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S&P Global’s research indicates that Kazakhstan’s manufacturing industry has shown the highest growth rate over the past five and a half years. The industry is reporting the highest employment rate, an increase in output and an inflow of new orders.

S&P Global’s Purchase Manager’s Index (PMI) in the manufacturing industry has reached a record-breaking 53.3 points in August, whereas July’s result was 51.7. The previous growth record was reported in June 2022. The analysis shows the industry has been growing for six months in a row.

One of the reasons for the improvement in the manufacturing industry’s climate was...

S&P Global Ratings’ analysts project moderate economic growth for Kazakhstan over the next three years at 3.7% on average, which falls significantly short of the cabinet’s expectations. Experts suggest that the country could enhance its economic position through successful privatization of state assets. However, according to Halyk Finance, citing S&P Global Ratings, the process of denationalization in Kazakhstan is extremely slow.

S&P Global Ratings ranked Kazakhstan at BBB- with stable outlook. The key element to maintaining the country’s positive rating is its oil and gas industry, which accounts for 20% of the national GDP, more than 50% of exports and...

Work is underway to establish a National Center for Artificial Intelligence (AI) in Astana, according to a report presented at a cabinet’s meeting on the implementation of President Kassym-Jomart Tokayev’s address to the nation.

The government said that specialists are currently working on staffing and equipping the new center. At the same time, AI product development for all sectors of the economy and the e-government platform is also in progress. The timeline for the project’s completion has not yet been disclosed. The Ministry of Digital Development’s press office confirmed that a designated committee has been established to create the center.

Jianlong, a Chinese metallurgical company from the Fortune Global 500, intends to build a steel factory in Kazakhstan. The company sees significant potential in Kazakhstan’s heavy industry and hopes to expand its capabilities by opening a new site in the country. Jianlong’s current total steel production capacity is 42 million tons. However, no details about the possible location of the new site have been provided.

With 14 metallurgical plants in China and other countries, Jianlong is one of China’s leading steel producers. In addition to steel production, Jianlong is also involved in logistics, trade and the production of vanadium and...

During an official trip to Beijing, Kazakhstan’s Energy Minister Almasadam Satkaliyev met with the heads of leading Chinese oil and gas companies, China National Petroleum Corporation (CNPC) and State Power Investment Corporation. Together with the Chairman of the Board of Directors of CNPC, Dai Houliang, they discussed the most important issues related to the development of the oil and gas sector in Kazakhstan.

«The two sides discussed the construction of a new line of the Beineu-Bozoy-Shymkent gas pipeline and the signing of a long-term contract for Kazakhstani gas exports. They paid particular attention to expanding the...

The agency of the Republic of Kazakhstan for Civil Service Affairs (ACSA) has set up a studio within the Academy of Public Administration under the President of the Republic of Kazakhstan. The plan is to improve the communication skills of Kazakhstani officials.

«The state-of-the-art studio will develop technically innovative training methods for officials. The training includes mastering the discussion and interview skills and efficiently implementing them during a speech,» the ACSA said.

The studio features automated video and visual content capture technology by Jalinga, along with a platform for connection to online conferences via YouTube...

During today’s national address, President Kassym-Jomart Tokayev suggested building airports in the resort zones. 

«The runways at the Balkhash and Alakol resort zones have already been renovated. Now, it’s time to unlock the potential of the Katon-Karagay, Zaysan and Kendirli resort zones. This will require building passenger terminals and airports along with well-developed road infrastructure. The Industrial Development Fund should also facilitate acquiring small aircraft for these airports,” he proposed.

The president also emphasized the necessity to make all the projects environmentally friendly to avoid any harm to nature. In his national address, Tokayev also...

During today’s national address, President Kassym-Jomart Tokayev announced that the referendum on nuclear power plant construction will take place on Oct. 6. 

«The nationwide referendum on the issue of nuclear power plant construction will take place on October 6 of this year. I am signing the corresponding decree today,» he said. 

According to the president, the referendum will be another vivid manifestation of a broad nationwide dialogue and implementation of the Listening State concept. By doing so, Kazakhstan is establishing a new sociopolitical culture and setting new standards for crucial state decision-making, President Tokayev added. 

