04.10.2021, 22:30 56296
OPEC+ countries keep plan to increase oil production by 400,000 barrels/day in November
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OPEC and non-OPEC countries "reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 million barrels/day for the month of November 2021," the Secretariat said.
The countries also "reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021," according to the document.
The next ministerial meeting will be held on November 4, 2021, the Secretariat said.
Source: TASS
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16.04.2024, 08:48 10031
Uzbekistan and Kazakhstan launch E-Permit international cargo transportation system
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Much attention is paid to improving conditions in international road freight transportation between Uzbekistan and Kazakhstan and the widespread introduction of digital technologies into the system, UzA reports.
E-Permit, an electronic system for exchanging permit forms, has been introduced to speed up cargo transportation between Uzbekistan and Kazakhstan.
Specialists from the Digital Transport Center under the Ministry of Transport successfully launched this system in test mode. The first quotas were exchanged using the E-Permit system, and cargo vehicles passed through the Yallama customs post.
It is worth noting that this electronic system was introduced between Uzbekistan and Türkiye on November 11, 2021, at the initiative of the Ministry of Transport, for the first time.
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15.04.2024, 10:59 9846
National Bank of Kazakhstan maintains base rate at 14.75%
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The National Bank of Kazakhstan has decided on April 12 to keep the base rate at 14.75% per annum, press service of National Bank of the Republic of Kazakhstan reports.
Inflation and inflationary pressures
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
The National Bank considers it necessary to "maintain moderately tight monetary conditions" to achieve the inflation target of 5%.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Kazakhstan’s annual inflation in March went down to 9.1%, driven by what the bank deemed "moderately tight monetary policy and declining world grain prices."
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
Although inflation expectations are on the decline, they are still high due to rising prices for food, housing and communal services, and gasoline.
International economic environment
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
The bank also noted that oil prices are slightly above the base scenario, averaging $83 per barrel since the beginning of the year, which will favorably affect Kazakhstan's trade balance. This is due to the extension of the OPEC+ agreement, military actions in the Red Sea, and the suspension of several refineries in Russia.
However, high oil prices may lead to an increase in the external inflationary background.
External monetary and credit conditions remain tight. As a result, global inflation is slowing down but still remains above target levels in many countries.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
Inflation in the United States also remains above its 2% objective.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Economic growth
Economic growth in January and February is estimated at 4.2% year-on-year, within the National Bank's forecast. The dynamics of retail trade indicators, volumes of consumer credit issuance, and the dynamics of the business activity index indicate the maintenance of robust internal demand in the economy.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
The next decision on the base rate is scheduled for May 31.
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12.04.2024, 15:23 44386
Henkel intends to develop production in Kazakhstan
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At the Ministry of Industry and Construction of the Republic of Kazakhstan, a meeting took place between the Chairman of the Industry Committee, Azamat Panbaev, and the CEO of Henkel for the Central Asian and Caucasus regions, Mikhail Yershov, press service of the Ministry of Industry and Construction reports.
During the meeting, M. Yershov reported on the completion of the process of transferring the office of the Central Asian and Caucasus regions to Kazakhstan and shared the company's plans for business development in our country.
Henkel actively operates in nine countries of the Eurasian region - Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan, Mongolia, Azerbaijan, Armenia, and Georgia. The history of cooperation with Kazakhstan began in 2006.
The complexity of production and logistical chains has prompted the company to consider optimizing production in the Eurasian space. The company already has two manufacturing facilities in the region: a factory in Kunayev (formerly Kapshagai) and a facility near Tbilisi in Georgia, which produces Metylan and Ceresit.
Currently, other possibilities for localizing production are being explored to be closer to the consumer, while the company intends to continue investing in the expansion of construction mix production in Kazakhstan.
At the end of the negotiations, both sides expressed their appreciation to each other for the constructive, effective dialogue and emphasized the importance of developing bilateral relations.
