Kazakhstan Chamber of Commerce in the USA

KazCham


Kazakhstan introduces a free-visa regime for another 10 countries 0

Posted on July 03, 2015 by KazCham

Astana Times

President of Kazakhstan Nursultan Nazarbayev announced that his country will extend and expand the trial visa-free regime announced last year and due to end this July. Now, citizens from 20 countries will not need visas for short trips to Kazakhstan, he announced at a Kazakh-Italian business forum in Milan on June 27.

The Kazakh delegation headed by Nazarbayev visited Milan to take part in a ceremony dedicated to the National Day of Kazakhstan at EXPO Milano 2015 as well as to visit the business forum. The President also held bilateral talks with Prime Minister of Italy Matteo Renzi.

Delivering a speech at the business forum, Nazarbayev said, “Investors are given the opportunity to attract foreign labor without any quotas and permits. Besides, we have established a visa-free regime for investors from 10 countries, including Italy. From July 15, we will prolong the visa-free regime for investors, and extended it for another 10 countries: Switzerland, Spain, Belgium, Hungary, Monaco, Singapore, Australia, Norway, Sweden and Finland. I think not many countries in the world can offer such beneficial conditions for investors.”

The Eurasian Economic Union (EAEU) with an integrated single market of 180 million people makes Kazakhstan attractive for investments, Nazarbayev pointed out. The trade bloc of Kazakhstan, Russia, Belarus, Kyrgyzstan and Armenia introduces a free movement of goods, capital, services and workforce. Kazakhstan can be considered as a gate to the EAEU, he explained.

Nazarbayev noted that EXPO 2017, which will be held in Astana in two years, will be a platform for demonstrating the best world developments and trends in the energy sector.

“The exhibition will also give a powerful impetus to our fruitful cooperation. I invite all of you to take part in EXPO 2017. I am confident that today’s forum is another important step to strengthen relations between Kazakhstan and Italy,” the President said.

During the visit, Kazakhstan and Italy signed joint agreements for a total amount of $500 million in the agriculture, food, textiles, oil and gas, machine building and construction sectors.

The visa-free regime for citizens of 20 countries, including the U.S., visiting Kazakhstan for a period no more than 15 days is prolonged from July 15, 2015 until the end of 2017.

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Kazakhstan’s membership in WTO to attract foreign investments 0

Posted on June 28, 2015 by KazCham

Deputy Chairman of the Board of Kazakhstan’s National Chamber of Entrepreneurs Rakhim Oshakbayev shared his opinion on the advantages of Kazakhstan’s accession into the WTO.

According to Rakhim, there are at least two major benefits for Kazakhstan in becoming an official member of the WTO: “90 percent of our trade is conducted with the WTO members. Now, in case of any trade disputes, our companies will have access to international mechanisms and institutions for settlement of their disputes. Secondly, the membership in the WTO is an indicator telling the international community that Kazakhstan observes civilized and internally accepted trade principles. Again, should any trade disputes arise; they (Kazakhstani companies) will be able to appeal to the WTO rules. Our membership in the WTO is an important instrument for attracting foreign investments,”

When discussing Kazakhstan’s membership in the WTO on June 22, President of Kazakhstan Nursultan Nazarbayev said that it opened new horizons for Kazakhstan’s economy. It provided access to the foreign markets for the companies, while regular people would be able to enjoy a wider choice of products. Furthermore, according to the Kazakh leader, membership in the WTO made Kazakhstan a more attractive place for foreign and domestic investors alike.

Business Intelligence from Colibri Law Firm: Issue #106

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IBRD to allocate USD 88 mln for development of innovations in Kazakhstan 0

Posted on June 18, 2015 by KazCham

Business Intelligence from Colibri Law Firm: Issue #104

An agreement on loans for implementation of a project on stimulation of effective innovations was signed between Kazakhstan and the International Bank for Reconstruction and Development.

The project financed by the IBRD provides for promotion of effective innovations, increase of productivity and competitiveness of the economy by means of stimulation of scientific relations and development of the technologies incubation.

The project is planned to be completed in 2020.

 

 

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UnionPay International enters all-round cooperation with Kazakhstan’s Halyk Bank 0

Posted on June 15, 2015 by KazCham

May 27, 2015 – UnionPay International announces it has entered into all-round cooperation with Halyk Bank of Kazakhstan. The cooperation between the two sides will encompass a wide range of fields, including issuance of local bankcards, provision of innovative services and foreign student support. To herald the inauguration of their partnership, Cai Jianbo, CEO of UnionPay International, and Umut Shayakhmetova, President of Halyk Bank, jointly attended the signing ceremony.

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Kazakhstan to Put 3.5 Billion USD into New Gas Pipeline Construction 0

Posted on June 14, 2015 by KazCham

Business Intelligence from Colibri Law Firm: Issue #104

The government of Kazakhstan will allocate 3.5 Billion USD to build new pipelines as part of its national General Gas Supply Scheme. First Deputy Prime Minister, Bakytzhan Sagintayev made the announcement during special a parliamentary session on the oil and gas sector.

