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Kazakhstan is weighing the adoption of a law on endowment funds with plans to introduce tax incentives and a fintech platform to support them. Once the law is adopted, every citizen of Kazakhstan will be able to become an investor whose money will be used for financing social projects. Farkhad Kuanganov, head of the Project Office of the Ministry of Science, revealed that the draft legislation is already under consideration in the parliament and may be adopted as soon as this year. 

Endowment funds work in favor of non-commercial organizations involved in social spheres as one of the instruments of...

The Federal Service for Veterinary and Phytosanitary Supervision of Russia (Rosselkhoznadzor) has imposed new temporary restrictions on the import of certain agricultural products from Kazakhstan. These products include Kazakhstani wheat, lentils, linseed and melons, as well as tomatoes and peppers from third countries, according to the agency’s ruling.

“Since Kazakhstan is reluctant to meet our request, Rosselkhoznadzor is temporarily restricting imports of various quarantineable products from Kazakhstan,” the agency said in a statement on its website.

These measures will not apply to transit grain certified for the state of its final destination nor to grain...

The stock market liquidity in Kazakhstan is “extremely low,” according to Sergey Lyalin, the founder of Cbonds, who took part in the Capital Markets Kazakhstan conference. He believes that an investment of between $100,000 and $200,000 would be enough to improve the situation.

«The total trading volume of the securities on the Kazakhstan Stock Exchange (KASE) index is about $1.015 million. There are some individuals whose private portfolios exceed the million-dollar mark. I believe that an investment of $100,000 to $200,000 would be enough to influence the market. In other words, there are many investors who...

Kazakhstan wants to allow Euroclear and Clearstream to open accounts in the Central Securities Depository (CSD) directly, announced Madina Abylkassymova, chair of the Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM), during the parliament’s plenary meeting.

She clarified that the legislative draft enabling international settlement institutions to directly open accounts in the CSD aims to facilitate foreign investors’ access to the Kazakhstani stock market. This regulation will make it possible for Euroclear and Clearstream to confirm their clients’ ownership of Kazakhstani securities and hold records of them. 

«The clearing organization is authorized...

Western sanctions have driven Russia to seek help from Kazakhstan. The country’s fleet has significantly thinned out, so Russia is proposing Kazakhstani airlines enter the Russian domestic market to operate local flights. The relevant negotiations are already underway, as reported by The Moscow Times, citing the Russian Ministry of Transport. 

«We are speaking about the so-called cabotage transportation when a foreign airline conducts passenger operations within another country. Currently, only domestic airlines are eligible to operate such flights in Russia. We are examining a cabotage option due to the fleet shortage,» explained Roman Starovoyt, the minister...

Kazakhstan ranked 68th, down 10 places from the previous ranking, in the 2024 Economic Freedom of the World report published by the Fraser Institute, a Canada-based think tank. At the same time, Russia fell 15 spots to 119th. Hong Kong and Singapore were recognized as the most economically free jurisdictions, with Switzerland in third place and the U.S. ranking fifth.

Based on the most recent comprehensive data available from 2022, the report highlights that, on average, global economic freedom increased from 2000 to 2019 but declined over the past three years, erasing more than a decade of progress.

The Economic...

Kazatomprom, the world’s largest uranium mining company and a subsidiary of Samruk-Kazyna, has secured the 31st spot in PwC’s Top 40 global mining companies ranking.

Leading the ranking is Australia’s BHP Group Ltd., known for its diversified production. Taking second place is the Australian-British Rio Tinto Group, which has wide-ranging operations across various sectors, including geological exploration in Kazakhstan.

China Shenhua Energy Company, a major coal producer, took the third spot, while Switzerland’s Glencore plc, which owns Kazakhstan’s largest gold miner Kazzinc, ranked fourth.

The total revenue of the Top 40 companies reached $845 billion in 2023, reflecting a...

The head of the Russian state corporation Rosatom, Alexander Likhachev, is seeking a meeting with Kazakhstan’s President Kassym-Jomart Tokayev and Prime Minister Olzhas Bektenov. A formal request for the meeting was shared on the Telegram channel «Oil and Gas of Kazakhstan. Facts and Comments,» run by journalist Oleg Chervinsky. Kursiv.media reached out to Kazakhstan’s foreign ministry and the Russian embassy in Kazakhstan for confirmation.

According to the publicly available letter, the Russian embassy asked Kazakhstan’s Ministry of Foreign Affairs to «facilitate a meeting between the president of Rosatom and the prime minister by the end of November 2024, to...