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12.04.2024, 14:20 44586
Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge
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Vice Minister of Industry and Construction, Zhannat Dubirova, announced this at the 13th session of the Kazakhstan-Finland Intergovernmental Commission on Trade and Economic Cooperation. Participants included Kazakhstan's Minister of Ecology and Natural Resources, Erlan Nysanbayev, Ambassador of Kazakhstan to Finland, Zhanna Sartbayeva, and Vice Minister of Transport, Talgat Lastaev, along with Finland’s Minister of Foreign Trade and Development, Ville Tavio, Ambassador to Kazakhstan, Soili Mykäinen-Buchanist, and Diplomatic Advisor Mikko Autti, press service of the Ministry of Industry and Construction reports.
The Vice Minister highlighted the achievements of Kazakhstan-Finland relations in the woodworking industry, which amounted to 14.3 million dollars in 2023.
Zhannat Dubirova also shared data on a 31% increase in investment in woodworking, totaling 3.3 billion tenge.
By 2027, the woodworking industry plans to launch approximately 11 new productions valued at 32.5 billion tenge, creating 1400 jobs", emphasized the Vice Minister.
The government is offering a range of benefits, incentives, and preferences for launching new investment projects and supporting existing ones. The Ministry has set the task of further developing the woodworking industry with sustainable and efficient use of raw materials.
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12.04.2024, 13:36 44161
ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
Images | Depositphotos
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According to a new Asian Development Bank (ADB) report, Kazakhstan's economic growth rate is projected to decline in 2024 due to a slowdown in the industrial sector caused by stagnant oil production but is expected to recover in 2025 with gains in mining and investment, reports Kazinform News Agency correspondent, citing the bank’s press service.
Economic prospects
ADB forecasts that GDP growth will slow in 2024 but recover in 2025. Growth is forecast to decline to 3.8% in 2024, with industry slowing due to stagnant oil production, before accelerating to 5.3% in 2025 as the expansion of the Tengiz oil field leads to higher oil production starting from the second quarter of 2025.
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
Despite a slowdown in 2024, economic growth is expected to be bolstered by consumer spending and investment demand. The anticipated growth in consumption is forecasted to moderate to approximately 4% in both 2024 and 2025 due to a slower increase in real disposable incomes.
Services growth is forecast to slow to 4.7% in 2024 after record growth in 2023 before rebounding to 4.9% in 2025, supported by trade, transport and hospitality, and trade facilitation between Europe and Asia. Industrial growth is forecast to slow to 3.5% in 2024, with smaller gains in mining, and accelerate to 5.7% in 2025 as oil production increases.
Investment growth in Kazakhstan is also projected to moderate, reaching 14.5% in 2024 and 9.0% in 2025, following the completion of significant infrastructure projects. Despite the support from state-sponsored housing construction initiatives and endeavors to attract foreign investment, these factors are expected to contribute to the overall moderation in investment growth.
Inflation rates
ADB forecasts that service prices are forecast to be the main source of inflation, rising 9.8% in 2024 and 8.1% in 2025 due to government-announced increases in utility prices.
The National Bank of Kazakhstan will gradually ease monetary policy and reduce the policy rate in line with the decline in inflation and inflationary expectations. However, rising utility prices and continued strong domestic demand will keep inflation above the National Bank's 5% target.
Caucasus and Central Asia economies
According to an ADB report, Caucasus and Central Asia economies will slow after the boost from re-exports and Russian migrant inflows in 2023. Growth in the subregion is forecast to fall to 4.3% in 2024, down from 5.3% in 2023 bouncing back to 5.0% in 2025.
In Uzbekistan, growth is forecast to moderate to 5.5% in 2024 and 5.6% in 2025 from 6% in 2023, as services, agriculture, and domestic demand cool on persistent inflation and slower growth in household income.
In the Kyrgyz Republic, growth is projected to moderate in 2024 and 2025 with smaller gains in construction and services. Inflation should decline under continued tight monetary policy.
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11.04.2024, 18:19 52876
One of China's leading companies plans to implement pipe and fitting production projects in Kazakhstan
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The Deputy Minister of Industry and Construction of the Republic of Kazakhstan, Olzhas Saparbekov, held a meeting with Mr. Gao Zinuo, the Deputy General Director for International Projects of "Xinxing Ductile Iron Pipes," China's largest state-owned company specializing in the production of pipes and fittings, press service of the Ministry of Industry and Construction reports.
