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Astana has improved its ranking by four positions, taking 62nd place in the Global Financial Centers Index (GFCI) compiled by the Z/Yen Group Ltd., a U.K.-based consulting company. The capital city of Kazakhstan bypasses many of its peers in Eastern Europe and Central Asia. Almaty ranks significantly lower, at 86th, although it has improved by twelve notches since March. 

The rating is based on three key criteria: telecommunication infrastructure, business environment and corruption perception. Z/Yen Group also conducts an online survey among center representatives to gather their ratings.

New York has held the top position since 2018, followed by...

Russian President Vladimir Putin has announced changes to the country’s nuclear doctrine, expanding the scenarios under which Russia may use nuclear weapons.

«We have to consider new military threats and risks to Russia and our allies. It is important to project possible future scenarios and adjust the strategic planning document to current realities,» he said during a meeting of the Russian Security Council, convened to discuss issues related to nuclear deterrence.

According to the Russian business outlet Kommersant, the updated doctrine will expand the number of countries and defense alliances subject to nuclear deterrence. It...

Kazakhstan and China have agreed to significantly boost cargo transportation along the Trans-Caspian International Transport Route (TITR), which connects China and Europe. The current freight traffic volume on the TITR in terms of trains was not specified. However, according to the Ministry of Transport, by 2025-2026, the number of trains per year is expected to reach 600, with plans to increase this number to 1,000 trains in 2027 and 2,000 by 2029.

A bilateral task force on cargo transportation discussed the need for infrastructure development in the ports of Aktau and Kuryk to accommodate the increase in traffic and prevent...

Since July 1, the European Union has imposed higher tariffs on grain imports from Russia and Belarus. The Kazakh Grain Union believes this situation presents an opportunity for Kazakhstan to increase its grain exports to European markets. However, transportation subsidies are crucial to achieving this goal, according to experts at the Agricom forum.

«To boost grain exports to the EU, we must ensure our prices are competitive with those of Russian grain. Even with tariffs on Russian grain, our transportation costs make it difficult to compete,» said Nurlan Ospanov, head of the Kazakh Grain Union.

Kazakhstan’s Ministry of Transport has drafted legislative amendments to establish direct air travel with the U.S., focusing on strengthening flight safety oversight in line with U.S. Federal Aviation Administration (FAA) recommendations — a crucial requirement for launching the flights, according to KazTAG.

As legislators explained, these amendments are necessary to meet requirements of the U.S. FAA, which conducted a preliminary International Aviation Safety Assessment (IASA) in Kazakhstan over the period from August 26 to August 30, 2024. Following the inspection, recommendations were issued to enhance flight safety oversight.

The amendments to aviation legislation include clarifying terms related to aircraft airworthiness...

The Asian Development Bank’s (ADB) September 2024 edition of the Asian Development Outlook projects Kazakhstan’s gross domestic product (GDP) growth at 3.6% for this year, slightly down from the previous forecast of 3.8% made in April. This adjustment is due to a weaker expansion in services in the first half of the year coupled with lower oil outputs, massive floods and a slowdown in investment. However, Kazakhstan’s economic growth is expected to accelerate to 5.1% in 2025.

«While the economic growth prospects for Kazakhstan look positive in the medium term, its fiscal challenges need to be...

Kazakhstan has placed the Mausoleum of Khoja Ahmed Yasawi under state protection, recognizing the site’s historical significance. Prime Minister Olzhas Bektenov has signed a governmental decree to formalize this action.

The official release states that the government has decided to include the Azret Sultan museum-reserve, which encompasses the mausoleum, on the list of sites under state protection due to its cultural and historical significance and to ensure its preservation.

Specialized internal affairs units will provide security for the facility. The Mausoleum of Khoja Ahmed Yasawi, a 12th-century Sufi master, is located in southern Kazakhstan, in the northeastern part of Turkestan...

Kazakhstan’s first solar power auction in 2024 attracted a total demand of 700 megawatts (MW) for constructing a 100-MW solar plant in the southern part of the country, according to a statement from Korem, the auction organizer.

«On Sept. 23, 2024, auctions were held to select renewable energy projects for a solar power plant with a total installed capacity of 100 MW for the Southern Zone of Kazakhstan’s Unified Electric Power System (UES). During the trading session, participants submitted 34 price offers and seven companies were approved to participate. The total value of the submitted applications...

