SCO member states to establish their own Development Bank
Images | Depositphotos
The member states of the Shanghai Cooperation Organizationhave decided to establish a Development Bank of the organization. This is stated in the Tianjin Declaration, adopted following the 25th meeting of the Council of Heads of State of the SCO Member States, kabar.kg reports citing the RIA Novosti.
The document notes that the interested states confirmed the importance of creating the SCO Development Bank and agreed to intensify consultations on its functioning.
The countries also emphasized the significant role of the Interbank Association, which over 20 years of operation has become a sought-after mechanism for interaction in the financial sector. The declaration calls for speeding up the resolution of the issue of the authorized bank of the Islamic Republic of Iran joining the IBO.
The SCO summit is being held in the Chinese city of Tianjin on August 31 - September 1. It is attended by leaders of more than 20 states, as well as representatives of international organizations.
The SCO was founded in 2001. The organization includes India, Iran, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Pakistan, Uzbekistan and Belarus. Afghanistan and Mongolia are observer countries, and more than 15 countries are dialogue partners, including Turkiye, Saudi Arabia, Egypt and the United Arab Emirates.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
relevant news
Kazakhstan ready to supply goods worth at least $200mn to Iran
Images | Depositphotos
During the extended talks in Akorda, Kassym-Jomart Tokayev and Masoud Pezeshkian, discussed the prospects for expanding cooperation between the two countries in trade, economic, and investment spheres, Qazinform News Agency reports.
The Head of State said that Kazakhstan is ready to supply goods worth at least $200 million to Iran.
He hailed the growing volume of the bilateral trade, highlighting the importance of diversification of trade.
He stressed the need to boost interaction in agriculture, transport and logistics, mining sectors, medicine, and advanced technologies.
Tokayev expressed confidence that the documents signed today would give a strong impetus to further development of the political and economic interaction.
Kassym-Jomart Tokayev also backed the initiative to set up the Trade House of Kazakhstan in Tehran, highlighting the importance of boosting the activity of the Business Council and effectively utilize the potential of the Kazakh-Iranian Commerce and Industry Chamber.
Since January 2025, Iran has invested 17.8 million US dollars of direct investments into Kazakhstan’s economy. Iranian businessmen are actively involved in the implementation of such projects as the launch of a cheese production plant in Almaty region and a leather processing factory in the West Kazakhstan region.
Kazakhstani business entities are also implementing a number of projects in Iran.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan-Iran trade rises by 40%
Images | akorda.kz
Head of State Kassym-Jomart and President of Iran Masoud Pezeshkian held a narrow-format meeting in the Akorda Palace, Qazinform News Agency reports.
During the talks, Kassym-Jomart Tokayev said that Iran is Kazakhstan's close neighbor and reliable partner in the Middle East.
We hold unwavering respect for the Iranian people. Despite all difficulties, we continue to strengthen our ties. Relations between our countries have deep roots. We share similar customs, traditions, and culture. We have interacted for centuries. Kazakhstan has always supported Iran. There are no problems or unresolved issues between us," he said.
The Kazakh President expressed confidence that both nations have great potential for cooperation.
He stressed that Astana and Tehran had built a constructive political dialogue, including at the governmental level. Bilateral agreements are being implemented, inter‑parliamentary ties are growing, and trade and economic cooperation is expanding, he noted.
Over the first ten months of this year, indicators rose by 40% compared to 2024, which is undoubtedly a positive result. We must maintain this pace and further increase the volume of mutual trade," the Head of State said.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan and Slovenia Strengthen Economic Dialogue
Images | gov.kz
The Ambassador of Kazakhstan to Slovenia Altay Abibullayev at a meeting with Peter Japelj, Director of the Department of Economic, Cultural and Scientific Diplomacy at the Ministry of Foreign and European Affairs of Slovenia, discussed a range of issues of bilateral cooperation and the implementation of agreements reached following the official visit of the President of the Republic of Slovenia to Kazakhstan in March 2025, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
The diplomats paid special attention to the most promising areas of Kazakh-Slovenian economic cooperation, in particular, preparations for the upcoming IGC meeting, energy cooperation, the participation of Slovenian companies in the implementation of agreements between Kazakhstan and the EU in the field of rare earth materials, Kazakhstan's access to the infrastructure of the Slovenian seaport Koper, as well as the intensification of pharmaceutical cooperation with the participation of world-famous Slovenian brands Krka and Lek.
