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Multimillionaire, Forbes Kazakhstan rating newcomer and former Russian citizen — this is how one may describe Arsen Tomsky, the founder of international ride-hailing service inDrive. Thanks to this business, Tomsky possesses a fortune of $920 million. Initially established in Yakutia, Tomsky’s IT company evolved into a unicorn and was later relocated to Kazakhstan. Today, InDrive invests in Kazakhstani startups and spearheads non-profit initiatives to fight injustice. 

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An oil tanker named after Kazakhstan’s former President Nursultan Nazarbayev and owned by the Russian company Rosneftflot has been included in the latest round of U.S. sanctions.

On Jan. 10, the U.S. Department of the Treasury announced a new wave of sanctions targeting Russia. The sanctions include Gazprom Neft and Surgutneftegas, two of Russia’s major oil and gas companies, as well as approximately 100 vessels associated with its largest shipping company Sovcomflot, along with Rosneft and Gazprom Neft.

Among the sanctioned vessels is a tanker named after Nursultan Nazarbayev, constructed at Russia’s Zvezda shipbuilding plant. The keel-laying ceremony took place...

The first phase of testing an innovative chemical substance designed in Hungary to save water in agriculture has been successfully completed in Kazakhstan. The tests were conducted by four research and development centers in collaboration with Kazakhstan’s Ministry of Water Resources and Irrigation. 

Kazakhstani scientists evaluated the substance’s ability to retain soil moisture and enhance crop yields under different climatic conditions. The results showed that water consumption on rice paddies decreased by 37%, requiring only 51 days for watering instead of 90. Similarly, water consumption for sugar beet and corn dropped by 23.9% and 28.7%, respectively.

According to Minister of...

According to the National Bank of Kazakhstan, the country’s external debt grew by 2.4% in the third quarter of 2024 ($3.9 billion) to $165.8 billion. The key creditors for Kazakhstan are the Netherlands, Russia and the U.K. It’s worth noting that Kazakhstan has managed to cut its debt to the first two countries. In Kazakhstan, debt owners are primarily companies from the mining sector.

Currently, the amount of debt to creditors from the Netherlands is $42.1 billion, which is a 0.5% decline compared to the second quarter of 2024 and 1.2% lower than in 2023.

The U.K. holds the second...

The Kremlin is reportedly considering deeper integration with Belarus, with plans to annex the country after the conclusion of the war in Ukraine, according to the Meduza news outlet, which cited a source close to the Putin administration.

«It could begin with the creation of shared government bodies, possibly elected through a dedicated campaign to highlight historic achievements, such as the unification of lands fragmented in the 1980s and 1990s, forming a new union of republics. This would be a major event and easily promotable,» the source told Meduza.

The source added that this strategy...

A Kazakhstani company has been sanctioned by Japan for alleged ties to Russia, as revealed during a recent meeting of the Japanese cabinet addressing the situation in Ukraine.

According to a report published on Nikkei.com on Jan. 10, Japan’s government approved a new package of sanctions against Russia in response to its invasion of Ukraine. These measures include a ban on the export of 335 items, such as engine parts and chemical substances, as well as the freezing of assets belonging to 11 Russian individuals, 29 companies and three banks.

The sanctions extended beyond Russia, with one Kazakhstani company added...

Freedom Financial Services Inc., a subsidiary of Freedom Holding Corp., is going to establish a new broker in Turkey. The company will be named Freedom Investment Securities Inc., as the local regulator has already approved the move.

According to the Turkish Capital Markets Association, there are over 70 brokerage companies in the country. Among the biggest are Yapi Kredi ($1.35 billion), Ak Investment ($539 million) and İş Investment ($469 million).

Both Freedom Holding Corp. and its CEO and founder, Timur Turlov, have frequently discussed entering foreign markets – first and foremost the UAE and Turkey. Turlov has also not ruled...

Between January and September 2024, the net inflow of foreign direct investment (FDI) into Kazakhstan’s economy plummeted 32.3 times year-on-year (YoY), dropping from $2.3 billion to just $72.9 million, according to data from the National Bank. This figure marks the lowest level recorded since the regulator began publishing data in 2005. Economist Galymzhan Aitkazin was the first to spotlight this alarming trend.

As defined by the International Monetary Fund (IMF), FDI involves an investor exercising control over a company in another country. Kazakhstan’s National Bank calculates FDI by including foreign ownership in company capital, reinvested earnings and debt instruments.

