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S&P affirms Kazakh Bank RBK credit ratings at B-/B, kzBB at national scale


NUR-SULTAN – Standard and Poor’s (S&P) financial service company affirmed recently Kazakh Bank RBK’s long-term and short-term credit ratings at the level of B-/B with a stable outlook. S&P also confirmed the bank’s national scale rating at kzBB.

“The affirmation of ratings reflects our view that last year Bank RBK completed a full-scale reorganisation after a period of default, and starting from August 2018, the bank is building up its loan portfolio in accordance with the business strategy, using the experience of the new management team business relations of the beneficial shareholder. In view of this and on the basis of the assumption that the bank will continue to pursue a balanced policy regarding funding and liquidity, we have increased our assessment of the business position to ‘moderate,’” said S&P in their analysis, reported inbusiness.kz.

According to S&P analysts, in the course of corporate financing, the bank focuses on companies in the oil and gas sector, metallurgy, mining and export. The bank also plans to provide cash and settlement services to the companies, as well as to partners and counterparties of the Kazakhmys Group (key asset of the beneficial owner) and import companies.

“At the same time, Bank RBK is also developing the direction of retail lending (as of April 1, 2019, its share was 38 percent of the total loan portfolio), which contributes to further diversification of the bank’s business. As we understand, at present, about 30 percent of retail loans are issued to employees of Kazakhmys Group, whose credit risk is relatively predictable for Bank RBK,” the report says.

Founded in 1992, the bank started its work under the name Meken Bank. It is one of the first private banks in independent Kazakhstan. The bank had changed its name several times before being renamed Bank RBK in September 2011. The same year the bank began to expand its branch network, upgrade its product line, modernise IT systems, internal business processes and expand customer base.

The bank was close to bankruptcy before CSS Finance, the branch belonging to Kazakhmys Holding President Vladimir Kim, became a major shareholder in November 2017. The same year S&P downgraded RBK rating from CCC+ to the default level D.

As of February 2018, the bank’s 99.6 percent of voting shares belongs to CSS Finance.



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Baiterek Holding, Euler Hermes sign $1.12 billion export credit insurance deal


NUR-SULTAN – Baiterek National Holding Chair Aidar Arifkhanov and Euler Hermes head Ingo Junker signed a $1.12 billion export insurance deal June 3 in Berlin, Germany, Baiterek’s press service reports.

Photo credit: 365info.kz.

This agreement allows Germany to have insurance coverage for its export operation in Kazakhstan for up to $1,119,050,000. The agreement is meant to attract German investment to Kazakhstan’s economy, as well as to provide new avenues for Kazakh companies and banks to cooperate with Germany and European Union countries.

Euler Hermes is an international export insurance agency, and Baiterek Holding was recognised as Kazakhstan’s official Euler Hermes cooperation operator. The confirmation from the German side was received June 14.

Export credit insurance (ECI) protects exporters against the risk of non-payment by a foreign buyer, export.gov states. ECI significantly reduces the payment risks associated with doing business internationally by giving the exporter conditional assurance that payment will be made if the foreign buyer is unable to pay.

As the REGNUM news agency reports, on May 23, German Ambassador to Kazakhstan Tilo Klinner said that German companies plan to invest in power generation, housing and public utilities development and tourism in Kazakhstan.

Baiterek National Holding is a key institution in Kazakhstan tasked with ensuring that the country’s economy develops sustainably. It supports financial diversification, innovation, export development and labour productivity. The holding includes the Development Bank of Kazakhstan, the Investment Fund of Kazakhstan, Zhilstroysberbank of Kazakhstan, IO Kazakhstan Mortgage Company, ESC KazakhExport, FRP Damu, QazTech Ventures, the Housing Construction Guarantee Fund, Kazyna Capital Management, Baiterek Development and the Kazakhstan Project Preparation Fund.

Euler Hermes is the largest company in the world that specialises in export credit insurance. Most of the shares belong to the French insurer Allianz France, which, in turn, belongs to the largest German insurer, Allianz SE. Engaged in credit insurance and protection against financial risks for more than 100 years, Euler Hermes has developed a full range of services for managing companies’ receivables.



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Gasoline prices drop in Kazakhstan as country reaches sufficient supply for domestic market


NUR-SULTAN – Kazakhstan’s gasoline prices have dropped, and an Energyprom study found that the country has sufficient supply for the domestic market and is planning to gradually increase exports.

