Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani, and Foreign Affairs Ministers of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan convened at the 3rd Central Asia + Italy Ministerial Meeting in Rome. The wide-ranging agenda focused on identifying new areas and practical measures regarding cooperation between Italy and Central Asia in transportation, logistics, green energy, global connectivity, higher education, and the fight against terrorism and drug trafficking. Calling for proactive collaboration in transport interconnectivity, energy, climate change, and education, Antonio Tajani commented: “Italy views with great interest the opportunities presented to Italian companies in Central Asia. Establishing a strategic partnership with Central Asian countries and strengthening economic and industrial cooperation in the fields of water resources, the environment, and higher education is a priority.” Over the past year, the Italian Government’s promotion of relations with Central Asian countries has been demonstrated by business forums involving Uzbekistan in June 2023, Kazakhstan in January, and most recently, Tajikistan in April. In line with a strategy to grow diplomatic activity conducted by the Italian Ministry of Foreign Affairs at the instigation of Minister Tajani, such initiatives aim to boost collaboration on regional projects concerning infrastructure, agriculture, machinery, and energy in Central Asia.