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Trade turnover between Canada and Kazakhstan is set to reach around $1 billion by the end of this year, said Kazakhstan’s Ambassador to the country Akylbek Kamaldinov, Kazinform correspondent reports.
On the margins of the 5th Anniversary Plenary Meeting of the Kazakhstan Canada Business Council (KCBC) in Astana, Ambassador Kamaldinov praised the dynamics of bilateral merchandise trade between the two countries.
Although the two-way trade recorded a decline in 2020 due to the raging coronavirus pandemic, 2019 saw good dynamics, said the ambassador, adding that 2021 exceeded all expectations.
According to Akylbek Kamaldinov, in 2021 Kazakhstan attracted $380 million direct investment from Canada with trade turnover hitting $700 million. This year Canada-Kazakhstan merchandise trade has exceeded the mark of $700 million in January-August 2022 as the two nations continue to work closely in a number of sectors ranging from agriculture to technologies.
According to organizers of the meeting, Kazakhstan’s exports to Canada increased 3.6fold in the same period, totaling $609.2 million.
Ambassador Kamaldinov added that Kazakhstan is the number one uranium exporter to the Canadian market. In his words, Canadian business community takes a keen interest in various sectors of Kazakhstan's economy mainly thanks to similarities in economic structure, climate, and territory.
Images | invest.gov.kz
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The 8th meeting of the Kazakhstan-Hungarian intergovernmental commission on economic cooperation took place in Budapest. Over 100 people participated in it, including Kazakh Invest represented by the head of cooperation with Europe Altynay Mukanova, Kazinform learned from Kazakh Invest.
The meeting discussed the expansion of trade, economic, and investment relations. The commission chairs, Kazakhstan's Minister of National Economy Alibek Kuantyrov and Hungary's Minister of Finance Mihály Varga, confirmed the intention to strengthen cooperation considering the great development potential between the two countries.
Altynay Mukanova spoke about the activities of Kazakh Invest, the preferences provided by the Government of the Republic of Kazakhstan, the promising areas of investment cooperation, and invited Hungarian companies to implement projects in Kazakhstan. Also, during the Business Council, meetings were held with the Hungarian business community on the implementation of current and potential projects.
Hungarian company Globália Kft. and Kazakhstani company ANM Group plan to build 20-50 MW solar power plants in Shymkent and 200 MW in Turkestan in the next two years.
Meanwhile, Electron Holding Zrt. company is interested in building solar and wind power plants in several cities in Kazakhstan, with a total investment of $430 million, with the first goal being the construction of several objects with a capacity of 700 MW.
Discussions were also held on production of metal structures with one of Hungary's most modern metal processing plants - the MVM holding. During the meeting, agreements were reached on the company's visit to Kazakhstan and strategic cooperation with the country's machine builders' union.
In addition, Rex-San medical company confirmed interest in creating production of medical products, including prosthetics, corsets and orthoses.
The management of Infoware leading energy company which specializes in producing secondary systems for small power plants, expressed interest in producing electrical equipment and participating in energy projects based on the needs of Kazakhstan.
Hungary is an important partner of Kazakhstan in the EU, with a number of intergovernmental agreements aimed at deepening trade and economic cooperation, encouraging, and mutual protection of investments between the countries.
The trade turnover between Kazakhstan and Hungary for 2021 was $138 million, 24% higher than the previous year. For the first 9 months of 2022, the figure was over $114 million. Since 2011, Hungary's direct foreign investments in the economy of Kazakhstan have been around $275 million, with a large portion directed to the processing industry.
Images | qazaqgaz.kz
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Sanzhar Zharkeshov, JSC NC QazaqGaz Chairman of the Board, held a meeting with Eni Exploration and Production Director Luca Vignati, Kazinform has learned from qazaqgaz.kz.
The parties discussed the possibilities of cooperation within the framework of the gas sector reform in Kazakhstan. Subsoil users are interested in the proposal to change the formula for the price of commercial gas.
