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The inaugural meeting of the Board of Governors of the Turkic Investment Fund (TIF) was hosted by Istanbul on 21 May. The Turkic Investment Fund, the first financial institution for economic integration of the countries of the Turkic world was officially established by Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkey on 16 March 2023 at the summit of the Organization of Turkic States in Ankara. With an initial capital of $500 million, TIF’s main objective is the development of economic and commercial relations between the Turkic countries. According to estimates by the Turkish Ministry of Finance, by the end of 2024, the Turkic states will occupy an important place in the global economy, reaching an economic volume of $1.9 trillion to the benefit of a population of 178 million. Commenting on the importance of Turkic integration for his country, Deputy Prime Minister - Minister of National Economy Nurlan Baybazarov and Kazakhstan’s representative on the TIF Board of Governors, said: “The Government of Kazakhstan fully supports the start of the Fund’s operation. I am confident that it will become a catalyst for economic growth and development of the participating countries, contribute to the deepening of investment cooperation and effective interaction in the implementation of joint projects.” The key sectors to receive funding include infrastructure, renewable energy, agriculture, tourism, and IT.
Kazakhstan aims to increase non-resource exports to $37.7 billion in 2024 and by 2025, to $41 billion. Announcing the government’s plans on 21 May, Prime Minister Olzhas Bektenov, Bektenov emphasized the importance of strengthening support for export-oriented enterprises through the provision of consulting services, information support and assistance in entering new markets and explained: "We need to increase the production and export of high value-added goods. We must actively support domestic producers and exporters." At the meeting, Minister of Trade and Integration Arman Shakkaliyev also reported on measures taken to increase non-resource exports. In 2023, the country’s non-resource exports increased by 3%, with 278 new products added to the list. The expansion of non-resource exports encompassed 135 countries. Exports to China rose by 8%, South Korea by 26%, and Vietnam by 46%. Kazakhstan also increased its export of processed agricultural products: flour by 1.1%, sunflower oil by over 55.5%, and beverages by 42.8%. The Ministry of Trade plans to expand the exports of finished products to China 2.5-fold, to $12.5 billion, and increase supplies of high-margin goods - chilled lamb, poultry meat and by-products - to Middle Eastern countries. Priority will also be given to expanding exports of Kazakh food and organic products to highly competitive EU markets.
On May 16, Malaysian Prime Minister Anwar Ibrahim made an official visit to Kazakhstan to engage in talks with President Kassym-Jomart Tokayev. The meeting focused on expanding cooperation in political, trade, economic, investment, and humanitarian spheres. In his opening speech, Tokayev hailed Malaysia one of Kazakhstan's most important and reliable partners in Southeast Asia, and continued: “Kazakhstan and Malaysia have a history of long-standing ties of friendship and cooperation - so I believe your visit will provide a very strong impetus to the further development of ties between our countries. We are ready to make additional efforts to advance our interaction and cooperation in many important areas.” The Kazakh president welcomed the participation of Malaysian companies in the implementation of new projects and promised necessary support from the Government of Kazakhstan. In addition, he commended the 30-day visa-free regime which benefits citizens and in particular, business men and women, travelling and working between the two countries, and noted the convenience of direct flights. Regarding cooperation in education, attention was drawn to the fact that more than 500 Kazakh students are currently studying at Malaysian universities. In turn, Anwar Ibrahim stressed the importance of strengthening Malaysia’s trade and economic cooperation with Kazakhstan, and stated: “We can make the most of growing economic relations. We have created a huge commodity market in Malaysia. Our country has now become a regional hub for the production of computer chips with significant investments from the USA, Europe, especially Germany, and China. I think we can share this experience and at the same time, learn from your successful transformations of various fields.”
Wildberries, Russia’s largest online marketplace, is set to build a logistics center spanning 300,000 square meters in the Chui region of northern Kyrgyzstan to service cross-border e-commerce. The initiative was confirmed on 16 May in Kazan, Russia, in the signing of a Memorandum of Understanding and Cooperation by Wildberries, the Kyrgyz Ministry of Economy and Commerce, and the Office of the Plenipotentiary Representative of the President of the Kyrgyz Republic in the Chui region. The large-scale infrastructure project represents an important milestone in trade and economic cooperation between Russia and Kyrgyzstan. As part of its positive impact on the Kyrgyz economy, the ministry says the initiative will help raise employment, and increase the volume of the economically active population through the development and emergence of new small and medium-sized enterprises, contractors, and buyers. Kyrgyzstan is currently home to two other Wildberries centres in Bishkek and Osh servicing some 130 order delivery points across the country. E-commerce is rapidly growing in Kyrgyzstan and to date, over 17,000 Kyrgyz sellers are registered on the Russian marketplace, compared to about 7,000 in 2022.