Xinxing Ductile Iron Pipes" is one of China's largest enterprises, primarily engaged in casting pipes and fittings, steel melting and rolling, developing special steel pipes, and producing cast items. It boasts the world's largest pipe manufacturing plant.
Xinxing" is an integrated metal processing enterprise with an annual output of 10 million tons of metal products and 8 million tons of steel, also producing 3 million tons of pipes with diameters ranging from 80 to 3000 mm. The company's products are widely used in the engineering and utilities sector, as well as in water supply, sewage, and heating systems.
During the meeting, the "Xinxing" representative expressed a desire for joint work on further cooperation with the Republic of Kazakhstan.
Following the meeting, considering the strategic importance of modernizing engineering networks and reducing the overall wear and tear of the networks in the country today, the ministry is ready to undertake significant work with "Xinxing" for the implementation of effective projects.
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10.04.2024, 17:49 55516
7th meeting of the Committee for Cooperation of the Republic of Kazakhstan - European Union in trade configuration was held
Images | Ministry of Trade and Integration
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On April 9, 2024, in Brussels the 7th meeting of the RK-EU Cooperation Committee in a trade configuration chaired by the Vice-Minister of Trade and Integration of the RK Kairat Torebaev and Acting Director of Directorate E in the European Commission's Directorate-General for Trade and Chief Advisor to the Director-General, Management with Southern Neighbors, the Middle East, Turkey, Russia and Central Asia Leon Delvauxб press service of the Ministry of Trade and Integration reports.
Speakers from government bodies of the Republic of Kazakhstan and the EU were connected online; representatives of the Ministry of Railways, the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Justice, the Ministry of Agriculture, JSC CRTP QazTrade and JSC Kazstandard took part from the Republic of Kazakhstan.
At the 7th meeting of the Committee, a wide range of issues were discussed: trade and investment developments and trends; implementation of the trade section of the EPCA; implementation of the Ready4Trade Central Asia project; sanitary and phytosanitary measures, including expanding the range of Kazakhstani goods supplied to the EU market; list of export enterprises; recognition of disease regionalization measures in the EU; questions from the High-Level Mission of the Commissioner for Agriculture Wojciechowski.
The importance of interaction in the field of technical regulation, standardization, and metrology was noted.
Moreover, following the results of the 7th meeting, an agreement was reached on the arbitrators in accordance with Article 196 of the EPCA.
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10.04.2024, 16:48 55726
Kairat Torebayev discussed expansion of business cooperation with representatives of Belgium
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Vice Minister of Trade and Integration of the Republic of Kazakhstan Kairat Torebayev during a trip to Brussels discussed with Chief Operating Officer Piet Demunter and Director of the Regional Division of the Flanders Investment and Trade Agency De Potter the expansion of business cooperation between Kazakhstan and Belgium, press service of the Ministry of Trade and Integration reports.
At the meeting Kairat Torebayev paid considerable attention to the export potential of Kazakhstan, and also told the partners about the tools to support and promote exports in our country.
Thus, the Export Credit Agency is engaged in insurance and financing of foreign trade operations of enterprises. The single operator «QazTrade» JSC provides services to exporters of goods and service providers, and is actively working to expand the geography of export destinations (including China, EAEU countries and Central Asia). The Central Asia Gateway trade portal was created for participants of foreign economic activity from Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and Turkmenistan. It was developed within the framework of the Ready4Trade Central Asia project, which is funded by the European Union and implemented by the International Trade Center with technical support from the UN Conference on Trade and Development (UNCTAD). The portal brings together data from national trade facilitation websites in these countries and provides businesses with easy access to product-specific information on cross-border trade requirements.
In turn, Piet Demunter and De Pitter shared the results of a successful business mission to Kazakhstan in 2023. The parties agreed to jointly organize a business mission with the participation of 20 Belgian and Kazakh companies and «QazTrade» CTPD» JSC at the end of May 2024.
The speakers emphasized that the activities of the Belgian side in Kazakhstan is in an active phase and invited Kairat Torebayev to participate in the upcoming trade and economic mission to be held in Belgium.
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