Kyiv will stop the transit of Russian oil and gas to Europe starting from Jan. 1, 2025, but is ready to continue transiting hydrocarbon fuel from other countries such as Kazakhstan and Azerbaijan, according to Novyny.Live, citing Mykhailo Podolyak, the advisor to the head of the Office of the President of Ukraine.

«Yes, it could be any other transit gas coming from Central Asian countries, for example. Europe has already diversified its oil and gas supplies, and exports from Russia do not play the role they did 10 or 15 years ago in Europe. Moreover, let...

Eurasian Resources Group (ERG) would pay up to $350 million annually in a carbon border tax if one is introduced, said Talgat Temirkhanov, chair of the Kazakhstan Electric Power Association. 

«If a carbon border tax is introduced in the near future, ERG will annually lose from $330 million to $350 million at the border. To give you an idea of what’s exactly worth $350 million, it estimates approximately the wage bill of a large mining and metallurgical company. We realize that if we don’t make the first steps towards the carbon footprint reduction of our export...

The 2024 Summer Paralympic Games have started in Paris with the Opening Ceremony held at the Place de la Concorde. Berik Izmaganbetov, a sitting volleyball player, and Sevda Aliyeva, a shooter, carried the national flag of Kazakhstan. 

A record-breaking delegation of 44 athletes is representing Kazakhstan this year, 18 more than during the 2020 Tokyo Paralympics. Kazakhstanis will compete in nine sports: Para judo, Para powerlifting, Para taekwondo, Para athletics, shooting Para sport, Para table tennis, Para swimming, Para canoe and sitting volleyball. 

This is the first time athletes from Kazakhstan participated in a table tennis tournament and female Para...

The government of Moldova has approved opening an embassy in Kazakhstan. According to Moldova’s Ministry of Foreign Affairs, this initiative aims to expand the country’s diplomatic reach. The embassy will be based in Astana.

«Kazakhstan is a regional economic power with vast potential and a strong community ,» the Moldovan Foreign Ministry stated in a social media post.

The new embassy will be Moldova’s first diplomatic mission in Central Asia in 20 years.

«Moldova is strengthening its diplomatic presence in Central Asia and will open an embassy in Kazakhstan soon...

Kazakhstan’s National Bank has commented on the U.S. Department of the Treasury’s recent sanctions against the Center of Financial Technologies, the Russian developer of the Zolotaya Korona (Golden Crown) payment system. In response to Kursiv.media’s inquiry, the National Bank stated that it had not received any warnings from the U.S.

«Zolotaya Korona itself has not been included in the sanctions lists and no recommendations have been received. Second-tier banks, as private business entities, independently assess risks to their activities and decide whether to engage with foreign payment systems based on commercial interest and economic feasibility,» the...

Citibank’s Kazakhstani subsidiary has informed its clients that it would stop servicing Russian ruble accounts starting from Sept. 24, 2024, according to Frank Media, a Russian media outlet, citing the bank’s support service.

«Starting from Sep. 24, new Russian ruble currency agreements will no longer be accepted and existing accounts will not be serviced. This also applies to contract parties based in Russia,» a source from the media outlet explained.

Citibank Kazakhstan advises clients to convert their rubles to another currency or close their ruble accounts by the end of next month. Starting from Sept...

The cost of building a one-gigawatt (GW) nuclear power plant in Kazakhstan is estimated at 20 billion yuan ($2.8 billion), with a five-year construction timeline, according to Li Yudong, deputy head of the representative office of the China National Nuclear Corporation (CNNC) in Central and Eastern Europe. He shared this information with Kursiv.media during the KazAtomExpo.

«Twenty billion yuan is the estimated cost for one unit, with a construction period of five years,» Li said.

If a Chinese contractor is selected, the cost to build a two-unit nuclear power plant with a total capacity of...

In 2023, Qazaq Air reported $16.4 million in losses, which is a 15% increase year-on-year. As a result, the company’s accumulated loss increased from $79.3 million to $95.98 million over the year, according to Qazaq Air’s financial statement for 2023. 

The company’s corporate earnings decreased by 4%, reaching $42.9 million, down from the $44.7 million QazaqAir earned previously. This decline was mainly due to the forced reduction of international flights, a result of restrictions imposed by foreign authorities.

A 3% increase in domestic flights (from 8,800 to 8,500) wasn’t enough to offset the profit margins of 2022. Most of the company’s...

