14.09.2009, 16:45 3338

Prices for oil gone down

The prices for oil in the world market, following the results of the tenders on Friday, went down, the agency reports citing London Stock Exchange InterContinental Exchange Futures (ICE) and the New York Mercantile Exchange (NYMEX).

Almaty. September 14. Kazakhstan Today - The prices for oil in the world market, following the results of the tenders on Friday, went down, the agency reports citing London Stock Exchange InterContinental Exchange Futures (ICE) and the New York Mercantile Exchange (NYMEX).

In particular, the price of oil futures IPE Brent Crude on ICE with delivery in October has amounted to $67.69 (-2.17) per barrel, on NYMEX October contracts of Light, Sweet Crude Oil have gone down to $69.29 (-2.65) per barrel.

Following the results of the last tenders, the price of October futures on ICE and NYMEX reached $66.85 and $68.13 per barrel.

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12.04.2024, 15:23 23251

Henkel intends to develop production in Kazakhstan

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 23611

Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge

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 23026

ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025

ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
Images | Depositphotos
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 31741

One of China's leading companies plans to implement pipe and fitting production projects in Kazakhstan

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 34381

7th meeting of the Committee for Cooperation of the Republic of Kazakhstan - European Union in trade configuration was held

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
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 34591

Kairat Torebayev discussed expansion of business cooperation with representatives of Belgium

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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10.04.2024, 11:53 34771

Kazakhstan and Belgium agreed to hold a joint business forum

On April 8, 2024, in Brussels, the Vice Minister of Trade and Integration of the Republic of Kazakhstan Kairat Torebaev met with the director and head of the department "State Visits and Belgian Economic Missions" of the Belgian Foreign Trade Agency Rose Donсk, press service of the Ministry of Trade and Integration reports.

The parties discussed the volumes of bilateral trade turnover and agreed that the level of trade does not correspond to the existing potential.

Kairat Torebaev noted that the Ministry has been designated as the operator for the development and promotion of exports. Based on the experience of advanced countries, exporters of Kazakhstani goods and services, through the established Export Credit Agency, can receive a full range of insurance and financial support measures at all stages of the export cycle.

Rose Donсk reported that the last economic mission of Belgium to Kazakhstan took place in 2010. At the same time, the Agency considers organizing an economic mission to Kazakhstan in the near future. R. Donck noted that the Agency plans to prepare a business seminar on opportunities in Kazakhstan for about 200 belgian companies. She also spoke about the activities and functionality of the agency around the world.

Kairat Torebaev informed about the functioning of the Ready4Trade portal and invited Rose Donk to take part in the Astana International Forum on June 13-14, 2024 in Astana.

Following the meeting, the Parties agreed to jointly work on a business forum with the participation of 200 enterprises from the two countries this year in Belgium.
 

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09.04.2024, 17:23 35006

Committee on Industry conducted a hearing as part of its regular monitoring of the activities of Kazakhstan's leading enterprises in the energy sector

Azamat Panbayev, the Chairman of the Committee on Industry, held this hearing as a part of the continuous monitoring of the main enterprises in Kazakhstan's energy sector. The management of the "Institute for Electric Power Development and Energy Saving" JSC presented a detailed report on the achievements of the past year, including an analysis of the projects completed and expert evaluations conducted. Special focus was placed on the plans and prospects for 2024, outlining goals for the development and enhancement of energy-saving technologies, the adoption of innovative solutions, and improved efficiency in the use of energy resources, press service of the Ministry of Industry and Construction reports.

The hearing highlighted significant accomplishments and tools used by the Institute in developing and implementing energy-saving technologies. In 2023, the Institute successfully carried out several important projects and programs aimed at enhancing the efficiency of energy resources usage and mitigating environmental impacts.

According to data from the Bureau of National Statistics and the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, in 2023, the residential sector showed the highest energy consumption, accounting for 30.8%, followed by industry at 28.2%, and transport at 19.8%.

The reports and analytical data provided by the Institute demonstrate the significant contribution of the organization to the development of electric power and energy saving in the country. Overall, the planned activities and projects aimed at improving the energy infrastructure and enhancing energy conservation in the country are progressing according to plan.
 

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