According to May data, average prices in Kazakhstan dropped 6.9 percent for AI-92 gasoline, down to 147.6 tenge (US$0.38) per litre; 3.8 percent for AI-95/96, down to 168.6 tenge (US$0.44) per litre; and 3.4 percent for AI-98 gasoline, down to 185.9 tenge per litre (US$0.48), compared with May 2018.

During the first four months of this year, 1.2 million tonnes of gasoline, including aviation gas, were produced in Kazakhstan, 9 percent more than during the same period a year earlier. Diesel fuel production increased 10.3 percent, reaching 1.6 million tonnes.

The largest output during these four months was in Pavlodar Region, which generated 38.6 percent of gasoline and 41.4 percent of diesel fuel production. The Pavlodar Petrochemical Plant is one of the most powerful refineries in the country. Shymkent Region provided 35.6 percent of gasoline production and 25.3 percent of diesel fuel production through its Shymkent Refinery. Atyrau Region provided 24.6 percent of gasoline and 29.3 percent of diesel production through the Atyrau Oil Refinery.

According to the January to March results, Kazakh producers provided 98.2 percent of domestic gasoline demand and 93.1 percent of domestic diesel fuel demand. Due to the growth of production and import substitution in the sector, gasoline imports decreased almost 94 percent over the year, dropping to 16,700 tonnes.

Gasoline exports increased by 11.2 times over the year, but are still insignificant at just 665.9 tonnes.

Legislative restrictions once hindered exports, but that is no longer the case. Kazakh Vice Minister of Energy Makhambet Dosmukhambetov announced that the first exports of Kazakh gasoline to Kyrgyzstan would begin in July.

The Ministry of Energy has already reported that Kazakhstan will export gasoline to Kyrgyzstan in small batches of 10,000 tonnes. Former Vice Minister of Energy and current KAZENERGY Association General Director Bolat Akchulakov said that the country has accumulated excess gasoline.



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AIFC pitches investment opportunities to Chinese investors


NUR-SULTAN – Astana International Financial Centre (AIFC) Governor Kairat Kelimbetov and an AIFC delegation met June 18 with the executives of Shanghai Stock Exchange (SSE) and more than 30 Chinese investment funds and brokers in Shanghai to present investment opportunities in Kazakhstan.

“The AIFC was created as a regional financial hub, to connect investors with promising projects that require financing to realise their full potential. The Belt and Road Initiative (BRI) is a clear and important priority for us. Another, equally promising opportunity lay with mid-cap companies in Russia, Kazakhstan, Belarus, Georgia and other countries in the region that are eager to engage with Chinese investors, and we are helping to bring them together,” said the AIFC governor.

AIFC Governor Kairat Kelimbetov.

The SSE is one of the primary shareholders of the Astana International Exchange (AIX) and was involved in the development of the AIFC as the regional financial services hub of the Belt and Road Initiative.

The presentation was focused on investment opportunities with projects within the BRI, as well as with fast-growing mid-cap companies in countries of Central Eurasia.

Executive Vice President of the SSE Shaotong Liu congratulated the Kazakh party on its progress since the opening of the AIX.

More Chinese brokers have begun conducting business in Kazakhstan. The SSE management highlighted that it will build even closer cooperation with the AIFC and continue to work with the relevant parties.

AIFC and AIX seek to provide market-oriented, diversified and sustainable investment and financing solutions as well as comprehensive investment protection for BRI projects in Kazakhstan, Central Asia and Eurasia.

In 2018-2019, AIFC has held road shows targeting fast-growing mid-size companies in the region. Presentations were conducted in more than 10 cities of Russia, Belarus and Georgia. Representatives of more than 450 companies attended the events. During the road shows, the AIFC and its stock exchange provided the companies how-to information on listing requirements and procedures, and more than 40 of them signed letters of intent to pursue investment opportunities at the financial centre.



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Kazakhstan’s Ministry of Justice to open intellectual property rights coordination centre to secure investments


NUR-SULTAN – The Kazakh Ministry of Justice plans to create an intellectual property rights coordination centre to secure investments and protect intellectual property using the experience of the U.S.-based National Intellectual Property Rights Coordination Centre (NIPRCC).