In July, Kazakhstanis purchased 202.5 million worth of dollars in exchange offices — 1.5 times less than the previous month’s $306.6 million and half as much as the $404 million spent in July last year, according to the National Bank.

Exchange offices have not seen such low volumes since June 2023, when they sold $199 million. An even lower figure, $152 million, was observed in April 2023.

However, since last summer, the volume of dollar purchases has been increasing, reaching $495 million in December 2023. In January, the figures remained high at $395.5 million but soon declined, with purchases from...

Kazakhstan has no other option but to build a nuclear power plant, according to Minister of Energy Almassadam Satkaliyev.

«Global trends indicate that constructing a nuclear power plant is the only viable solution for replacing decommissioned capacities and ensuring Kazakhstan’s energy self-sufficiency. Currently, there is no alternative to nuclear power plants,» Satkaliyev stated at a government meeting.

The minister highlighted that the global trend is shifting towards carbon neutrality, with international financial institutions increasingly unwilling to invest in coal-fired power plants. Additionally, Kazakhstan cannot pursue large-scale gas-fired generation due to its limited gas resources.

Satkaliyev...

Kazakhstan’s Unified Accumulative Pension Fund’s (UAPF) audited report for 2023 indicates that nine foreign asset management companies generated $303 million in income for depositors. This is a significant improvement from 2022 when the fund reported a loss of $203 million. The assets managed by these foreign companies saw substantial growth year-on-year (YoY).

The top-performing entities were PGIM Limited, Principal Global Investors Limited and HSBC Global Asset Management Limited, managing $1.09 billion, $1.08 billion and $687 million in pension assets, respectively.

Other managing entities with smaller pension assets include Aviva Investors Global Services Limited ($381.9 million), Invesco Asset Management Deutschland...

Kazakhstan’s government anticipates that the national economy will grow by 5.6% in 2025, with an average annual GDP increase of 5.4% over the next five years. While these rates are considered relatively high, they fall short of the president’s target of 6%.

These figures were disclosed by Minister of National Economy Nurlan Baibazarov during a presentation of a draft law on the 2025-2027 state budget to Prime Minister Olzhas Bektenov. The document is available on legalacts.egov.kz.

The draft outlines the budget’s income and expenditures under basic scenarios for the country’s development, based on an average oil price of $75 per...

President Kassym-Jomart Tokayev has proposed to stop attracting international athletes, the president’s office reported. Instead, he suggests inviting foreign specialists to support sports Kazakhstan has been struggling with. 

The president has also demanded to stop naturalizing foreign athletes. 

«In fact, international athletes take the place of our own young and promising athletes who could have been in the national team. At the same time, it is reasonable to attract foreign coaches to those sports we experience difficulties with. International athletes cannot maintain long-term success but professional coaches can,» the head of state underlined during a meeting...

Kazatomprom and TajRedMet have agreed to collaborate in exploring, mining and processing uranium and other rare and rare-earth metals. The two enterprises signed a memorandum of understanding (MoU) during an official visit of President Kassym-Jomart Tokayev to Tajikistan, as reported by the press service of Kazatomprom.

According to Kazatomprom, the document lays the groundwork for a mutually beneficial strategic partnership, which could play a vital role in advancing the mining industry in both countries. Apart from mining and processing minerals, the two sides will collaborate in scientific research and research and development (R&D) projects. They will also introduce innovative...

The Milkh dairy plant, located in the Kostanay region, will produce 20 varieties of hard cheese. The facility’s expansion is made possible through a partnership with the German enterprise Deutsches Milchkontor GmbH. According to the Ministry of Agriculture, a new expanded facility is expected to launch this November.

Investments in the construction of the Milkh plant amounted to $14.9 million. Once operational, the plant is expected to process up to 250 tons of milk per day, producing 2,000 tons of cheese annually. The new facility will create 35 jobs. 

«Currently, the main construction and installation works...

Freedom Broker and Jusan Invest analysts have raised their target price for Kazatomprom’s stock by one-third and are advising investors to buy it following the release of the company’s financial report for the first six months of 2024, according to recent brokerage reviews.

«Kazatomprom’s share valuation has increased to KZT24,600 (approximately $50.90), with a growth potential of 34% from the current KASE price of KZT18,370 ($38). The recommendation is to ‘BUY’,» stated analysts at Freedom Broker.

The experts attributed this positive assessment to a 13% growth in revenue, a 14% increase in uranium sales and...