News

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...

Halyk Bank has raised a $300-million syndicated loan from 12 banks across North America, Europe, the Middle East and Asia with the U.S.-based Citi as the main coordinator for the deal. According to the bank’s press office, this marks the first deal of its kind in Kazakhstan in 15 years.

Through the new loan facility, available for general corporate purposes, Halyk Bank can further diversify its funding sources on attractive terms. The transaction was initially launched at $200 million and later upsized to $300 million due to oversubscription. The loan is comprised of two tranches which are due to be...

President Kassym-Jomart Tokayev has proposed that Germany participate in establishing a new regional research center on rare earth metals, potentially based at Kazakhstan’s National Center for Technical Foresight.

«We are ready to offer favorable conditions for the exploration and production of precious and non-ferrous metals in our country to German investors. I believe it would be beneficial to establish a regional research center on rare earth metals, based on Kazakhstan’s National Center for Technical Foresight, in partnership with our European counterparts,» he said during a meeting of Central Asian heads of state with Federal Chancellor Olaf...

Three German banks are set to invest more than $400 million in industrial and infrastructure projects in Kazakhstan. The Development Bank of Kazakhstan (DBK), a subsidiary of Baiterek Holding, has signed a mandate letter with Deutsche Bank for $200 million to finance unspecified investment projects in Kazakhstan. Additionally, the DBK has signed framework agreements with Landesbank Baden-Württemberg (LBBW) and KfW IPEX-Bank for €100 million each.

LBBW will finance export deals supported by credit agencies, while KfW IPEX-Bank will allocate funds to support infrastructure and industrial projects.

Marat Yelibayev, chairman of DBK, stated that the agreements with German banks «demonstrate a...

The Egyptian International Pharmaceuticals Industries Company (EIPICO) plans to invest approximately $33 million in constructing a full-cycle biopharmaceutical plant in Kazakhstan. According to the Ministry of Healthcare, the plant will produce highly similar copies of existing biological drugs called biosimilars and cancer treatment medications.

The project is expected to create around 200 jobs for Kazakhstani citizens. The ministry stated that the plant’s construction «will strengthen Kazakhstan’s position in the pharmaceutical sector, contributing to the localization of essential drug production.»

Earlier this spring, Madina Abdikadyr, a representative of the national company Kazakh Invest, met with Ahmad Kilani, chairman of EIPICO. At...

Kazakhstan plans to teach students of nuclear power engineering in partnership with German universities, according to Minister of Science Sayasat Nurbek. 

The minister added that the two countries will sign six agreements in the field of higher education and academic research following the meeting of President of Kazakhstan Kassym-Jomart Tokayev and German Chancellor Olaf Scholz. 

According to Nurbek, energy will be one of the most critical areas of cooperation. As part of this initiative, the Anhalt University of Applied Sciences is going to open its branch at the Almaty University of Power Engineering and Telecommunications.

Anhalt University is a public...

The German conglomerate Siemens and the National Welfare Fund Samruk-Kazyna have signed a strategic agreement on the sidelines of the Kazakhstan-German Business Forum in Astana, the fund’s press office reported. The agreement was signed along with 35 other deals made with German companies.

«The agreement aims to gradually localize the production of measuring and electric equipment, as well as industrial automation systems in Kazakhstan,» Samruk-Kazyna said.

As part of the arrangement, a new joint venture will be established in Kazakhstan, providing the necessary equipment, materials and personnel training.

«The initiative we...

An earthquake caught President of Moldova Maia Sandu off-guard during a live broadcast on the Moldova 1 TV channel on Sep. 16. The video with the president’s reaction quickly went viral online.

As Sandu was answering the interviewer’s question, the furniture in the studio began to shake. For a brief moment, confusion appeared in the president’s eyes.

«An earthquake live. I hope this is a kind of fortunate omen,» the Ultima Ora anchor said to defuse the tension. 

The 5.2-magnitude earthquake struck neighboring Romania on the evening of Sep. 16, and the tremors were felt...

Kazakhstan and Germany have agreed to jointly build an international airport in the Special Economic Zone (SEZ) Khorgos-Eastern Gates, the President’s Office reported.

On Sep. 16, 2024, Kazakhstani and German officials signed 23 documents, including an agreement on the construction of the international airport in the Jetisu region, during the Kazakhstan-Germany Business Forum in Astana, chaired by President Kassym-Jomart Tokayev and German Chancellor Olaf Scholz. 

The agreement was signed by Kazakhstan’s Vice Minister of Transport Talgat Lastayev and Managing Partner of Skyhansa Jürgen Grötzbach. Under the arrangements, more than $500 million in investments will be allocated for the project, which...

Kyrgyz citizens working in Russia are encouraged to return home to support the local workforce. President Sadyr Japarov’s administration has assured returning workers that they will receive salaries comparable to those they earned abroad, according to a report by the local media outlet Kaktus.

«Brothers and sisters who work in Russia’s garment and construction industries, I invite you to return home to work here. Kyrgyzstan is currently facing a labor shortage in these sectors,» the outlet reported, citing Askat Alagozov, the president’s spokesperson.

In May, following reports of mass entry denials to Kyrgyz citizens, the...

In the first six months of 2024, the volume of electronic money transactions in Kazakhstan reached $770 million, a 30.6% year-on-year (YoY) increase, according to the National Bank.