According to the General Scheme, he said, 56% of the population will have access to gas in their homes by 2030 (the current level is 42%). In addition, 1,600 settlements will be equipped with gas by that time, up from the current number of number of 1,150. Overall gas consumption will rise from 12.4 billion cubic meters in 2014 to 18 billion by 2030.

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Kazakhstan to establish International Financial Court of Justice 0

Posted on June 11, 2015 by KazCham

On May 19, President of Kazakhstan Nursultan Nazarbayev issued Financial Centre Decree, thus significantly altering financial and judicial systems of Kazakhstan.

Astana Financial Centre will also function as a seat for the Centre based Financial Court of Justice. The Court will engage foreign judges to resolve various disputes including investment related ones. According to the Decree, the Court will hear disputes on the agreements governed by English law and English will be its language of proceedings.

In the past months, several top-level Kazakhstani delegations have been paying constant visits to the Court of Dubai Financial Centre and the new Singapore International Commercial Court; thus prompting a strong belief that the newly established Court of Justice in Astana will share many similar traits with the its Singaporean and Dubai counterparts.

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Kazakhstan to produce Euro-5 gasoline 0

Posted on June 09, 2015 by KazCham

A new manufacturing plant capable of producing K5 environmental class (corresponding to Euro-5 standard) AI-92 and AI-95 gasoline will be opened in Kazakhstan by late 2015.

Aksai based Condensate JSC Refinery Complex will serve as a starting ground for the production of these gasoline brands in West Kazakhstan.

The total project cost is approximately $200 million, with 60 percent of the required funding being provided by Kazakhstan Development Bank for the period of up to six years.

It was confirmed that National Bank Kyrgyzaltyn JSC would emit gold backed securities.

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EBRD will allocate loan for the reconstruction of the airport of Astana 0

Posted on June 08, 2015 by KazCham

Business Intelligence from Colibri Law Firm: Issue #103

Astana International Airport and European Bank for Reconstruction and Development sign loan agreement worth 8.5 billion Tenge (45.7 million U.S. dollars). The agreement stipulates implementation of the Reconstruction of the Flight Strip and Airfield Pavements of Airport of Astana city Investment Project.

The parties agreed for a 15-year effective term of the agreement, and for a grace period of three years.

 

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Uranium Fuel Bank in Kazakhstan to start receiving nuclear materials 0

Posted on June 06, 2015 by KazCham

Business Intelligence from Colibri Law Firm: Issue #103

In two-year term Kazakhstan plans to start receiving nuclear material for storage in a low-enriched Uranium Fuel Bank of the International Atomic Energy Agency (IAEA), said Timur Zhantikin, Deputy Chairman of the Atomic Control Committee at Kazakhstan Ministry of Energy.

Zhantikin added that first shipments of nuclear materials are expected to arrive into Kazakhstan in 2017. He further commented on the two years gap in the project realization, noting that although the agreement had been already signed, it would still require the Kazakhstan Parliament to ratify it, so that to become effective.

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A number of important agreements on development are signed during Astana Economic Forum 0

Posted on June 05, 2015 by KazCham

Samruk Kazyna

Astana Economic Forum has become a platform for partners to conclude talks and sign agreements.

On May 22, 2015 «Samruk-Energy» JSC signed a number of bilateral documents aimed at development of cooperation in elaborating innovative technologies during VIII Astana Economic Forum. The agreements have been made possible as a result of “Samruk-Kazyna” Fund visit to the Silicon Valley in California (USA).

The participants of the signing ceremony were the CEO of Primus Power Corporation Tom Stepien, professor of the Stanford University Friedrich Prinz, Professor of the University of California at Berkeley Daniel Alden Fletcher.

The bilateral agreements comprised an agreement with Stanford University in power industry; an agreement with the University of California in Berkley in the field of biomedicine; and an agreement with Primus Power Corporation on the development of electricity storage devices.

Primus Power Corporation and “Samruk-Energy” JSC agreed to establish a joint venture for  production and supply of energy storage systems  EnergyPod®  in the Republic of Kazakhstan. The joint project aims at development of renewable energy sector.

On the margins of the Astana Economic Forum, another agreement with the EBRD on loan was signed to modernize the tramway system in Pavlodar city. The EBRD-supported project will modernise a third of the tram fleet by purchasing 25 new tram cars, fix rail junctions and upgrade other related infrastructure. The EBRD will lend up to 2.5 billion tenge (€10 million equivalent) to the municipal tram system operator, JSC Pavlodar Tram Management Company, which will also receive a capital grant from the government of Kazakhstan of up to 910 million tenge (€3.71 million equivalent).  Additional support to the project will be provided by the regional government (Akimat).

At the signing ceremony, EBRD Managing Director Natalia Khanzhenkova said: “The modernisation programme will include not only physical upgrades but also introduction of a Public Service Contract, a mechanism to boost performance, cost effectiveness and transparency”.

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