The Eurasian Development Bank (EDB) has released its latest Macroeconomic Review for the Bank’s six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. According to EDB analysts, despite the challenging foreign economic environment, the region where the Bank operates continues to display robust growth. In early 2024, short-term economic activity indicators demonstrated sustained
Tajikistan’s economic growth is projected to decelerate slightly in 2024 and 2025 due to weaker remittances, fiscal space constraints, and subdued global demand for Tajikistan’s major export commodities, says the Asian Development Bank (ADB). The country’s gross domestic product (GDP) is forecast to grow at 6.5% both this year and next after registering 8.3% growth in
A Kazakh-Finnish roundtable was held in Astana on April 11 with the participation of the Vice Minister of Ecology and Natural Resources of Kazakhstan, Mansur Oshurbayev, and the Minister of International Cooperation and Foreign Trade of Finland, Ville Tavio. The event, organized by the Ministry of Ecology and Natural Resources of Kazakhstan and national company Kazakh Invest,
Kyrgyzstan’s economy is expected to grow moderately in 2024 and 2025 with slower gains in construction and services, eventually reaching its long-term potential rate, according to a new Asian Development Bank (ADB) report. The Asian Development Outlook (ADO) April 2024, ADB’s flagship economic publication, forecasts the Kyrgyz Republic’s gross domestic product (GDP) growth to slow to
Kazakhstan’s growth is projected to moderate in 2024 amid a slowdown in industry due to stagnant oil production before recovering in 2025 with gains in mining and investment, according to a new Asian Development Bank (ADB) report. The Asian Development Outlook (ADO) April 2024, ADB’s flagship economic publication published on April 11, projects Kazakhstan’s gross domestic product
Asel Suankulova, Deputy Director of the Department for Attracting Investments and Marketing of JSC National Company KAZAKH INVEST, held a meeting with representatives of the Spanish company Roca. The parties discussed the strategic possibility of opening a logistics center and a brand gallery, Roca Gallery, in Kazakhstan and further launching production in the country. This strategic
The World Bank’s Board of Executive Directors on April 8 approved a $30 million financing for the Resilient Agri-food Clusters Development Project for the Kyrgyz Republic. The project will be complemented by a $5 million grant from the Global Agriculture and Food Security Program (GAFSP). With a combined financing of $35 million, the project aims to boost the
Another lawmaker in Russia has made remarks concerning Kazakhstan, which might create tension between the two countries, Orda.kz reports. In a comment to the Russian National News Service, Mikhail Delyagin, deputy chairman of the State Duma Committee on Economic Policy, said that long delays in processing money transfers from Russia to Kazakhstan are “sabotage by
The construction of the Wakhan road connecting Afghanistan and China will soon be completed, the Afghan minister of rural rehabilitation and development announced during a meeting with the Chinese ambassador in Kabul, Afghan broadcaster TOLOnews reported. The Wakhan corridor is a narrow strip of land in the Badakhshan province of Afghanistan. The corridor stretches eastward,
Construction of a residential project called Nilabagh was launched in Kabul on April 7. The project will be implemented by a Chinese company that has invested $71 million in the construction of 1,400 residential apartments in 56 blocks, Afghan broadcaster TOLOnews reported. The construction project is planned to be completed within 3 years. “Today, we
The Embassy of Kazakhstan in Egypt and KAZAKH INVEST National Company on April 4 in Cairo held a round table with major Egyptian companies that are part of the Business Council for International Cooperation. During the event, participants discussed investment, trade and economic opportunities between Kazakhstan and Egypt, the Kazakh Foreign Ministry reported. Kairat Lama
Yerzhan Yelekeyev, Chairman of the Management Board of JSC National Company Kazakh Invest, and Sultangali Kinzhakulov, Deputy Chairman of the Investment Committee of the Ministry of Foreign Affairs of Kazakhstan, on April 3 met with the leadership of the Chinese company Zhejiang Sunny Group Co., Ltd. to discuss the possibility of building a plant for the
Kyrgyzstan’s Elkart Interbank Processing Center said that the Central Asian country’s banks will stop processing transactions with Russian Mir payment cards as of April 5 due to Western sanctions imposed on Moscow for its invasion of Ukraine, RFE/RL reported. Last week, another former Soviet republic, Armenia, announced a similar move. In September 2022, the U.S.
Kazakhstan intends to sign an agreement with Kyrgyzstan on deepening and expanding allied relations. The draft decree of the President of Kazakhstan Kassym-Jomart Tokayev “On the signing of an agreement on deepening and expanding allied relations between the Republic of Kazakhstan and the Kyrgyz Republic” was published on the Open Regulatory Legal Acts portal. The
Dauren Rakhimzhanov, Managing Director of the Eurasian Development Bank’s (EDB) Directorate of Digital Initiatives, participated in the United Nations International Telecommunication Union’s (ITU) Regional Development Forum for CIS, organized in Astana late in March with support from Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry. During the forum, the EDB Fund for Digital Initiatives,
According to Kyrgyzstan’s Ministry of Economy and Commerce, the country’s GDP per capita in 2023 reached $1,969.2, compared to $1,350.7 in 2021. Kyrgyzstan’s economic growth over the past three years averaged 6.9% (in 2021 – 5.5%, in 2022 – 9%, and in 2023 – 6.2%). Since 2021, the country has recorded an acceleration in GDP
During his official visit to China, Deputy Prime Minister–Minister of Foreign Affairs of Kazakhstan Murat Nurtleu on March 30 held meetings with the leadership of major Chinese companies, and discussed plans for the implementation of joint investment projects in Kazakhstan, the Kazakh Foreign Ministry reported. Chinese businessmen were acquainted with the economic reforms being implemented
Kazakhstan President Kassym-Jomart Tokayev on March 28 attended the opening ceremony of the plenary session of the Boao Forum for Asia, held annually in Hainan Province, China. This year’s 23rd edition of the Forum was themed “Asia and the World: Common Challenges, Shared Responsibilities”. The President of Kazakhstan spoke at the forum as a guest
Deputy Prime Minister–Minister of Foreign Affairs of Kazakhstan Murat Nurtleu on March 26 visited Washington and held a meeting with the U.S. Secretary of State Antony Blinken to discuss the dynamic development of the enhanced strategic partnership between Kazakhstan and the United States across a wide range of political, trade, economic and humanitarian spheres, the
The Prime Minister of Kazakhstan Olzhas Bektenov on March 26 met with the Chairman of the People’s Government of Xinjiang Uygur Autonomous Region of China, Erkin Tuniyaz, who arrived in Astana to participate in the second forum on “New approaches to the development of trade relations between Kazakhstan and China”. The two officials discussed cooperation
