Model of development of world economy changes - Handruev
The model of development of world economy has changed. The first vice chairman of Association of Regional Banks of Russia, Alexander Handruev, informed during round table carried out within IX Almaty Interbank Conference on Tuesday, the agency reports.
Almaty. September 25. Kazakhstan Today - The model of development of world economy has changed. The first vice chairman of Association of Regional Banks of Russia, Alexander Handruev, informed during round table carried out within IX Almaty Interbank Conference on Tuesday, the agency reports.
"We, obviously, are entering the period of change of model of development of world economy and a paradigm of regulation," A. Handruev said.
"The historically developed system has not adapted to conditions of globalization of economy."
"2008 is the beginning of a new stage of formation of the new model ... I think, that the forthcoming 2-3 years will be the period of search of the new paradigm, the new model of development. No doubt, certainly, there will be crises. This will be the period of change of market prices and parities. But the present crisis is more than correction ... " he noted.
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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
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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.
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Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
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Prime Minister of the Republic of Kazakhstan Olzhas Bektenov met with the heads of the world's largest oil and gas chemical companies – President of China Petrochemical Corporation (SINOPEC) Zhao Dong and Chairman of the Board of SIBUR LLC Mikhail Karisalovб primeminister.kz reports.
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It is planned to produce about 22 grades of polyethylene using American licence technologies of Chevron Phillips and Univation, 40% of which will be premium grade. A wide range of applications for both industrial and household purposes makes polyethylene the most popular polymer in the world.
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The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
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It was noted that the project is realised with the support of the Government. The plant will be built on the territory of a special economic zone with the provision of appropriate infrastructure and special tax regime. In this regard, Prime Minister emphasised the attention of the project participants to the need to maximise the use of local potential.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
Thus, in addition to the plant "Polyethylene" it is planned to build a gas separation complex and a trunk pipeline.
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