Marat Beketayev

Operating under the Department of Homeland Security since 2000, NIPRCC unites 23 organisations including 19 key federal agencies and Interpol, Europol and the Canadian and Mexican governments. The centre, industry representatives and public and private sector stakeholders coordinate joint initiatives in the fight against counterfeiting, infringement and theft of intellectual property.

“The increase of the country’s investment attractiveness and strengthening a favourable legal regime for foreign investors requires effective measures to ensure intellectual property rights, including in cyberspace. Uniting the efforts of law enforcement and other agencies as part of a single focal point using U.S. experience can contribute to this process,” said a ministry spokesperson.

According to the ministry, the group structure allows efficient use of the resources and skills of each participating department, providing a quick response to intellectual property theft.

The law on improving legislation in intellectual property was adopted last year, said Minister of Justice Marat Beketayev at the June 14 public meeting.

“It includes key innovations to create a single-level system of registration of intellectual property, to introduce the institute of compensation for damage in violation of trademark rights and electronic registration of copyright and to reduce the time of registration from 20 days to a one-day period. These measures will create a favourable investment climate and stimulate the innovative activity of inventors,” he added.

The National Institute of Intellectual Property will be located at the EXPO site with a front office at the Astana Hub.

The ministry also intends to introduce laws aimed at easing sanctions for administrative offenses, separating powers between the court and government agencies and transferring proceedings on administrative offenses to electronic format.

The ministry has completely converted regulatory legal act registration into electronic format, reducing its terms from 15 to five days. The changes are important for regulating social issues. The E-legislation information system for legislative assistance is operating in pilot mode.

Approximately 211 legal experts conducted research in Israel, Lithuania, Russia, Turkey, the United Arab Emirates, the U.K. and the U.S. as part of the project in cooperation with the World Bank.

The draft law concept was developed based on the results of analysing the forensic examination system. Approximately 232 employees completed training courses and 25 lawyers studied in residency programmes.

The forensic centre joined the Asian Forensic Expertise Community (AFSN) this year, allowing experts to share experiences and receive information about the latest developments in the field.



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AIFC opens competence centres at major Kazakh universities


NUR-SULTAN – The Astana International Financial Centre (AIFC) is opening competence centres at Kazakhstan’s major universities to improve investment literacy. The initiative also intends to help develop the key competencies and practical skills of new experts in finance, investment and other industries.

Eight platforms have already been established at Almaty universities including the SDU Fin Lab, ALMAU FinTech Lab, KBTU Knowledge Centre, Narxoz Training Centre, Centre of Case Law Institute Sorbonne-Kazakhstan, Al-Farabi KazNU Islamic Finance Centre, Maksut Narikbayev KazGUU Financial Risk Management Centre and Lev Gumilyev ENU Digital Finance Centre.

Users of the centres get access to the software of the Eikon terminal, the largest macroeconomic database, the analytical information and real-time data exchange operations of which are used by the professional financial and technical community around the world. The software significantly expands opportunities for the development of research activities and innovation in the educational process.

AIFC is going to expand the list of partner universities. By the end of the year, nine more competence centres will be launched in Nur-Sultan and Almaty. The goal is to bring local competencies up to international standards; the centres will foster training, professional development and knowledge exchange in hopes of drawing more young people to finance.

The centres also take into account the specialisation of each university. SDU Fin Lab’s competence centre has a financial laboratory for the development of practical skills and innovative ideas in global markets and investment. It will serve as a platform for financial market research.

At the University of ALMAU, the AIFC supports fintech initiatives to create financial start-ups and entrepreneurial initiatives and implement the business ideas of young developers.

The AIFC in conjunction with the Kazakh-British Technical University will hold trainings and guest lectures for students, undergraduates and doctoral students of economics and business. A new academic programme on risk management is also expected.

The Narxoz University created a platform to improve the skills of teaching staff of universities involved in the system of higher economic and financial education.

The competence centre at the Abai Institute of Sorbonne-Kazakhstan KazNPU is working on the training of future international lawyers and specialists in international, finance and European law, particularly in legal practice and research activities.

The centre of Islamic finance at Al-Farabi KazNU’s Higher School of Economics and Business is a joint project of the school, AIFC and Hamad Bin Khalifa University of Doha, Qatar. The activities of the centre are aimed at the development of postgraduate and bachelor programmes in Islamic finance and joint training of scientists.

A centre of financial risk management has been launched at the Higher School of Economics of M. Narikbayev University to develop educational programmes in financial risk management.

