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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...

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...