Sanzhar Zharkeshov expressed readiness to work with investors on the principle of economic expediency. According to him, this approach will not only attract investments but will also provide gas to the country's domestic market.
In addition, QazaqGaz and Eni discussed possible prospects for cooperation in constructing a gas processing plant at Kashagan.
Eni is the largest Italian oil and gas company. Eni has been present in Kazakhstan since 1992. The main activity is carried out at the Karachaganak field in the West Kazakhstan region and the North Caspian PSA field in the shallow waters of the Northern Caspian.
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Sergek intelligent and road safety system has been installed in Namangan city of Uzbekistan, Kazinform has learned from the press service of KazakhExport.
Namangan is Uzbekistan’s second largest and most populated city after Tashkent.
Sergek is a product of Kazakhstan-based Sergek Group. It detects incorrect lane changes before the intersection, crossing the stop lines and driving in the bus lane. Sergek detects also speed limit violations, red light running, and stopping in the wrong place.
The project was implemented at the expense of private investors, with subsidies from the state, namely, through JSC KazakhExport insurance company.
The system has already been certified as per the Uzbek legislation. 25 devices will register traffic violations on 13 sections of the city and districts of Namangan region.
The project was launched under the support of Kazakhstan’s Ministry of Trade and Integration and the Ministry of Digital Development and Aerospace Industry.
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The trade turnover between Kazakhstan and China reached $31.2bn in 2022, Kazinform cites the press service of the Kazakh embassy in China.
A 23.6% increase in Kazakh-Chinese mutual trade was possible thanks to a 133.7% growth in Kazakh exports of agricultural products, 58% rise in exports of raw energy products, and 25.2% increase in chemicals exports, according to the China’s foreign trade statistics issued by the country’s General Customs Administration.
Kazakhstan imported 45% more plastics and rubber, 23.4% more textile and textile items, and 21.4% more machinery and equipment from China last year.
China has been among major trade partners of Kazakhstan over the years, while Kazakhstan is China’s major trade partner in Central Asia.
Given the upward trend in mutual trade the countries are on the path towards achieving the agreement signed by the two countries’ Heads of State on increasing trade turnover to up to $35bn by 2030 earlier than planned.
Images | primeminister.kz
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Kazakh Prime Minister Alikhan Smailov and Aziz Çengel, the acting director general of Gap İnşaat of Türkiye, met to debate the development of the investment projects in Kazakhstan, the Prime Minister’s press service reports.
During the meeting, the latter expressed interest in extending the company’s investment activities in Kazakhstan. In particular, he outlined the construction of a thermal power plant in Kokshetau as a promising project.
The Prime Minister said that Türkiye is an important strategic partner for Kazakhstan that’s why the Government hails the development of new mutually beneficial projects.
Prime Minister Smailov stressed that an open tender will be announced by the Kazakh Energy Ministry for the TPP construction in Kokshetau. In his turn, Aziz Çengel confirmed the readiness to bid for the tender.
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11 commercial documents worth over $2.5 billion were signed during President Kassym-Jomart Tokayev's visit to the UAE, the press service of Kazakh Invest reports.
One of the key agreements is a declaration between the Governments of Kazakhstan and the UAE, under which the parties will cooperate in the implementation of strategic investment projects.
Two documents were also signed with Abu Dhabi Ports - an agreement on the implementation of projects in the field of maritime infrastructure with the Ministry of Industry and Infrastructure of the Republic of Kazakhstan and an agreement on strategic partnership with KazMunayGas.
KIDF and the Ministry of Energy of the Republic of Kazakhstan signed an Agreement "on principles" for the implementation of projects in the field of alternative energy with the company Masdar.
KAZAKH INVEST signed agreements with Al Badie Group on cooperation in the implementation of investment projects, with Danube Group - on cooperation in the implementation of projects in the field of production of construction materials, as well as with Alserkal Group - on cooperation within the framework of the project of recycling of organic waste.
