Kazakhstan Chamber of Commerce in the USA

KazCham


UAE Central Bank signs MoU with National Bank of Kazakhstan 0

Posted on November 21, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #96 

The Central Bank of the UAE on Sunday announced the signing of a Memorandum of Understanding (MoU), with the National Bank of Kazakhstan on cooperation and exchange of regulatory information. The agreement puts in place a mechanism for cooperation between the two banks on regulatory matters, supervision of banks and other financial institutions operating in both jurisdictions. The mechanism also covers the exchange of supervisory information in line with local laws of each jurisdiction and within the Bank for International Settlements and home/host country’s supervisory authorities, and information sharing, which would contribute to the enhancement of the financial system in the UAE and the Republic of Kazakhstan.

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Kazakh Eurasian Bank plans to issue $500 million worth of Eurobonds 0

Posted on November 20, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #96 

The Board of Kazakh Eurasian Bank decided to issue Eurobonds in the amount of up to $500 million. The bank plans to issue up to 500,000 loan securities, the nominal value of one security is $1,000. Placement of securities may be carried out both in Kazakhstan or/ and abroad, including the UK or/ and the EU countries, South-East Asia, Russia or any other countries. The issuer plans that the coupon interest rate will be fixed at up to 7.5 percent per annum. The circulation period will reach three years.

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Bechtel selected for oil production facility expansion project in Kazakhstan 0

Posted on November 19, 2014 by KazCham
Business Intelligence from Colibri Law Firm: Issue #96

Bechtel has been awarded a contract to provide engineering, procurement, and construction services to build four crude-oil storage tanks at the TengizChevroil oil production facility in Tengiz, Kazakhstan. The company also will modernize the fire and gas detection systems across the entire crude tank farm. TengizChevroil is a joint venture of Chevron, ExxonMobil, KazMunayGas, and LukArco.

The project will add to the existing facility 500,000 barrels of tank storage, export pumps, interconnecting pipe, switching manifolds, a monitoring station, associated facilities, and supporting infrastructure.

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Kazakhstan’s oil and gas company exports over 70% of produced oil 0

Posted on November 16, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #96

Oil export sales of Kazakh companies Ozenmunaigas and Embamunaigas, the subsidiaries of the KazMunaiGas Exploration and Production (KMG EP), totalled 4,402 million metric tons in 9 months of 2014, or 74 percent of total oil sales. “Aside from that, some 50,000 metric tons of oil was delivered to Russia in September for fulfilment of commitments on counter oil supplies in line with the intergovernmental agreement between the two countries,” the company said.

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Kazakhstan working for transcontinental connectivity 0

Posted on November 14, 2014 by KazCham

The Astana Times

An editorial in The Astana Times praised Kazakhstan’s  efforts to promote “transcontinental connectivity” and its achievements in following a “multi-vector foreign policy.”

Kazakhstan enjoys treaties, strategic partnerships and cooperation with many international bodies like the UN, the Asian Development Bank, the World Bank, and others. It’s recent acceptance into the Asia-Europe Meeting (ASEM) was another huge step in this direction.

Kazakhstan further aims to build connections with China, Russia, Europe and Asia, through economic and infrastructural projects.

President Nazarbayev has in the past urged the international community to take “real action in matters of elimination of protectionist barriers, opening markets and increasing bilateral trade.” He has spoken against international sanctions and for the need to reform the global financial architecture.

One of Kazakhstan’s top priorities is revitalizing the Silk Road, connecting Europe and Asia through projects like the Western China-Western Europe highway and through diversifying energy.

Kazakhstan was the only Central Asian country to be invited to the ASEM summit, where more than 50 other countries interacted. President Nazarbayev spoke with many leaders from countries like Britain, Japan, Germany, China, South Korea, Hungary, Italy and the Netherlands to expand mutual cooperation. These meeting, Nazarbayev has said, helped raise Kazakhstan’s profile at the world stage and attract investments for Kazakhstan’s economic development.

Kazakhstan is also flexible in its foreign policy and continues to strengthen relations with Russia, while developing strong ties with China in key areas of trade and economic development.

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Kazakh businessmen seek international cooperation 0

Posted on November 13, 2014 by KazCham

Forbes

Over 150 entrepreneurs from all over Kazakhstan converged on Astana on Wednesday, October 22, to discuss prospects of international business cooperation and exchange best practices. The meeting was held in the framework of project “Business Ties,” part of Kazakhstan’s business roadmap 2020. The goal of the initiative is to foster business cooperation between Kazakhstan, the United States and Germany.

