Trade - The Times Of Central Asia

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Turkmenistan and Turkey Aim to Double Trade Turnover

Turkmenistan and Turkey have announced plans to double their annual trade turnover from $2.5 billion to $5 billion in the coming years. Turkish Trade Minister Ömer Bolat shared the goal during an exhibition in Ashgabat, where more than 70 Turkish companies were represented. He emphasized that the current trade volume is insufficient and that achieving this milestone would significantly strengthen economic ties between the two nations. Roadmap for Economic Cooperation A key step toward this goal will be the 8th meeting of the intergovernmental commission, scheduled for February or March next year in Ankara. According to Bolat, the meeting will approve a new roadmap for trade and economic cooperation. “We will develop our cooperation in various fields, following the vision of the leaders of our brotherly countries,” Bolat stated, highlighting the deep cultural and historical ties between Turkey and Turkmenistan. Priority Sectors The partnership will focus on several priority areas: • Energy: Discussions are underway to facilitate the transportation of Turkmen natural gas to Europe, which could lead to strategically important agreements. • Chemical Industry: Both countries aim to collaborate on projects that enhance the sector's development. • Trade Facilitation: Improvements in customs procedures and visa regime simplifications are expected to ease business interactions for citizens of both nations. Bolat also underscored the importance of Turkish construction projects in Turkmenistan, as well as the role of the Middle Corridor in boosting trade opportunities by improving goods transportation. Strengthening Economic Ties Turkey and Turkmenistan already maintain robust economic relations, with Turkey ranking as one of Turkmenistan’s leading trade partners. More than 600 Turkish companies operate in sectors such as trade, investment, construction, energy, transportation, communications, textiles, and processing industries. This strategic collaboration reflects shared cultural and historical roots, with both countries committed to furthering economic cooperation across various fields. The ambitious $5 billion trade goal demonstrates a mutual effort to deepen ties and expand opportunities in the region.

China Xinjiang Trade Pakistan Khorgos Uyghur Belt and Road Initiative Economic Cooperation Foreign Cooperation railroads

Amid Sanctions, China’s Xinjiang Strengthens Ties with Central Asia

China’s Xinjiang region is deepening its engagement with Pakistan and Central Asia as part of efforts to counter Western sanctions and bolster its role in the Belt and Road Initiative (BRI). On November 26, officials from Xinjiang met with their counterparts from Kazakhstan’s Zhetysu region for the first meeting under a new cross-border coordination mechanism. The discussions focused on cross-border tourism, infrastructure, market regulation, quarantine measures, and joint crime prevention. The meeting culminated in the signing of a memorandum on cross-border tourism. The discussions took place near the port of Khorgos, a critical hub for the China Railway Express, which connects China with Europe. Khorgos is home to China’s first cross-border cooperation center, where residents of neighboring countries can engage in business and shop visa-free. The center allows duty-free purchases of up to 8,000 yuan ($1,104) per day. Xinjiang Governor Erkin Tunyoz stressed the importance of strengthening ties with Zhetysu in areas such as trade, tourism, security, and agriculture. This cooperation is becoming increasingly crucial for Beijing as Xinjiang grapples with sanctions from the United States and other Western countries over alleged human rights abuses—a claim that China denies. Sanctions include the U.S. Uyghur Forced Labor Prevention Act, which prohibits imports from Xinjiang suspected of being produced using forced labor. Similar measures have been implemented by Canada, the United Kingdom, and the European Union. In addition to its collaboration with Kazakhstan, China has established a dialogue mechanism with the five Central Asian countries—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Since 2020, foreign ministers from these nations have met annually to discuss logistics, trade, investment, agriculture, mining, and security. Li Lifan, a Central Asia scholar at the Shanghai Academy of Social Sciences, described Xinjiang as a “bridgehead” for the BRI. He highlighted the region’s rich natural resources and its role as a base for major industries, including automobile manufacturing. In 2023, trade between Xinjiang and Central Asian countries surged by 50%, reaching 283 billion yuan ($39 billion). Despite these successes, Li cautioned about future challenges. He noted uncertainties surrounding potential Western secondary sanctions, geopolitical tensions, and Russia's ongoing war in Ukraine. Additionally, U.S.-China relations remain fraught, with further unpredictability anticipated under the leadership of Donald Trump. “Full economic development may only be achievable once global tensions ease,” he said.

Trade Market economy Digital Service Digital Technologies Trade & Markets

Kazakhstan Launches New Online Marketplace

A new domestic online marketplace, Teez, has commenced operations in Karaganda, the central city of Kazakhstan’s Karaganda region. The platform, offering next-day delivery, has opened pick-up points in 24 cities nationwide. On November 29, Kazakhstan’s Minister of Trade and Integration, Arman Shakkaliyev, visited the marketplace's main warehouse. Teez co-founder Linar Khusnullin informed the minister that the platform currently operates 40 pick-up points and plans to expand this network to 127. The marketplace offers 50,000 product types, and its customer application has already been downloaded by 170,000 users. The company’s warehouse spans 25,000 square meters, but by 2030, it aims to expand to a 120,000-square-meter facility. Teez aspires to become Kazakhstan’s leading e-commerce platform. Shakkaliyev highlighted the rapid growth of e-commerce in Kazakhstan, noting a 20% increase in electronic trade volume from January to October 2024 compared to the same period in 2023. He emphasized that Karaganda, with its central location and developed infrastructure, has the potential to become a vital trade and logistics hub not just for Kazakhstan but for the entire Central Asian region. The Times of Central Asia reported that in 2023, the volume of e-commerce in Kazakhstan exceeded 2.2 trillion KZT ($4.8 billion), accounting for 13% of all retail trade, a 0.5% increase from the previous year. The country aims to raise its share of e-commerce to 20% by 2030.