In...

The Bozzhyra tract won’t be added to the Ustyurt Nature Reserve, according to the administration of the Mangystau region. In 2021, when the media reported plans to build a hotel in the area, many public activists urged authorities to include Bozzhyra in the nature reserve.

That being said, Kazakhstani authorities plan to expand the reserve’s size by nearly 640,000 hectares. At the same time, the protected area, where no settlements or commercial activity are allowed, will reach 20,500 hectares.

The territories to be added to the nature reserve border Uzbekistan and Turkmenistan.

«Please note that the...

Kazakhstan has ratified a free trade agreement between the Eurasian Economic Union (EEU) and Singapore. President Kassym-Jomart Tokayev has already signed the corresponding law, as reported by his press service.

Under the agreement, the EEU will introduce a tariff-free regime for 88% of the product range, up from 40% previously, while Singapore will lift all import tariffs. Previously, the government of Singapore, a member of the World Trade Organization, had the right to raise tariffs for agricultural and industrial products up to 10%.

The EEU and Singapore agreed to gradually remove all customs duties in November 2019 at a meeting...

The Uzbek government is proposing a ban on the production, import and use of plastic bags starting in 2027. The initiative also implies establishing recycling stations for goods in plastic packages.

To achieve this goal, Uzbekistan will develop a draft of a national program for reducing plastic pollution for 2025-2027, as reported by Gazeta.uz.

«The proposal is to ban the production, import and use of plastic bags starting in 2027, as well as encourage the use of environmentally-friendly (biodegradable) bags. Furthermore, it’s planned to limit the use of harmful chemical substances in plastic objects and establish...

Kazakhstan’s Ministry of Transport has announced plans to secure approximately $17 billion in investments for sweeping reforms in rail, water transport and road infrastructure. Key initiatives include the construction of new railroads and highways, the establishment of a container hub in the port of Aktau and the procurement of new railcars.

The infrastructure improvement project, slated for completion by 2030, aims to add 4,700 kilometers of new roads, 3,700 kilometers of which will meet Category 1 standards, the highest road classification, requiring a width of 35 meters.

Starting in 2025, the following road segments will undergo upgrades:

Kyzylorda-Zhezkazgan (208 km).

In his late December 2024 address to parliament, Tajikistan’s President Emomali Rakhmon announced the country’s goal to eliminate its energy deficit by 2027. This ambitious goal will be achieved through projects at the Rogun hydropower plant and a series of plants along the Vakhsh River. Rakhmon stated that these developments would enable the country to achieve complete energy independence, as reported by the Interfax news agency.

Rakhmon highlighted that nearly half of the Rogun hydropower plant’s construction has already been completed. Over the past two years, Tajikistan has allocated more than $820 million to the project from its state budget...

President Kassym-Jomart Tokayev has instructed the cabinet to accelerate nuclear power plant (NPP) construction. According to him, two or three NPPs may be established to develop nuclear power engineering in Kazakhstan. 

«Today, we are focusing on major infrastructural projects, digitalization, artificial intelligence (AI) and nuclear power engineering. These are key strategic aspects for our country’s development. The cabinet must keep these important issues in mind during its work,» the president said in a statement.

He also commented on the development prospects of the nuclear industry in Kazakhstan.

«As for the NPPs...

The government of Armenia has approved draft legislation on the country’s accession to the European Union (EU). The document has already been submitted to parliament for consideration. According to the Armenian foreign ministry, the EU is also ready to support Armenia’s economic sustainability.

On Jan. 9, the Armenian cabinet adopted a draft law initiating the process for Armenia’s accession to the European Union, as reported by News.am.

«Armenia is ready to be as close to the EU as the EU considers possible. This includes the start of visa regime liberalization and other instruments that are...

In 2024, Kazakhstan reduced the share of its shadow economy by 1.3 percentage points (p.p.), bringing it down to 16.2% of GDP. This achievement was highlighted in a report presented to President Kassym-Jomart Tokayev by Zhanat Elimanov, head of the Financial Monitoring Agency (FMA).

As part of the comprehensive action plan to combat the shadow economy for 2023-2025, the cabinet established specific targets for its share of GDP: a maximum of 18.2% in 2023, 16.6% in 2024 and 15% by 2025. According to data from the Bureau of National Statistics (BNS), the shadow economy’s share fell to 17.52% in...

