Almaty – China commodity turnover hit USD 2 bln 850 mln
The memo signed between Sichuan province and Almaty suggests attracting China’s investments in science and education. Almaty and Shenzhen inked a memo to support IT business of the two cities and the introduction of the Smart City digitalization projects.
China ranks among the key trading partners of Kazakhstan. Following the first half of the year, the sales grew by 51.6% as compared to the same period of the previous year to reach USD 2 bln 850 mln.
Source: kazinform
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Kazakh deputy criticizes performance in mechanical engineering sector despite funding infusion
Images | Akorda
Kazakhstan has been funneled 285 billion tenge in the mechanical engineering sector from the republican budget in the past three years, Kazinform News Agency correspondent reports.
285 billion tenge has been allocated to the mechanical engineering sector from different sources (the Development Bank, Industrial Development Fund, KazakhExport) over the past three years. In 2023, 13 thousand vehicles were made using the small node assembly method in 2023, which is a 9.7% of the overall vehicles produced last year. It is expected that the figure will rise to 64% by 2027, said Majilis deputy Nurtai Sabilyanov, while noting the low performance rate given the support provided by the state.
The deputy stated that many industrial companies acquire vehicles and equipment only (780 projects or 49.5%) with the support received from the Industrial Development Fund, which has nothing to do with the development of the industrial sector.
Moreover, according to the industry review of the National Bank, a weighted average capacity utilization in the manufacturing industry stood at a mere 51.1% in the fourth quarter of 2023. This raises a question of whether annual capital infusions in new projects are reasonable, said the deputy.
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Kazakhstan recovers 40bln tenge of illegally acquired assets
Images | primeminister.kz
Today was held a regular meeting of the Commission on the return to the state of illegally acquired assets under the chairmanship of Prime Minister of the Republic of Kazakhstan Olzhas Bektenov, primeminister.kz reports.
The Commission approved agreements on the voluntary return of illegally acquired assets to the state for a total amount of more than 40 billion tenge, of which more than 38 billion is cash, as well as a business centre in Astana worth 2 billion tenge. The returned funds will be used for social purposes, including the elimination of the consequences of floods.
In addition, the signing of investment agreements worth 7 billion tenge was approved, under which two infrastructure facilities will be built in Astana and Shymkent by persons who fell under the Law of the Republic of Kazakhstan "On the return of illegally acquired assets to the state’" The realisation of these projects will create jobs and provide an additional inflow of tax revenues.
The work on the return of assets is a direct realisation of the policy of the Head of State on the restoration of social justice. All returned funds are used for the benefit of the people of Kazakhstan," Olzhas Bektenov emphasised.
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