Afghanistan Trade Border Trade Routes Foreign Trade International trade

Kyrgyzstan Secures Pavilion in Uzbek-Afghan Border Trade Center

The Ministry of Economy and Commerce of Kyrgyzstan has acquired a trade pavilion at the Termez International Trade Center in the town of Termez, Uzbekistan, near the Afghan border. This purchase agreement was signed on November 11 between the ministry and LLC Termez International Trade Centre, the center's management company. This pavilion offers Kyrgyzstan a strategic foothold to expand its presence in the markets of Uzbekistan and Afghanistan, promoting the export of Kyrgyz agricultural and industrial goods while enabling direct interaction with Afghan business partners. The Kyrgyz government has expressed an ongoing interest in strengthening economic relations with Afghanistan. From January to August 2024, trade between the two countries reached $14 million, with Afghan exports to Kyrgyzstan accounting for $6 million of this total, as noted in a recent report. The Termez International Trade Center serves as a vital hub at the intersection of Central Asian trade routes, facilitating substantial trade flows between Uzbekistan and Afghanistan. Opened on August 29 by Uzbek Prime Minister Abdulla Aripov and the acting Afghan Deputy Prime Minister Abdul Ghani Baradar, the center features retail spaces, hotels, a medical center, and other amenities. It also supports transactions in multiple currencies, including U.S. dollars, euros, rubles, and yuan. Notably, Afghan citizens are allowed to visit and conduct trade at the Termez center for up to 15 days without requiring an Uzbek visa, enhancing accessibility for Afghan traders.

National Bank Trade Gold Gold mining in central asia Economy

Kyrgyzstan Removes Restrictions on Sale of Gold

In early September, a state-owned store selling gold bars opened in Bishkek where gold can be bought without the presentation of a passport. Kyrgyzaltyn OJSC has already reported record sales, topping 50 million KGS ($585 thousand), and providing the store with a net income of 3 million KGS ($35 thousand). Changes in the law which previously allowed gold bars to only be bought in limited amounts through the National Bank of Kyrgyzstan, were instigated by President Sadyr Japarov of Kyrgyz, who explained: “The National Bank does not sell bullion without a passport. Businessmen and rich people approached me - worried that if they started showing their documents - the whole of Kyrgyzstan would know about it, including robbers. Businessmen said they would have to stay in their houses and guard the gold,” Having lifted restrictions, Sadyr Japarov called on citizens to buy domestic gold, recommending it as a reliable and profitable investment. The Kyrgyzaltyn store sells gold bars weighing from 1 to 100 grams, each carrying an individual QR code confirming the gold's origin. Prices for the sale and repurchase of gold are set daily, based on London Bullion Exchange quotations. Kyrgyz economists believe that the growth of investment in gold indicates an increase in confidence in this asset. “In Kyrgyzstan, this trend is influenced by several factors. Global instability and fluctuations in currency markets make people look for more reliable assets. Declining yields on bank deposits are also pushing for alternatives. In addition, inflation expectations encourage people to convert their savings into gold,” economist Nurgul Akimova told The Times of Central Asia. Kyrgyzstan has about 380 gold deposits, the largest of which is Kumtor in Issyk-Kul Oblast. The republic's mining sector produced over 20 tons of gold in 2023.

International Relations International trade Economic Cooperation International Cooperation Trade China

Trade Volume Between Kyrgyzstan and China Reaches $11 Billion

Trade turnover between Kyrgyzstan and China for the first seven months of 2024 reached approximately $11 billion, as reported by the Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan, Bakyt Torobayev, in Beijing. Torobayev emphasized that the foundation for successful cooperation was laid during the meetings between Kyrgyz President Sadyr Japarov and Chinese President Xi Jinping. In 2023, the volume of trade turnover between the countries reached $20 billion, 32% more than in 2022. Torobayev also noted that important steps to strengthen cooperation continue. In particular, the project to build a railroad connecting China, Kyrgyzstan, and Uzbekistan is moving forward. Another significant event was the opening of the simplified border crossing point “Bedel” on the Kyrgyz-Chinese border, which indicates the beginning of a new stage in bilateral relations. Cooperation between Kyrgyzstan and China covers trade, energy, and infrastructure spheres. In addition, China is actively investing in hydropower and implementing programs to improve Kyrgyzstan's infrastructure. These projects are expected to contribute to sustainable economic growth.