International trade - The Times Of Central Asia

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EDB Concept for Eurasian Transport Network

On 6 June, the Eurasian Development Bank (EDB) announced that it is preparing a concept for the Eurasian Transport Network aimed at enhancing connectivity across Eurasia and stimulating economic development, trade and mobility in the region. The EDB is a multilateral development bank with investments in the Eurasian states of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The Eurasian Transport Network is a system of international transport corridors and routes spanning over 50,000 kilometres. In 2023, five key corridors — the Northern, Central and Southern Eurasian Corridors, TRACECA (including the Trans-Caspian International Transport Route) and the International North-South Transport Corridor — carried 260 million tons of freight and 3.6 million international containers. According to the EDB, container traffic has tripled over the past decade. Having mooted the notion of the Eurasian Transport Network back in 2021, the EDB is now poised to present a detailed concept of its development. Analysis has shown that the synergy of corridors is ensured not through their competition, but through the connection and complementarity nature of its routes. The concept includes ten key elements, including addressing Central Asia’s challenges by making the region a transport crossroads, focusing on intra-regional connectivity, and providing a strong impetus to realize the region’s vast agro-industrial potential through new logistics and specialized rolling stock. The EDB’s new report, titled The Eurasian Transport Network, also examines promising transport infrastructure development projects and initiatives, including cooperation between countries and multilateral development banks towards their implementation. The report will be launched at the EDB Business Forum, scheduled for 27–28 June 2024 in Almaty, Kazakhstan.

International trade Transport cooperation EU Cooperation

Central Asia – EU Political and Security Cooperation

On June 5, Brussels hosted the 11th round of the annual High-Level Political and Security Dialogue between the European Union and Central Asia. Chaired by Enrique Mora, Deputy Secretary-General for Political Affairs of the European External Action Service, the meeting was attended by Deputy Ministers of Foreign Affairs of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. As reported by Kazakhstan’s Foreign Ministry, the agenda comprised the implementation of the Joint Roadmap for Deepening Ties between Central Asia and the EU, the dynamics of transport, trade, economic, energy and climate relations, and common security challenges regarding Afghanistan. Roman Vassilenko, Deputy Minister of Foreign Affairs of Kazakhstan, presented several initiatives relating to energy, trade and water resources management aimed at enhancing interregional cooperation with the EU. Outlining the priorities of Kazakhstan’s chairmanship of the International Fund for Saving the Aral Sea (IFAS), he highlighted a program for continuous monitoring of the basin ecosystem. To be implemented over the next three years, the initiative will provide a mechanism for long-term intraregional cooperation on the Aral issue. Vassilenko also reiterated the need for Central Asian countries to synchronize efforts in the fields of effective irrigation, the operation of water and energy facilities, and the implementation of environmental measures. The European External Action Service reported that in turn, the EU had reaffirmed its willingness to support efforts to intensify its cooperation on security with Central Asia, especially in areas concerning management of water-related challenges, energy and climate change, and connectivity. The High-Level Political and Security Dialogue was the latest conference to be held within the context of increased engagement between Central Asia and the European Union. Central Asia’s Heads of State and the President of the European Council had previously met on 27 October 2022 and 2 June 2023. At a further EU-Central Asia Ministerial meeting on 23 October 2023 in Luxembourg, the 27 EU Foreign Ministers adopted a Joint Roadmap for Deepening Ties between the EU and Central Asia with concrete actions for strengthening cooperation, most notably regarding security. The EU and Central Asian countries are now planning the first-ever EU-Central Asia Summit for later this year.

Tax International trade International Cooperation

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.

CASCA + Transport Corridor International trade International Transit Freight transit

CASCA+ Transport Corridor Freight Transit

Representatives of the railway administrations of Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, Georgia, and Turkey convened in Tashkent on May 28 and 29 to discuss the development of freight transportation along the CASCA+ transport corridor. CASCA+ is a joint initiative of the state railways of Azerbaijan, Georgia, Kyrgyzstan, Turkmenistan, Turkey, and Uzbekistan. The “+” sign indicates a willingness to accept new potential participants in achieving the goal to connect transport routes to Southeast Asia, particularly China, with Europe. As reported by Uzbekistan’s Ministry of Transport, the agenda focused on projects to develop the CASCA+ transport corridor, with representatives of all railway administrations supporting the Uzbekistan Railways’ initiative to create a consortium to coordinate related activities. Proposals were also forwarded to establish the safe transportation of perishable goods such as fruit and vegetables in refrigerated containers along the CASCA+ corridor and to create an online monitoring system for the location of wagons and containers travelling along the route. The emphasis on refrigerated transportation aligns with recommendations made in March by President Shavkat Mirziyoyev at a government meeting on increasing Uzbek agricultural exports.

Central Asia GCC forum International trade International Cooperation

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 trade Innovative technology

Kazakhstan’s Nomadiq Innovation Hub Opens in Singapore

The Nomadiq Innovation Hub has now officially opened in Singapore. A private initiative, the aim of the hub is to promote Central Asia as a single region in Singapore and advance cooperation in IT entrepreneurship. At the opening ceremony, Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, Zhaslan Madiev remarked that the new hub was designed to attract new start-up projects and unite Turkic countries’ efforts to expand digital solutions. “We have high hopes for the Nomadiq Innovation Hub in achieving goals that represent the interests of Kazakhstan and in particular, increasing the export of Kazakh IT products and attracting investment to our country,” the minister said. “Kazakhstan already has significant experience in developing and supporting start-ups and innovative projects. For example, the Astana Hub International Technology Park for IT Start-ups, launched five years ago, has now become one of the leading technology parks in Central Asia with 1,403 participants, including 388 foreign companies.” Outlining the project’s objectives, Olzhas Zhienkul, Chairman of the Board of Nomadiq Innovation Hub, announced, “Our main goals include the provision of in-depth and personalized support to selected projects, helping build sustainable business models and developing customized growth strategies. We are also focused on overcoming barriers to entry into international markets and will strive to position our region as a promising platform for venture investors.” Nomadiq is Kazakhstan’s third overseas innovation hub, joining the Silkroad Innovation Hub in the USA, and that in Riyadh, Saudi Arabia, named after the great philosopher al-Farabi.