E-money, a digital currency used for cashless payments and transfers, is growing in popularity. Several e-money services are available in Kazakhstan, including Wooppay (issued by Eurasian Bank and Halyk Bank), Qiwi Wallet (Halyk Bank), Lichnaya Kassa (Jusan Bank), ONE (Forte Bank) and AllPay (AsiaCredit Bank), among others. E-money in Kazakhstan can be issued by the National Bank, commercial banks and Kazpost.

As of the end of the second quarter of...

Ken-Ai-Oil Kyzylorda, owned by Kenelbek Igenbayev and Sabyr Seitkhanov, is set to export oil extracted in the Syrdariya district of the Kyzylorda region to China. 

«What we are planning to do is to develop the Taykazan oil field… The export route to China may be established via the Kumkol-Atasu-Alashankou pipeline with the oil receiving and processing point at the Kumkol oil field,» the company said in a statement, commenting on planned activities at the Taykazan oil field. 

The oil field lies 55 kilometers southwest of Kumkol. The enterprise has proposed three ways to develop the...

A deputy head of the People’s Government of Shandong has proposed that Kazakhstani QazTrade open its trade mission in the province to represent Kazakhstan’s interests in the region more effectively. The official suggested a meeting with the Minister of Trade and Integration of Kazakhstan, Arman Shakkaliyev, the trade agency reported.

The representative from the People’s Government of Shandong also suggested establishing a working mechanism to boost trade, improve trade policy and expand economic cooperation. In response, Shakkaliyev stated that he is ready to consider the proposal, emphasizing the importance of cooperation between Kazakhstan and Shandong.

He noted that Kazakhstan can...

Kazakhstan’s government plans to enhance its oversight of motor and rail freight. To strengthen this control, the country’s cabinet has designated the Institute of Space Equipment and Technologies as the national operator for that monitoring starting from November 23, according to a cabinet decree.

As the press service of the Digital Ministry informed Kursiv.media, authorities plan to use tracking tags to monitor shipments. The new monitoring system has been developed to combat illicit trafficking and increase the transparency of commodity turnover in the Eurasian Economic Union (EEU), comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The agency has not clarified...

The National Bank plans to introduce a single QR code in the first half of 2025, according to Binur Zhalenov, CEO of the National Payment Corporation of Kazakhstan.

«We are going to introduce the option for interbank transfers by phone number (or in large banks) this year, while the single QR code will be available next year. The work is in full swing!» he wrote on Instagram.

In February 2024, Timur Suleimenov, Chair of the National Bank, stated that the single QR code would be implemented in Kazakhstan by the end of 2024. Customers will...

Timur Turlov is investing in Uni-Q Group, a new media project that will bring together Unico Play, an online movie theater; Unico Studio, a production center for movies and TV series primarily in the Kazakh language; and Unico Rights, a distribution company, according to a press release from Uni-Q Group.

«The group will create Kazakh-language content for the online cinema Unico Play, promote Kazakhstani movies globally and develop a professional system for distributing and commercializing entertainment content,» the company stated.

Uni-Q Group aims to reach one million active users of Unico Play per month by...

Freedom Holding plans to enter the capital market of Hong Kong to raise funds needed for financing telecommunication projects by Freedom Telecom, as reported by the South China Morning Post.

In an interview with the Chinese media outlet, Timur Turlov, CEO of Freedom Holding, explained that Freedom has partnered with China International Capital Corp. to issue dim sum bonds, a financial instrument denominated in offshore yuan. Furthermore, the corporation may consider an initial public offering (IPO) in Hong Kong.

«What brought us to Hong Kong is the need to raise financing for our telecommunications strategy...

Kazakhstan’s Ministry of Finance plans to introduce a special information system based on artificial intelligence (AI) to optimize the state budget and identify unnecessary budget items. According to Vice Finance Minister Yerzhan Birzhanov, the system is expected to identify ineffective projects and risks associated with corruption.

«A new information system will be implemented — IT solutions with AI elements — which will reveal where we have excessive expenses or inflated cost estimates. For instance, we will be able to determine how many people reside in a specific area to justify the construction of a facility there...

Kazakhstan’s government has allocated more than $1 million to the Committee of Water Resources and Su Metrologiya (Kazakhstan’s water metrology agency) to survey flood risks. Authorities hope that these efforts will help them better predict and model potential floods.

The government has already allocated $1.2 million for the procurement of necessary equipment and machinery, as well as for the bathymetric measurements themselves. Two state agencies responsible for water management — Su Metrologiya and Kazvodkhoz — will carry out the measurements in regions with the highest flood risk, including the northern, western and central parts of the country.

The government also...

The construction of a new polyethylene plant has begun in the Atyrau region, according to the press service of KazMunayGas (KMG). This project, aimed at boosting the development of Kazakhstan’s chemical industry, is being implemented by KMG in partnership with Russia’s Sibur and China’s Sinopec. The project is expected to be completed by 2029.

The official groundbreaking ceremony was attended by Governor of the Atyrau region Serik Shapkenov, CEO of KMG Askhat Khassenov, Sibur representative Sergey Komyshan and Sinopec representative Zhao Tiezhu.

The construction of the plant in Atyrau is part of Kazakhstan’s strategy to develop its petrochemical industry and...