The Business Activity Index reached 49.7 in December, down from 50.8 in November. The rate slipped back into contraction territory for the second time in three months, according to Kazakhstan Services PMI® prepared by Freedom Holding Corp. and S&P Global.

The Business Activity Index is calculated from a single question that asks 250 managers for changes in the volume of business activity compared with one month previously. The index varies between 0 and 100, with a reading above 50 indicating an increase and below 50 a decrease. The index is adjusted for seasonal variation.

Even though some service providers noted...

The Federal Foreign Office of Germany has introduced a new process for applying for visas online, as reported by Deutsche Welle.

From now on, applications for work, student, job seeker and family reunion visas to Germany can now be submitted online worldwide through a newly launched online portal. In Kazakhstan, the new visa application method is expected to become available in the first quarter of this year.

As of today, 167 German visa offices across the globe are connected to this portal, including the German diplomatic mission in Kazakhstan. However, the system has yet to be fully deployed, as some...

Sayasat Nurbek, Kazakhstan’s minister of science and higher education, has dismissed the accusations made by Shigeo Katsu, the former president of Nazarbayev University (NU), as unfounded.

Speaking to journalists on the sidelines of the government meeting, Nurbek responded to questions about Katsu’s recent open letter, in which he accused the university’s current leadership of corruption and ineffective management. While NU’s official response to the letter described Katsu’s claims as largely inaccurate and misleading, Nurbek refrained from addressing the details.

«Last year, the Supreme Audit Chamber (SAC) conducted a comprehensive audit of NU. Based on its findings...

Yuji Beleza, a popular Japanese blogger and polyglot has once again arrived in Kazakhstan to meet his followers, enjoy the nature of the Almaty region and enhance his Kazakh language skills. The 26-year-old blogger has gained popularity in Kazakhstan thanks to his resemblance to Kazakhs and his love for Kazakhstani chocolate. A Kursiv LifeStyle reporter met with Yuji to discuss his popularity in Kazakhstan and his approach to learning foreign languages. 

Beleza launched his blog in September 2023, when he first posted videos of him speaking in Turkish. In these videos, he approaches tourists, asks where they are from and...

Kazakhstan’s transportation and logistics industry is set to create 25 entirely new professions related to Building Information Modeling (BIM) technologies and aviation, according to Minister of Transport Marat Karabayev.

Speaking at a government meeting dedicated to the Year of Working Professions in Kazakhstan, Karabayev highlighted the growing use of BIM technologies, such as digital project models and 3D modeling, in the construction and reconstruction of highways.

«This sector will require professionals such as design engineers for smart roads, foremen with BIM skills, construction robot operators and digital designers. Additionally, designers and operators for digital logistics maps...

National Information Technologies (NIT) has successfully raised $5.6 million through a bond issuance on the Kazakhstan Stock Exchange, with the offering underwritten by ForteFinance, part of the Forte ecosystem controlled by Kazakhstani mogul Bulat Utemuratov.

NIT, the key operator of Kazakhstan’s eGov system, plans to allocate these funds for the further development of IT infrastructure supporting public agencies.

In total, the company issued three million bonds at 1,000 tenge per unit, with an annual coupon rate of 19% and a maturity period of three years. The company has not provided any indication of expected yields. The securities have been available...

Kazakhstan’s first nuclear power plant (NPP) construction project is expected to provide jobs for around 10,000 people by 2032, according to Minister of Energy Almassadam Satkaliyev. He shared this information during a government meeting dedicated to the Year of Working Professions in Kazakhstan.

«The NPP project is expected to create jobs for about 5,000 people by 2030, with the number rising to approximately 10,000 at the peak of construction in 2032. Once operational, the plant will provide jobs for at least 2,000 people,» Satkaliyev stated.

To prepare personnel for operating the NPP, training programs will...

The National Bank of Kazakhstan is ready to utilize its foreign currency and gold reserves to support the tenge, according to Aliya Moldabekova, deputy chair of the bank.

«In the event of unreasonable pressure on the tenge not conditioned with the fundamental factors, the National Bank is ready to supply an additional amount of foreign currency to the market by using its foreign exchange and gold reserves,» Moldabekova wrote in a statement.  

The National Bank has also explained the current weakening of the national currency. As of Jan. 5, the stock exchange price of...