According to Dmitry Peskov, the official spokesperson for the Russian president, Russia respects Kazakhstan’s decision “not to join BRICS yet.” However, he emphasized that the organization does not intend to replace the United Nations (UN). Despite Kazakhstan’s stance, Russia still anticipates President Tokayev’s participation in the upcoming BRICS summit in Kazan.

This statement came after Berik Uali, the spokesperson for the president of Kazakhstan, revealed that Kazakhstan had received several invitations to join BRICS but decided not to do so anytime soon. Uali also emphasized that President Tokayev does not see any alternatives to the UN. In response, Peskov...

Nurlan Zhakupov, the chair of the Samruk-Kazyna National Welfare Fund, and Lyu Zexiang, the head of China Energy International Group (CEIG), have agreed to collaborate on the construction of a solar power plant and the supply of components for wind power stations.

The new agreement is the continuation of an arrangement reached by the fund and China Energy Overseas Investment (CEOI), a subsidiary of CEIG, on July 2, 2024, on the sidelines of the Kazakh-Chinese Business Council in Astana.

Under the initial plan, the two sides are going to build one wind power plant in the Karaganda region with a...

Chair of the Civil Aviation Committee of Kazakhstan, Saltanat Tompiyeva, is working on establishing direct flights to Budapest (Hungary), Riga (Latvia), Vienna (Austria) and Munich (Germany). The preliminary agreement has already been signed in Luxembourg; now the matter depends on the final document. 

“In the medium term, Kazakhstani airlines plan to establish direct flights to Budapest, Riga, Vienna and Munich,” the committee stated in a statement.

The agency highlighted that Kazakhstan’s air network is already connected to five European countries, with direct flights to Germany, Italy, the Netherlands, Poland, the Czech Republic and Greece (summer...

Uzbekistan is planning to build a small nuclear power plant (SNPP) in collaboration with the Russian State Atomic Energy Corporation (Rosatom). According to Azim Akhmedkhodjayev, the head of the Uzbek nuclear energy agency Uzatom, the Russian corporation was chosen due to its experience in implementing similar projects, as reported by the Interfax news agency. 

«We conducted an in-depth analysis of the leading technologies in this sphere when selecting partners for the construction of the SNPP. Rosatom was chosen due to its technical leadership in this field and its extensive, time-tested experience,» the outlet cited the Uzatom...

Popular singer Dimash Qudaibergen performed at the opening of the Almaty Open ATP 250 tennis tournament despite suffering a hand injury, according to Kursiv LifeStyle.

On Oct. 15, the Almaty Arena hosted the official opening of the international tennis tournament. This is the first ATP 250 competition of this level in Almaty, while the previous event was held in Astana.

Qudaibergen took the stage with a cast on his right arm, which had not been previously mentioned on his social media. His fans were unaware of any incidents leading to the injury.

After Dimash’s performance, a match between...

North Caspian Operating Company (NCOC), the operator of the Kashagan oil and gas field, has refuted QazaqGaz’s forecast that oil output will increase upon constructing new gas processing facilities. According to S&P Global, investors believe QazaqGaz should rather focus on addressing delays in the construction of these facilities, which are behind schedule.

Sanzhar Zharkeshov, CEO of QazaqGaz, previously projected that oil production at Kashagan could rise by 25,000 barrels per day (bpd) for every additional one billion cubic meters (bcm) of gas processed per year, increasing total output from 400,000 to 500,000 bpd. Kashagan is the second-largest supplier of CPC...

Kazatomprom is set to enter a uranium oxide concentrate supply agreement with China, valued at approximately $2.5 billion. The deal is on the agenda for Kazatomprom’s special general shareholders’ meeting, scheduled for Nov. 15, according to a release posted on the Kazakhstan Stock Exchange (KASE) website.

Under the agreement, Kazatomprom will supply uranium concentrate to two Chinese companies — CNNC Overseas and China National Uranium Corporation, both subsidiaries of China National Nuclear Corporation (CNNC). CNNC plays a key role in China’s nuclear power industry, managing nuclear power plants and advancing nuclear energy and technology development. The company also produces nuclear...

According to Berik Uali, the aide to President Kassym-Jomart Tokayev, Kazakhstan has received invitations to join BRICS on several occasions; however, the country isn’t going to apply for membership anytime soon.

«The president received several letters inviting Kazakhstan to join BRICS, as our country is widely recognized as a responsible and well-respected member of the international community,» Uali told Tengrinews.kz in an interview.

