29.04.2024, 12:45 58136

Kazakhstan to ramp up metallurgical industry production

Kazakh Industry and Construction Minister Kanat Sharlapaev reported the metallurgical industry output growth in the first quarter of 2024, Kazinform News Agency reports.

He said industrial output increased by 4.3% in the first quarter of 2024 and is expected to rise further due to the expansion of production at steel manufacturers including Qarmet, Steel KSP, Shymkent Temir, Ferrum Vtor, Kazferrostal, Forever Flourishing (Middle Asia), Pty Ltd from 3,923 million tons to 4 million tons. Flat-rolled product production will increase from 2,456 tons to 2,550 tons and cast-iron output from 2,865 to 2,950 million tons.

Kazzinc, Kazakhmys Corporation, and KazMinerals Group will increase copper production. Kazzinc, KEZ will ramp up zinc and aluminum production. Copper production will almost double by 2029 from 490,000 to 1 million tons due to the construction of a copper plant in Abai region. He stressed the project will help process all exported copper concentrate.

Steel production will rise to 10 million thanks to the expansion of Qarmet and the development of new projects.

Besides, ERG Company and BAOWU Steel will together put on stream advanced iron ore raw materials processing production.
 

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15.05.2024, 18:56 1941

Kanat Sharlapaev Met with the Minister of Industry and Trade of the Republic of Vietnam

On May 15th, the Minister of Industry and Construction of the Republic of Kazakhstan, Kanat Sharlapaev, held a meeting with the Minister of Industry and Trade of the Republic of Vietnam, Nguyen Hong Dien, with the participation of the Extraordinary and Plenipotentiary Ambassador of the Socialist Republic of Vietnam, Pham Thai Nhu Mai, press service of the Ministry of Industry and Construction reports.

During the meeting, the parties discussed the current cooperation between the two countries, as well as potential areas for increasing trade turnover.

Kazakhstan and Vietnam have significant experience in long-term cooperation. The trade turnover between the two countries amounted to USD 979 million in 2023. In the industrial goods segment, the trade turnover reached USD 958 million last year, and the figures for January-March 2024 are USD 229 million.

Representatives of the Republic of Vietnam showed interest in developing mineral deposits in Kazakhstan, as well as in cooperation in the chemical industry.

Additionally, the Vietnamese side noted the prospects for joint work on the production and supply of synchronized equipment for the fields of light industry, automation of mechanical engineering, energy, agriculture, food production, and more.

In turn, the Minister emphasized the high potential for further development of cooperation between the countries and Kazakhstan's interest in creating industrial cooperation.

The Vietnamese side also expressed interest, after which Kanat Sharlapaev instructed the creation of a working group to expand cooperation.
 

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13.05.2024, 10:23 4681

Uzbekistan’s foreign trade turnover with CA amounts to $1.4bln in Jan-Mar 2024

Uzbekistan’s foreign trade turnover volume with Central Asian countries amounted to $1.4 billion from January through March 2024, Trend reports.

The data from Uzbekistan’s Statistics Agency shows that this figure is 17.6 percent lower year-on-year ($1.7 billion in January-March 2023).

In the structure of trade turnover, exports to Central Asian countries reached $528.9 million from January through March 2024, which is 19.5 percent less compared to the same period last year ($657.4 million in January-March 2023).

At the same time, imports from Central Asian countries amounted to $954.9 million. This indicator shows a 13.1 percent decrease year-on-year ($1.1 billion in January-March 2023).

Uzbekistan traded the most with Kazakhstan among Central Asian countries during this period-$937.7 million. Turkmenistan ($235.2 million) ranks second, followed by Kyrgyzstan ($158.2 million) and Tajikistan ($152.5 million).

Meanwhile, Uzbekistan's trade turnover volume amounted to $15.8 billion from January through March 2024. This is 6.2 percent more year-on-year ($14.8 billion in January-March 2023).

The country's exports reached $6.3 billion from January through March 2024, while imports amounted to $9.4 billion.

The largest trade turnover volume was recorded with China ($3 billion) during this period. Russia ranks second with a total trade turnover volume of $2.8 billion, followed by Kazakhstan ($937.7 million).
 

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02.05.2024, 16:06 39936

Almaty's economy booms: record 10.1% growth in 2023 sets new milestone

Akimat of Almaty city shared that in 2023, the gross regional product of the city of Almaty increased by an impressive 10.1%, reaching a record high of 24.8 trillion tenge. This figure was the highest in the last 10 years, reflecting the significant development of the metropolitan economy, Kazinform News Agency correspondent reports.