The digital centre of finance at Lev Gumilyov University plans to attract experts from AIFC for the development and implementation of educational and training programmes in digital finance, block chain and cryptocurrencies.



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More than 2,000 head of cattle imported to Pavlodar Region


NUR-SULTAN – Cattle from Russia and the Czech Republic were imported to the Pavlodar Region for its animal husbandry development, Kazinform reported June 10.

Photo credit: inbusiness.kz.

The 2,485 head (including 691 head of Simmental cow) were imported from Russia’s Bryansk, Kemerovo, Krasnoyarsk, Novgorod and Tomsk regions, as well as the European country. The region plans to purchase 10,191 head through the end of the year, with the current buy representing 17.6 percent of the target. The imports are being completed with the assistance of the Sybaga state programme.

The imported livestock were purchased by the Terenkol (326 head), Irtysh (312 head) and Bayanayul (280 head) districts of the Pavlodar Region.

The cost per head depends both on the species and the exporting country. According to Agrarian Credit Corporation data, Angus cow species are 750,000 tenge (US$1,944); the balance are approximately 650,000 tenge (US$1,685). The cost is divided between the farms (such as ASTYK-PV) and state subsidies, with 225,000 tenge (US$583) per breeding head and 175,000 tenge (US$453) per purebred head.

The Pavlodar administration is aiming to eventually increase the region’s meat export rates, said Regional Agriculture Administration deputy head Marat Shugayev. Pavlodar region, which exported 1,348 tonnes of meat in 2018, plans to increase the rate to 2,300 tonnes this year. The region exports beef to Russia and mutton to Arab countries. Negotiations with China for meat exports started in March, but due to Chinese regulations, a decision might take a while, he added. The region currently has 27 large and medium dairy farms with a total capacity of 9,244 head of cattle.

The Sybaga programme is focused on providing farms with animal husbandry loans, particularly for importing cattle, according to the regional akimat (administration). The 4-percent interest loans are executed through the Agrarian Credit Corporation and Agriculture Financial Support Fund. With the programme’s assistance, 1,800 head of cattle were imported into the region last year.



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Almaty stays atop World Bank’s Subnational Doing Business report for Kazakhstan


NUR-SULTAN – Doing business is easiest in Almaty, Aktau and Aktobe among the 16 locations in Kazakhstan rated by the second World Bank’s Subnational Doing Business in Kazakhstan 2019 report, released June 17.

The report studied business regulations in four areas – starting a business, dealing with construction permits, getting electricity and registering property – in Akmola (Kokshetau), Aktobe, Atyrau, Almaty (Taldykorgan), East Kazakhstan (Ust-Kamenogorsk), Karaganda, Kostanai, Kyzylorda, Mangistau (Aktau), North Kazakhstan (Petropavlovsk), Pavlodar, West Kazakhstan (Uralsk), Zhambyl (Taraz) regions as well as the three cities of national significance – Almaty, Nur-Sultan and Shymkent.

Vice Minister of National Economy Arman Dzhumabekov said Kazakhstan is adopting unprecedented systemic reforms aimed at improving the business climate and reducing administrative barriers and business costs.

“Since 2014, seven legislative amendments were introduced to the Business Code. As a result, Kazakhstan is among the top 30 countries in the World Bank’s Doing Business ranking and ranks 28th among 190 countries in the world. This is a good achievement. But we need to move forward,” said Dzhumabekov commenting on the report.

Creating a favourable entrepreneurial environment is “a fundamental condition for economic development and the welfare of the country,” said World Bank lead economist Stefka Slavova.

“Local businesses create jobs and generate revenue, which contributes to the development of the country. The governments pay special attention to laws and regulations that affect doing business for small and medium enterprises,” she added.

The World Bank’s Doing Business study allows government regulators to evaluate and compare their activities in maintaining a friendly business environment.

“We’re trying to promote entrepreneurship and job creation in the private sector. The private sector is one of the important engines of growth in any country. Having the right business regulations allows for that. The Subnational Doing Business Report can be used as a diagnostic tool. We measure where business regulations are good or less good within a country. We see this is actually a very powerful message, because often comparing the capital with a capital in another country has a less significant meaning than comparing cities within the same country,” said Rita Ramalho, senior manager of World Bank Global Indicators Group, at the presentation of the report in the capital.