Kazakhstan and Spain are set to sign a readmission agreement, establishing a legal framework for the extradition of those who stay in one of the states illegally. 

According to the draft regulation available on the legalacts.egov.kz website, both countries have to accept their citizens back if they violate the migration legislation of a country that is a signatory to the agreement. This means that if a Kazakhstani citizens violate the rules of Spain, they will be sent back to Kazakhstan and vice versa. The two countries insist that this regulation doesn’t hurt human rights.

«The governments...

Norilsk Nickel, also known as Nornickel, a Russian mining and smelting company, is thinking about investing in mining projects in Kazakhstan, Kazakh Invest reported.

«During the Central Asia Mining & Metals international trade fair held in Almaty from Sep. 17 to 19, 2024, Kazakh Invest delegation headed by the project department director Bauyrzhan Aitkulov met with local subsoil users and foreign investors… Kazakh Invest also aided a local junior company in meeting with Nornickel representatives. The negotiations were focused on the prospects of cooperation in the sphere of copper and gold production and processing in the...

The National Bank has decided not to require Kazakhstani investors to report their cooperation with foreign brokerage companies or specific transactions on the stock market. The regulator has already introduced this regulation into force along with corresponding amendments to the existing legislation, the Qazaq Association of Minority Shareholders (QAMS) reported.

The document specifically mentions that all existing agreements with foreign brokers and management companies for providing services on the foreign exchange market and the stock market should be removed from the register maintained by the National Bank through its territorial branches.

The new regulation will also alter the way authorities...

BNG Ltd., a Kazakhstani oil company linked with Caspian Sunrise, a U.K.-registered entity, is due to pay $364,000 in fines, the Mangystau region prosecutor’s office reported.

The law enforcement agency has charged the company $365,000 for allegedly breaching subsoil use legislation, as it failed to fulfill its obligations to invest in the socio-economic development of the Mangystau region during its operations from 2022 to 2023.

According to the 2023 financial statement, 99% of the company’s shares were held by Eragon Petroleum FZE, registered in the United Arab Emirates and 1% by the Caspian Sunrise PLC CEO, Kuat Oraziman. The final...

On Sep. 22, a landmine exploded under the police vehicle escorting ambassadors from twelve foreign countries in the Khyber Pakhtunkhwa province of Pakistan. Kazakhstani ambassador to Pakistan, Yerzhan Kistafin, was among those diplomats in the convoy. According to Aibek Smadiyarov, the official spokesperson of Kazakhstan’s MFA, the diplomat is safe and sound. 

«Three Pakistani policemen were injured; one died after the explosion. Representatives of the diplomatic corps reported no injuries. Our ambassador was in that convoy. He is safe now in Islamabad,» Smadiyarov said.

According to the MFA of Kazakhstan, the ambassadors headed towards the...

President Kassym-Jomart Tokayev congratulated the women’s national chess team on taking second place in the FIDE Chess Olympiad Budapest 2024. The women scored eight wins, two draws and one loss. They successfully outplayed the strongest opponents from the U.S. and Poland, losing only one point to India.

«This is an outstanding success for the Kazakh chess school and its brilliant disciples. I wish our sportswomen continue to reach new heights,» Tokayev posted on X (formerly known as Twitter).

According to the Kazakhstan Chess Federation (Kazchess), the women’s national team emerged with a winning streak by...

Over the first six months of 2024, the most migrants arriving to Kazakhstan for permanent residence came from China and CIS states, according to Vice Minister of Labor and Social Protection Askarbek Yertayev. He has also noted that the country’s migration balance has been positive since 2022.

Over the reported period, more than 14,000 people moved to Kazakhstan, while 7,000 left, resulting in a positive net migration of approximately 7,300 people.

“Country-specific indicators show that the majority of migrants arrive from CIS countries and China. Additionally, positive trends can be observed in the education level of...

Kazakhstan is preparing to reintroduce tigers to its land, starting with two Amur tigers that will soon arrive from the Netherlands. In 2025, more tigers will be brought from Russia, according to the Ministry of Ecology.

On Sept. 18, Minister of Ecology Yerlan Nyssanbayev announced that Kazakhstan is ready to receive the tigers.

«Historically, tigers have always inhabited our land. The last species was killed in 1948. They lived in the Ili River delta, which was an ideal habitat. We have prepared a suitable environment to accommodate these tigers. The now-extinct Turanian tiger, a close relative...