As he noted, Kazakhstan has been observing the evolution of BRICS with great interest and supports the call of the organization’s leaders to «take every necessary measure to build a fair and...

On Oct. 15, 2024, Freedom Bank Kazakhstan, JSC obtained a banking license in Tajikistan. This information was revealed by CEO of Freedom Holding Corp. Timur Turlov.

«Today, a subsidiary of Freedom Kazakhstan has obtained a banking license in Tajikistan! Congratulations to @aidos_zhumagulov_b [Aidos Zhumagulov, member of Freedom Bank’s board] and his team!» Turlov wrote on Instagram.

Freedom Bank announced its plan to enter the Tajikistani market in January 2024. On April 12, the Agency for Regulation and Development of the Financial Market (ARDFM) authorized the bank’s intention to establish a closed joint-stock company in Tajikistan.

According to Svetlana Zhakupova, minister of labor and social protection of Kazakhstan, South Korea has requested the repatriation of approximately 15,000 undocumented Kazakhstani workers. As she noted, this requirement is one of the conditions for signing the employment agreement.

«We have finalized the document and submitted it to South Korea via the Ministry of Foreign Affairs (MFA) for their consideration.  They have set three conditions for the agreement,» said Zhakupova.

According to the official, the conditions are the following:

According to Minister of National Economy Nurlan Baibazarov, Kazakhstan’s economy grew by 4% between January and September 2024, while the country’s GDP has reached 3.2%. The minister revealed these figures during a cabinet meeting

«Thanks to the measures undertaken, we may see that economic growth has been accelerating for the third consecutive month. Growth in the real sector reached 5%, while the service industry grew by 3.8%,» the report stated.

Baibazarov highlighted that this year’s economic growth is entirely driven by the non-resource-based sector, with agriculture and construction showing the most significant growth.

Service sector...

Over the first eight months of 2024, Kazakhstan’s external trade totaled $91.6 billion, representing a 0.6% decline compared to the same period in 2023. However, the country reported a 3.3% increase in exports to $53.5 billion, alongside a 5.6% decrease in imports (down to $38.1 billion), according to the Bureau of National Statistics of Kazakhstan.

Key recipients of Kazakhstan’s exports are:

Over the past month, Italy’s share in Kazakhstan’s exports increased by 0.7 percentage points...

Kazakhstan will not allocate public funds to construct a nuclear power plant (NPP), confirmed Nurlan Baibazarov, minister of national economy, at a recent government briefing.

«The construction of the NPP will be the largest investment project in our country. We are in the early stages and are considering a priority project financing scheme where the state’s role is limited to creating favorable economic conditions for the project’s successful payback,» Baibazarov stated.

Project financing involves securing a loan that will be repaid through the revenue generated by the project itself. In the case of the NPP...

VEON Group, the parent company of Kazakhstan’s Beeline mobile operator, will relocate its headquarters from Amsterdam to Dubai in a bid to access global talent and expand its investor base in the Gulf region.

The UAE has been home to VEON’s expanding operations since early 2022. The company’s head office will be based at the Dubai International Financial Centre (DIFC), making VEON the largest Nasdaq-listed company headquartered in Dubai.

Kaan Terzioglu, CEO of VEON, stated that the decision to relocate reflects the company’s strategic focus on being closer to its key markets. This move will enable the telecom operator to...

Between 2025 and 2026, Kazakhstan will face three simultaneous economic crises — budget, debt and balance of payments crises — according to Kairbek Arystanbekov, head of the Institute for Economic Policy, in an interview with Golos Naroda, a YouTube channel. The expert stressed the severity of this «triple crisis» scenario, warning that the combination of these downturns will significantly impact the economy.

Arystanbekov highlighted the potential budget crisis, citing a projected deficit of $8.4 billion by 2025. As of Aug. 1, 2024, the budget deficit already stood at $5.7 billion and estimates from the Applied Economics Research Centre (AERC) indicate...

A Kazakhstani company, Canadian Chicken, has begun constructing a large poultry processing plant in the Kostanay region. The plant will have an annual capacity of 50,000 tons of poultry.

The construction, set to be completed in several stages by 2029, will create 500 new jobs. The project, spanning 300.5 hectares, is valued at $114 million.

According to Canadian Chicken, the new facility will be equipped with technology from leading producers, including Meyn, a Dutch company specializing in poultry processing equipment, Pass Reform, an international manufacturer of high-end incubators, and Big Dutchman, a German company known for its poultry feeding and...