It is easiest to start a business in Nur-Sultan, deal with construction permitting in Almaty and the Kyzylorda region; obtain an electricity connection in Almaty and the Mangistau and Aktobe regions; and register property in the East Kazakhstan and Pavlodar regions and Almaty. On aggregate across the four regulatory areas measured, Almaty has the most business-friendly regulation and Zhambyl the least.

“Almaty on average is the one that performs the best. When it comes to starting a business, it’s ranked number nine. Nur-Sultan is a city that ranks the best in starting a business, but when it comes to the other topics – dealing with construction permits, property and electricity – Almaty is the best one,” she said.

The regions continue to make progress to ease doing business, but there remains room for improvement.

All eight locations featured in the Doing Business in Kazakhstan 2017 survey improved their business environment, with Nur-Sultan advancing the most, the report found. This suggests a countrywide trend toward global good practices, with less red tape for entrepreneurs. Nur-Sultan, which was ranked last in the first study, has adopted multiple reforms since 2016.

“Nur-Sultan was the one that improved the most because it was actually the last one in the previous report. I think that gave a lot of incentive. One of the reforms implemented in Nur-Sultan was in getting electricity and trying to monitor power outages and provide that information on a regular basis. That was part of the significant improvement,” she said.

National reforms related to construction permitting have had positive results. The time for getting construction permits decreased due to strict oversight by the Government for Citizens state corporation that operates as a one-stop shop for more than 750 public services… In 2016 the difference in time between Almaty as the best performer on dealing with construction permits and the worst, Shymkent, was 82 days. That gap has now closed by more than half, to 39 days.

“There were some reforms at the national level. Some cities benefited more because the implementation may have varied across the different cities. But, for instance, in starting a business, one of the things that happen across the country was the e-government portal for VAT registration. It simplified the process of starting a business across the country. In getting electricity, there was the elimination of the requirement to obtain an expert opinion after external work,” she said.

“When it comes to the time and cost of doing business and the pace of improvements compared to Europe and Central Asia (ECA) economies and the Organisation for Economic Co-operation and Development (OECD) high-income economies, Kazakhstan does quite well,” she said.

It costs 46.7 percent of income per capita to obtain electricity in Kazakhstan, less than 15 percent of the average in all ECA economies.

Kazakhstan has more room for improvement compared to those two groups in terms of the number of processes required to start and run a business. Procedural complexity remains a challenge.

“There is a higher number of procedures in Kazakhstan on average both for starting business, getting electricity and construction permitting,” she said.

Entrepreneurs need a lot of clearances and approvals before and after construction. While it takes an average of 13 procedures to deal with construction permits in OECD high-income economies and 16 in ECA economies, it takes 18 procedures in Kazakhstan. In Almaty, where the process is the least cumbersome, entrepreneurs still have to fulfil 17 requirements to obtain a construction permit.

“The variability within Kazakhstan could be used in your favour. If you apply the best practices that you have within Kazakhstan, there would be significant improvement for Kazakhstan itself,” she said.

If Almaty, which represents Kazakhstan in the global Doing Business report, provided an electricity connection as quickly as Petropavlovsk (46 days) and at the same cost as Kyzylorda (27.9 percent of income per capita) Kazakhstan’s global ranking on getting electricity would jump 36 spots, from 76 to 40, all else being equal.

“There is significant improvement that you can have just by using the knowledge that you already have in the good practices that are already applied in the country. [This also applies to] dealing with construction permits, where there is also significant room for improvement. In other topics, the improvement is less significant just because the variability is smaller. But then this could also mean that overall, Kazakhstan would be, instead of being top 30, will become top 25 if there was that improvement of just choosing the best practice within Kazakhstan,” she said.



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Kazakhstan to export horse meat to Japan


NUR-SULTAN – Kazakhstan and Japan are negotiating the export of Kazakh horse meat to the Japanese market, where it will be used to prepare the delicacy basashi (thinly sliced ​​raw horse meat).

Photo credit: inform.kz.

Kazakh Ambassador to Japan Yerlan Baudarbek-Kozhatayev and Japanese Minister of Health, Labour and Welfare Takumi Nemoto met June 14 to discuss shipments. They focused on exchanging draft veterinary certificates for horse meat and related documents, which are currently agreed by the Japanese Ministry of Health, Labour and Welfare and Kazakh Ministry of Agriculture, reported Kazinform.

