• KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
  • KGS/USD = 0.01143 0%
  • KZT/USD = 0.00200 0%
  • TJS/USD = 0.10593 -0.19%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28575 0%
22 February 2026

Viewing results 1 - 6 of 53

Kazakhstan President Pinpoints Flaws in Tourism Development

On June 13, Kazakhstan President Kassym-Jomart Tokayev chaired a government meeting on the development of the country’s tourism industry. He opened by noting that despite its favorable geographical location, the diversity of its nature, and its rich historical and cultural heritage, Kazakhstan’s wide-spanning tourism potential remains largely unexploited. “Tourism as an important sector of the economy is not yet effective, which is a big omission of the government. Over the past four years, the share of tourism in the economic structure has decreased from 3.7% to 3.2%, almost threefold lower than the world average. According to this indicator, Kazakhstan falls below neighboring countries with similar climates and culture. It is obvious that a qualitative breakthrough in the development of the tourism industry requires urgent systemic measures,” said the president. Tokayev then outlined areas in need of urgent improvement, beginning with problems posed by the country’s weak transport infrastructure for domestic tourism: “The quality of railway transportation in the country is beyond criticism. Most of the rail carriages are worn out, and some do not even have air conditioning. The government needs to renew the fleet of rail carriages in the next five years. In addition, it is important to improve railway stations. Their appearance and infrastructure must meet international standards. In summer, the flow of railway passengers increases sharply. It is therefore necessary to increase the number of trains with comfortable carriages to the most popular destinations. The quality of our roads also leaves much to be desired, making it very difficult to reach remote recreation areas by car. There are practically no fully serviceable highways. The reconstruction of the Astana-Almaty highway, connecting the south and center of Kazakhstan, has been ongoing since 2021. There are many similar unfinished roads across the country and it is imperative that the government completes these road projects this year.” The President emphasized that the poor logistics connectivity of holiday destinations affects not only domestic tourism, but also the influx of guests from abroad. “Almost 90% of foreign tourists come to Kazakhstan from neighboring CIS [former Soviet] countries. There are still few tourists from non-CIS countries. International studies show that over 70% of travelers prefer to visit vacation destinations within a 4-hour flight, making Kazakhstan  very attractive to tourists from China, India, East Asia, and the Middle East. It is also necessary to consider, specific issues related to the national mentality of foreign tourists, their interests, and requests. Within 5 years we can double and even triple the number of foreign tourists but to do so, we need to develop air transport, firstly by expanding the presence of low-cost airlines on popular air routes. Their current share in passenger air transportation in Kazakhstan is only 21%.” The head of state criticized the Government's plans to simultaneously develop 20 tourist zones across the country, claiming the approach ineffective regarding the dispersion of the state's limited resources. Instead, he recommended that efforts focused on the development of the most promising locations, in the shortest possible time,...

Uzbekistan to Establish International Financial and Technology Center

On June 13, Tashkent hosted the inaugural meeting of the Working Groups on the development of Uzbekistan’s capital market and creation of the International Financial and Technology Center. The event which also addressed the development of the Law on Alternative Investments, was organized within the framework of the Foreign Investors Council under the President of Uzbekistan. Representatives of international financial organizations and Uzbekistan’s business community joined heads of Uzbek ministries and foreign investors in discussions on the establishment of an International Financial and Technology Center, with an emphasis on attracting financial technology companies to Uzbekistan. The Uzbek Ministry of Investment, Industry and Trade reported that the agenda also included the development of a law governing the Center's operations as well as the creation of a strategy to promote opportunities offered by the center to entice foreign investment in Uzbekistan. According to experts, the launch of the Center will ensure long-term sustainable investment growth, increase the country’s GDP by 1% annually, and attract portfolio investments amounting to $7-$8 billion by 2028. It is also expected to create 15-20 thousand new highly skilled jobs over the next ten years. The meeting also reviewed draft amendments to the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Investors' Rights" and the concept of the law "On the International Financial and Technology Center".