A mass exodus of Kazakhstan’s youth from regular employment to entrepreneurship is expected to further decrease the already small share of unemployed young people (4%), according to Kassymkhan Kapparov, an economist and the founder of the website Ekonomist.kz. He made this statement during the Kazakhstan Growth Forum.

Kapparov revealed that more than 200,000 young people have entered the job market in the country (he didn’t clarify in what period) due to a demographic boom, as more than 500,000 people are born in Kazakhstan each year. The unemployment rate among youth is just 4%, according to official statistics. However, about...

Founder and CEO of Freedom Holding Corp. Timur Turlov attended the First Kazakhstan Economic Freedom High-Level Conference in Astana where he spoke about the National Bank and its base rate role in the Kazakhstani economy. Turlov believes that the current rate level significantly hinders credit activities and business development, yet it is convenient for banks.

«I hope that reducing food inflation amid the Russian ruble devaluation enables the National Bank to respond more actively to inflation reduction. The truth is that real interests aren’t the highest in the world but are still relatively high. The rate...

As of the end of July, there were 10,600 EVs registered in Kazakhstan, which is a 2.3-time increase over the period last year, the National Bureau of Statistics reported. The majority of electrical vehicles belonged to residents of Almaty (6,200), Astana (1,300) and the Almaty region (522).

As of Aug. 1, 5.54 million vehicles were registered in Kazakhstan in total, 88% of which are passenger cars, 9.9% are trucks and 2.1% are buses. Old vehicles prevail in Kazakhstan’s fleet: 

Rafael Grossi, director general of the International Atomic Energy Agency (IAEA), endorsed Kazakhstan’s plans to construct a nuclear power plant and pledged the agency’s support in implementing the project, according to Kazakhstan’s Ministry of Energy.

Grossi expressed optimism that Kazakhstanis will vote in favor of nuclear energy in the upcoming Oct. 6 referendum. He highlighted Kazakhstan’s crucial role in the global transition to clean energy, citing the abundance of rare earth element reserves in the country, the IAEA’s low-enriched uranium bank located in Kazakhstan and Kazatomprom’s uranium mining operations.

«The IAEA stands ready to support...

The National Bank of Kazakhstan has revealed its plan to reduce the share of gold in its reserves to 50%–55% by the end of 2024. As of the end of August, gold accounted for 54.9% ($23.4 billion) of the regulator’s gross reserves of $42.66 billion.

Last year, the National Bank reported gold net sales at 120 tons. At the same time, the regulator acquired 65.5 tons of gold from local producers under its priority right, resulting in a reduction of the gold reserves from 58.4% to 54.2% year-on-year by the end of December 2023. Gross international reserves consist of monetary...

Approximately one in 10 clients of Freedom Finance in Kazakhstan invests in Kazakhstani stocks and bonds, while the remaining investors prefer to put their money into foreign stocks, according to Sergey Lukyanov, chair of the board of directors at Freedom Finance Global and CEO of Freedom Finance, JSC.

«When we analyzed how many people invest in Kazakhstani securities, we found that less than 10% of our clients do so. This figure is quite stable. Even though the share of stocks and bonds can change, the number of those who prefer to invest in Kazakhstani stocks remains...

According to National Economy Minister Azamat Amrin, the government will not remove tax benefits on dividend payouts and capital gains from securities.

«During discussions of the new Tax Code draft this spring, we proposed reducing the tax rate [on dividend payouts and capital gains] to 5% from the current 10%, while also removing certain tax benefits. However, we cannot eliminate all the benefits. We have the AIFC, KASE and Astana Hub. Within the AIFC, tax benefits are protected by a constitutional law. For this reason, we will maintain both the 10% rate and the associated tax...

The number of Chinese companies registered in Kazakhstan has been rapidly increasing. In August alone, the figure grew by 3.3%, with 150 new registrations, reaching a total of 4,700 legal entities. According to analysts at the First Credit Bureau (FCB), this marks the highest monthly increase since 2022.

Since early 2022, the number of registered Chinese companies has consistently risen, except a decrease of 20 firms in November 2023. Before that, the number rose by 90 in October and then by 30 in January 2024.

More than 3,000 of the registered Chinese companies are currently operational. No other partner country...