Japanese prefer basashi to beef, as the former contains more protein and linoleic acid than the latter and is low in calories. Horse meat is also less likely to carry coliform bacterium and may prolong life. Demographic studies have shown that Nagano Prefecture residents who eat horse meat have the longest life span in the country; life expectancy is 80.88 years for men and 87.18 for women.

Basashi is typically dipped in soy sauce and served with garlic. The dish, served cold and nearly frozen in the middle, is intended to be eaten this way.

Kazakh-Japanese trade turnover last year was $2 billion, a 54-percent increase compared to 2017  ($1.3 billion), according to the Committee for Statistics of the Kazakh Ministry of National Economy. The turnover showed a positive balance in Kazakhstan’s favour; exports to Japan totalled $1.5 billion while imports stood at $497.3 million, a 70-percent increase compared with 2017 ($886 million). Mutual trade volume was $307.5 million in the first three months of this year.

Nemoto thanked the Kazakh people and government for transferring information about 20,000 Japanese soldiers interned in the Soviet times in Kazakh territory. They also discussed prospects for bilateral health cooperation, including under the Astana Declaration on Primary Health Care, signed Oct. 25, 2018.



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New regional projects to upgrade Shchuchinsk-Borovoye resort, Nur-Sultan outskirts


NUR-SULTAN – Prime Minister Askar Mamin reviewed the Akmola region’s socio-economic development during a June 15 working trip, finding that the region had seen a steady increase in economic development since the beginning of the year.

Photo credit: primeminister.kz.

The next round of improvements will include infrastructure development in Shchuchinsk-Borovoye resort and the capital’s suburban areas.  

Akmola Region had an increase in all macroeconomic indicators from January to May, Akmola region Akim (Governor) Yermek Marzhikpayev said. Industrial production totalled 284.1 billion tenge (US$740.59 million). As of June 1, fixed assets of the regional economy attracted 83.2 billion tenge (US$216.89 million), a 4.4 percent increase year-on-year. In agriculture, production increased by 13 percent and totalled 63.6 billion tenge (US$165.79 million).

Approximately 129 billion tenge (US$336.28 million) distributed to the region to improve public good went toward building three kindergartens, six schools and five healthcare facilities. In addition, 116 large and low-income families received housing and 610 million tenge (US$1.59 million) through targeted social assistance.

The prime minister also reviewed a draft action plan to discuss at the 2020 Interregional Cooperation Forum of Kazakhstan and Russia. State authorities expect the forum to facilitate tourism in the region. First on the agenda are the Shchuchinsk-Borovoye resort development plan and the Aul-El Besіgі project to develop the capital’s outskirts.

Photo credit: primeminister.kz.

Mamin told regional officials to resolve the Shchuchinsk-Borovoye resort area’s ecological issues and modernise infrastructure around it, creating high-quality and affordable services. The project should create 7,000 jobs.

“The foundation of the state programme for the development of tourism are the top 10 sites in Kazakhstan, one of which is the Shchuchinsk-Borovoe resort zone,” said Mamin. “By providing a multiplicative effect on the development of transport and telecommunications, construction, trade, agriculture, and tourism, it contributes to the socio-economic development of the country: the flow of investment and the creation of jobs.”

Kazakhstan plans to increase tourism’s share in gross domestic product (GDP) to 8 percent by 2025.

The Aul-El Besigi state programme will launch 19 projects (eight by contract) by the end of the year. In addition, 10 projects will be implemented to develop Nur-Sultan’s suburbs through developing water and wastewater networks and building roads.

The Industrial and Innovative Development State Programme will also start five projects for 9.3 billion tenge (US$24.24 million), creating 434 permanent jobs.

Photo credit: primeminister.kz.

The Kazakhstan Agro Innovation Corporation plant, which produces 1,500 units of agricultural machinery per year, plans to increase its capacity to 5,000, creating more than 400 new jobs.

The Kazakh-Russian machine-building enterprise KAMAZ-Engineering plans to reach an output of 2,500 vehicles per year.

In addition, 71 projects in the Economy of Simple Things category worth 87.6 billion tenge (US$228.36 million) develop consumer goods in the region.

A company called Dva Kita, for example, has produced 12,700 units of furniture since the beginning of 2019. It plans to expand its line and increase production. For these purposes, 1 billion tenge (US$2.60 million) of private investment will be attracted.



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