The dynamic development of the economy was supported by the growth of such industries as manufacturing (+17.5%), trade (+14.5%), financial and insurance activities (+12.0%), information and communications (+11.3%), real estate transactions (+6.9%) and transport and warehousing (+5.7%).

Investment and business activity also played a significant role in the development of the city's economy. In 2023, 1.8 trillion tenge of investment in fixed capital was attracted to Almaty, which is 25.3% more than in the previous year. Private investment increased by 35.5%, highlighting the city's attractive investment environment.

Small and medium-sized enterprises continued to actively contribute to the economy. Last year they produced products worth 19.3 trillion tenge, which means a real increase of 15.8%. The number of active business entities also increased by 16.2%, reaching 340.1 thousand units.

This growth in the city's economy was accompanied by a decrease in the unemployment rate from 5.0% in 2022 to 4.8% in 2023. In general, the contribution of the city of Almaty to the gross domestic product of Kazakhstan also increased significantly and amounted to 20.6%.
 

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29.04.2024, 17:20 60526

Kazakh deputy criticizes performance in mechanical engineering sector despite funding infusion

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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29.04.2024, 15:23 60291

Kazakhstan recovers 40bln tenge of illegally acquired assets

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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26.04.2024, 17:02 77901

Olzhas Saparbekov met with the representatives from the Anhui Province

On April 26 of this year, a meeting took place between Olzhas Saparbekov, the Vice Minister of Industry and Construction of the Republic of Kazakhstan, and the Deputy Governor of the Anhui Province, Sun Yun. The delegation from the People's Government of Anhui Province included representatives from the fields of international trade, culture, tourism, and external relations of the Chinese province, press service of the Ministry of Industry and Construction reports.

The meeting aimed to strengthen bilateral relations and expand economic cooperation between the Republic of Kazakhstan and the People's Republic of China. Key aspects of industrial and construction development were discussed, as well as opportunities for deeper cooperation in other economic sectors. The Vice Minister noted that such meetings are of great significance for furthering the economic ties between the two countries.

During the meeting, the parties exchanged views on current projects and discussed the prospects for joint cooperation. The fruitful meeting underscores the mutual interest and readiness for further expansion of bilateral relations between Kazakhstan and China.
 

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24.04.2024, 19:13 79831

Kazakhstan confirms its commitment to OPEC+ Agreement, says energy ministry

Kazakhstan confirms its commitment to the OPEC+ Agreement and supports all decisions taken together with the OPEC+ member countries, the Kazakh energy ministry said in a statement, Kazinform News Agency reports.

According to the ministry, following the decision of the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), Kazakhstan prepared a detailed Compensation plan, according to which it will gradually compensate for the 1st quarter overproduction during 2024.

Kazakhstan will make every effort to comply with its obligations and compensate for overproduction according to the proposed Compensation plan. We understand the importance of conformity to the obligations by each country and maintaining cooperation in order to stabilize the oil market, reads the statement.

Earlier, Kazakhstan extended its current voluntary obligations until the end of June 2024.
 

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19.04.2024, 14:15 110751

Kyrgyzstan and World Bank reach agreement on Kambarata HPP-1 project

Meetings between Chairman of the Cabinet of Ministers - Head of the Administration of the President of the Kyrgyz Republic Akylbek Zhaparov and the executives of the World Bank Group continue, Kabar reports.

Yesterday, on the sidelines of the spring meetings of the International Monetary Fund and the World Bank Group, meetings were held with the WB Regional Director for Economics and Finance Asad Alam, as well as with the WB Vice President for Human Development Mamta Murthy.

The main topic of negotiations with the WB Regional Director for Economics and Finance Asad Alam was the issue of discussing the draft country economic memorandum and the partnership framework strategy, and with the WB Vice President for Human Development Mamta Murthy, the head of the Cabinet discussed issues of cooperation in the social sphere, including education, healthcare and social protection.

Next, a meeting was held between Deputy Chairman of the Cabinet of Ministers Bakyt Torobaev and World Bank Regional Director for Europe and Central Asia Sameh Wahba, where the main topic of negotiations was the issue of interaction in the field of agriculture and water management.

The parties mutually noted the importance of discussing these issues in the context of climate change and natural disasters around the world.

As a result of these meetings, an agreement was reached to practically strengthen the partnership between Kyrgyzstan and the World Bank, in particular, the parties agreed to develop a financial model of cooperation within the framework of the construction of Kambarata HPP-1.
 

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