Slovenia is interested in further developing partnerships in the field of advanced medical technologies, biopharma and the supply of medicines to the kazakh market.
The Slovenian Foreign Ministry also supported the proposals of the kazakh side on the comprehensive activation of the digital agenda, cooperation in the field of ICT, artificial intelligence with the participation of Kazakhstan and Slovenian start-up companies, digital security, big data and the introduction of high-tech solutions in industry, energy and public services.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Washington Shows Strong Interest in Expanding Cooperation with Kazakhstan on Critical Minerals
Images | gov.kz
The "Atlantic Council" hosted a roundtable discussion dedicated to Kazakhstan’s potential in the field of critical minerals, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
The event brought together Ambassador of Kazakhstan to the United States Magzhan Ilyassov, Senior Director of the "Atlantic Council’s" Eurasia Center John Herbst, representatives of the U.S. Government, American development finance institutions, businesses, and the expert community.
In his remarks, the Ambassador presented the key outcomes of the President of Kazakhstan’s visit to Washington, DC, and the "C5+1" Summit, including the signing commercial agreements worth over 17 billion US dollars and the conclusion of the region’s first MoU on critical minerals between Kazakhstan and the United States.
Ambassador Ilyassov emphasized that the Memorandum establishes an expanded partnership framework, providing for the development of processing facilities in Kazakhstan, technology transfer, and access of Kazakh-produced goods to the U.S. market.
As an example of the Memorandum’s practical implementation, the Ambassador highlighted the agreement with U.S. company "Cove Capital", which envisages 1.1 billion US dollars in investment with the participation of American development finance institutions to support the production of high value-added goods in Kazakhstan.
Participants received detailed information on Kazakhstan’s favorable investment climate, including recent amendments to subsoil-use legislation aimed at enhancing transparency and openness of licensing procedures.
A representative of the national company "Kazakh Invest" presented around 50 ready-to-implement investment projects based on confirmed reserves of critical minerals and offering strong investment potential.
The event concluded with a Q&A session, during which participants reaffirmed their strong interest in deepening cooperation with Kazakhstan in the critical minerals sector, noted the significant potential for bilateral engagement, and expressed readiness for further joint work.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan and Saudi Arabia Strengthen Coordination in the Mining and Metallurgical Sector
Images | gov.kz
Ambassador of Kazakhstan to Saudi Arabia Madiyar Menilbekov met with Khalid Al-Mudaifer, Vice-Minister of Industry and Mineral Recourses of the Kingdom, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
The meeting focused on intensifying dialogue between the relevant ministries of the two countries to advance cooperation in the mining and metallurgical sector.
In this context, the parties emphasized the importance of implementing the agreements reached during the meeting between the Minister of Industry and Construction of the Republic of Kazakhstan, Yersaiyn Nagaspayev, and the Minister of Industry and Mineral Resources of the Kingdom, Bandar Al-Khorayef, held on the sidelines of the 21st session of the United Nations Industrial Development Organization (UNIDO) General Conference in November 2025.
Following the meeting, the parties agreed on further steps to promote a mutually beneficial partnership.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan to redirect oil from Kashagan to China following CPC attacks
Images | CPC
The Ministry of Energy of Kazakhstan has decided to revise the export routes of oil from the Kashagan field following drone attacks on the infrastructure of the Caspian Pipeline Consortium. Part of the volumes will be directed to China, Qazinform News Agency reports.
At present, the ministry, together with shippers, is working to redistribute oil volumes. Measures have been taken to redirect a certain amount of Kashagan oil to the PRC. The situation is under constant control of the Ministry of Energy," a statement reads.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.