Kazakhstan and Russia have great potential to step up trade, economic cooperation - President
Kazakhstan and Russia have implemented some 110 joint projects to the tune of $23 billion creating about 30,000 workplaces in that sector.
While praising the level of mutual investment between Astana and Moscow at the Kazakhstan-Russia Interregional Cooperation Forum on Monday, President Kassym-Jomart Tokayev of Kazakhstan said the countries have great untapped potential to step up bilateral trade and economic cooperation, Kazinform correspondent reports.
According to the Kazakh President, there is still room for growth especially in terms of industrial cooperation between the two countries.
Up to this point, Kazakhstan and Russia have implemented some 110 joint projects to the tune of $23 billion creating about 30,000 workplaces in that sector.
At the forum in Orenburg President Tokayev also stressed Kazakhstan is interested in stable trade and investment relations with its neighbor placing a special emphasis on construction of motorways, creation of logistic hubs and economic zones in border areas.
Earlier in his remarks Kassym-Jomart Tokayev revealed that the bilateral trade had reached the record mark of $24.5 billion last year.
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Türkiye's company interested in TPP construction in Kazakhstan
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.
Source: kazinform
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Kazakhstan, UAE sign agrts worth over $2.5bln
Images | invest.gov.kz
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.
Source: kazinform
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EBRD helps develop markets in Kazakhstan
Images | ebrd.com
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.
Source: kazinform
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Economic cooperation between Kazakhstan and UAE
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The United Arab Emirates (UAE) is one of Kazakhstan's important partners in the Middle East. There is a number of intergovernmental agreements in place aimed at deepening trade and economic cooperation, promoting and protecting mutual investments, the press service of the KAZAKH INVEST reports.
The volume of trade between the two countries in 2021 increased by 66% compared to 2020 and amounted to $709 million. In the first 9 months of 2022, this figure reached $558 million. Of this, Kazakh exports amounted to $519 million and imports amounted to $39 million. The main products exported from Kazakhstan are copper and copper cathodes, barley, mutton, and lamb.
Since 2011, the total inflow of direct investments from the UAE to Kazakhstan amounted to about $2 billion. Currently, the UAE business investment portfolio in Kazakhstan includes 25 projects worth a total of $5.3 billion. These include projects such as the launch of a poultry farm in Almaty region (Falah Growth fund), the expansion of power capacities at TEC-3 Karaganda (Falah Growth Fund), the launch of a grain crop processing enterprise in the Akmola region (Phoenix Global DMCC), etc.
During an upcoming investment roundtable in Abu Dhabi, organized with the support of "NC "KAZAKH INVEST" JSC, promising investment projects in oil and gas, food industry, civil infrastructure, and financial sectors will be discussed. A number of commercial documents is also expected to be signed, and bilateral negotiations between leading companies from both countries will be held.
Source: kazinform
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