Kyrgyzstan and IFC Sign Agreement on Two Solar Power Plant Projects

On 10 June, the Ministry of Energy and the Ministry of Economy and Commerce of the Kyrgyz Republic signed an agreement with the International Finance Corporation (IFC) on the implementation of two solar power plant projects in the country’s Batken and Talas regions. According to the Ministry of Economy and Commerce, the agreement is a continuation of cooperation between the Kyrgyz government and IFC on the construction of solar power plants with a total capacity of up to 500 MW in Kyrgyzstan. In the first phase of this collaboration, IFC helped the Kyrgyz Republic conduct a comprehensive analysis for a pilot project for a 100-150 MW solar power plant planned in the Kochkor district of Naryn region, and is currently helping to attract private investors in its implementation. The second stage will include two solar plants, each with a capacity of 100-150 MW, in the Batken and Talas regions.  

Donor Coordination Committee Established for Kyrgyzstan’s Kambarata HPP-1 Project

The Kyrgyz Republic International Energy Investment Forum, held in Vienna, on June 10, concluded with the establishment of a Donor Coordination Committee for the construction of Kambarata HPP-1 hydropower plant in Kyrgyzstan. The Kyrgyz Cabinet of Ministers said that the doors are open to interested parties but to date, the committee comprises major international financial institutions and development partners, including the World Bank, the OPEC Fund, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development. The Committee’s first meeting is scheduled for autumn this year. An inter-ministerial agreement on cooperation on the Kambarata HPP-1 project was also signed by the Ministries of Energy of the Kyrgyz Republic, Kazakhstan, and Uzbekistan. Summarizing the outcome of the forum, Chairman of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Japarov announced: “We have made significant progress in establishing contacts and a common understanding of further actions. I am confident that the created Donor Coordination Committee will be a continuation of actions to implement the national project — the construction of Kambarata HPP-1.” Japarov told forum participants that “According to experts, by 2050 the population in Central Asia will increase by 27%, the demand for food by 35%, and the consumption of drinking water by 50%. At the same time, water is the main artery of life in the countries of the Central Asian region. Countries located at the sources of large rivers account for 80.7% of the region’s total water flow.” Regarding different countries’ priorities for water usage - downstream Kazakhstan and Uzbekistan use water in irrigation mode in summer, and upstream Kyrgyzstan and Tajikistan, in energy mode in winter -he warned “This situation affects the energy and food security in the region.” He then provided a more detailed report on the Kambarata HPP-1 project: “Kambarata HPP-1 is located at the source of the glaciers. Effective operation of this power plant will allow the accumulation and rational use of water resources of the Toktogul reservoir. The Kambarata HPP-1 construction project has broad economic, environmental, and social benefits and prospects for both Kyrgyzstan and the Central Asian region. The project will provide the Kyrgyz Republic and Central Asia with clean energy at the lowest cost, which entails lower costs of the energy transition in the region. Electricity generation at hydroelectric power plants will reduce emissions of pollutants into the atmosphere.” Reiterating the project’s key importance in meeting the growing demand for energy and increasing energy security in the region, Japarov continued: “The power plant will be sited in the upper reaches of the Naryn River. Its installed capacity will be 1,860 megawatts with an average annual generation of 5.6 billion kilowatt-hours of electricity. The preliminary construction estimate is more than $4 billion. The master plan of Kambarata HPP-1 includes a rock-fill dam, a hydroelectric power plant building with four hydraulic units, construction and operational spillways and transport tunnels, a residential village [for personnel], a reservoir and water treatment facilities.” He confirmed...

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.    

Green Light for Hydrocarbon Development in Kazakhstan’s Caspian Sea Sector

In a statement issued on 4 June, Kazakhstan’s Ministry of Energy announced that work on an oil and gas project to develop the Kalamkas-Sea and Khazar fields is now ready to begin. The Kalamkas-Sea and Khazar Fields Joint Development Project will be implemented by Kalamkas-Khazar Operating, a specially created venture comprising Kazakhstan’s national oil and gas company KazMunayGas (50%) and Russian oil company Lukoil (50%). Construction of the steel offshore platforms will begin in 2026 at Kazakh shipyards to ensure the earliest possible start of production at the Kalamkas-Sea field. The project aims to attract over $6 billion in direct investment and during its development phase, create up to 2,000 jobs. Once in operation, a further 300 posts will be added. The Kalamkas-Sea field, 50km long and 6km wide, sits in the central part of the north-eastern sector of the Caspian Sea, 64 km offshore at a depth of 6-7 meters. The Khazar field is located 30 km southwest of Kalamkas-Sea and 65 km northwest of the Buzachi Peninsula. The Kalamkas-Sea and Khazar fields are the only fields in the Kazakhstan sector of the Caspian Sea with confirmed reserves.