Semurg Invest and Abu Dhabi Ports signed a Memorandum of Understanding on the development of the project for the construction and operation of Multifunctional marine terminal "Sarzha" in the port of Kuryk, Aktau.
QazaqGaz signed Memorandums of Understanding on cooperation with Emirati companies Dragon Oil and Petromal on the implementation of projects in the oil and gas sector. The documents are aimed at increasing cooperation in the development of gas fields, geological study of subsurface resources and development of gas processing.
A document on joint financing of venture projects was signed by the companies Astana Hub and Presight (Group 42).
It is worth noting that the investment roundtable with the participation of the Head of State was organized by the Ministry of Foreign Affairs of the Republic of Kazakhstan, the Embassy of the Republic of Kazakhstan in the UAE, and "NC "KAZAKH INVEST" JSC.
Tell a friendFlights to 29 countries resumed and opened in Kazakhstan. He went on to say that work is ongoing to expand the fleet of aircrafts to increase the domestic airlines’ capacity. By 2050, the fleet is expected to be replenished with 51 new aircrafts, of which 14 were purchased last year. Earlier it was reported that Kazakhstan will launch new international aircrafts. The country expanded the open sky regime for five more years. Flights from Astana to Doha, Aktau and Shymkent to Ankara, Almaty and Aktau to Medina, Astana to Baku, and Shymkent to Dushanbe are expected to be opened in the 2023 spring-summer navigation period. Flights to 29 countries resumed and opened in Kazakhstan.
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Businesses in Kazakhstan will able to better hedge their currency exchange and interest-rate-related risks thanks to a new regulatory framework developed with the help of the European Bank for Reconstruction and Development (EBRD), ebrd.com reports.
The framework consists of the Netting Law and Resolution 77. The Netting Law helps reduce risks in financial contracts between two or more parties by combining or aggregating multiple financial obligations. The Resolution 77 is adopted by the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (the Agency). It establishes the list of foreign professional organisations, the documentation of which is now recognised for close-out netting - the method of closing a deal after a default occurs.
Developed by major international law firm Dentons Kazakhstan and in close cooperation with the National Bank of Kazakhstan (NBK), the Agency and the EBRD, the new legal framework is putting Kazakhstan on the derivatives and netting map and helping to develop the financial and capital markets.
The result of a joint four-year effort, also coordinated with and supported by the International Swaps and Derivatives Association (ISDA), means that Kazakhstan now has a fully effective legal and regulatory framework for cross-border, over-the-counter (OTC) derivative and repurchase agreement (repo) transactions. Businesses will be able to trade securities such as derivatives outside of formal exchanges and without the supervision of an exchange regulator.
The new framework, by means of the amendments made into the Civil Code and a number of key laws, provides for the enforceability of cross-border OTC derivative and repo transactions, including the early termination and close-out netting provisions typically applied to such transactions.
Huseyin Ozhan, EBRD Head of Kazakhstan, said: "The adoption of this legal framework is a milestone for the local capital markets. In these globally turbulent times it is more important than ever to provide businesses in Kazakhstan with cost-efficient hedging tools for the mitigation of their risks. It will also help the Bank source local currency to finance new projects in the country."
Mariya Khajiyeva, Vice-Chairman of the Agency, noted that: "Based, among other things, on the principles of the Model Netting Act developed by the ISDA, we aimed to introduce a generally accepted procedure applicable for OTC derivative and repo transactions in Kazakhstan. We believe that the adopted framework considerably improves the quality of the Kazakhstan legislation on the securities market."
The EBRD, through its Capital and Financial Markets Development team, and in collaboration with key departments such as the Bank’s Treasury, is working on similar projects in Azerbaijan, Bulgaria, Egypt, Morocco, Ukraine and Uzbekistan.
With almost €9.84 billion invested in the country to date through 304 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.
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