More than 500 Kazakh businessmen have taken part in training in Germany since the program launch in 2011. Many of them bring back valuable experience and business deals to their home country. Among participants were representatives of program partners, the German Federal Enterprise for International Cooperation (GIZ) and the United States Agency for International Development (USAID). The program aims to unlock the potential of Kazakh entrepreneurs by establishing business ties and cooperation with foreign companies.

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Kazakhstan seeks to collaborate with Japan to promote the energy sector 0

Posted on November 13, 2014 by KazCham

Environment News Service

 At the fifth meeting of the Kazakh-Japanese Intergovernmental Commission on Economic Cooperation, Kazakhstan’s Prime Minister Karim Massimov said that it will explore collaboration with Japan to manufacture electric and hybrid vehicles.

Massimov remarked that “Japan has high-tech, Kazakhstan has the natural resources and hardworking people,” and that cooperation in the nuclear and automobile sectors will be mutually beneficial.

Over 200 delegates were present at the meeting, including delegates from 40 Japanese companies like Toyota.

Other areas of cooperation indicated by the two parties included telecommunications, space industry, agriculture, transport and metallurgy.

Asset Issekeshev, Kazakhstan’s minister of industry and trade, said that Japan was a priority investor country, and Kazakhstan has implemented a visa-free regime for Japan.

Kazakhstan’s push for electric and hybrid vehicles is in line with its Green economy program, and the Expo 2017 which will take place in Astana from June 10-September 20, 2017.

The Expo’s theme is Future Energy, and Kazakhstan expects over 100 countries to attend the Expo. In its preparation for the Expo, Kazakhstan held the First International Forum “Future Energy: reducing CO2 emissions”  which was intended to be a platform to develop research and innovation projects on issues like reducing greenhouse gas emissions, energy-efficient technologies and universal access to sustainable energy.

Electric cars were first exhibited in Kazakhstan at the First Kazakhstan International Automobile Show “Astana International Auto Salon 2013,” an event that had gained much spotlight and attention. Kazakhstan had pledged to develop the capacity for producing electric cars and is talking with several companies like Mitsubishi to take forward its plans.

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The Fourth Annual Central Asian Trade Forum held in Almaty 0

Posted on November 11, 2014 by KazCham

More than 400 business leaders and government officials from around Central Asia gathered in Almaty on Oct 29-30 as part of the 4th Annual Central Asia Trade Forum organized by the US Agency for International Development (USAID). Participants included technical experts, opinion shapers, government leaders, trade promotion agencies, international organizations, private businesses, and business associations from around the region. Delegations from as far afield as Afghanistan, Pakistan and Latvia participated. The Central Asian Trade Forum is the largest trade forum in Central Asia.

The theme for this year’s Trade Forum was “From Dialogue to Deals,” demonstrating the Trade Forum’s focus on business-to-business support. USAID’s Trade Forums held in the past two years have resulted in trade deals valued at more than $2.2 million. The Trade Forum’s business-to-business networking opportunities among entrepreneurs provide an important platform for finalizing regional trade deals.

Plenary sessions, technical seminars, master classes and roundtables held share international best practices with participants in export development. In addition, breakout sessions focusing on economic corridors, transport and logistics, consultancy and research for exporters, ISO standards, among others, raise awareness of regional businesses on key issues affecting regional trade. This year’s Trade Forum included focused sessions on improving the competitiveness of light industry, the development of the pharmaceutical market in Central Asia, organic farming, and prospects for regional economic cooperation.

Jonathan Addleton, USAID’s Regional Mission Director for Central Asia, noted, “The tremendous turnout for this event proves the opportunities for expanding trade within Central Asia and beyond. The United States values its strong relationship with Kazakhstan, a relationship now in its third decade. Our close bilateral partnership is particularly important as Kazakhstan takes its rightful place as a leader on the regional and world stage.”

The Trade Forum featured a Trade Expo of products by participating companies, as well as an award ceremony of “The Best Regional Exporter of 2014.”  The event is organized by USAID’s Regional Economic Cooperation Project with support from GIZ (German International Cooperation), the European Bank for Reconstruction and Development, and KAZNEX INVEST.

Media Partners of the Trade Forum include Kapital newspaper, Buznes & Vlast newspaper, Business Life magazine and the Internet analytical resource www.and.kz.

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Kazakh Ambassador to the U.S. visits Pennsylvania Congressman 0

Posted on November 10, 2014 by KazCham

Kazakhstan’s Ministry of Foreign Affairs

 Kazakhstan’s Ambassador to the U.S. Kairat Umarov met with U.S. Congressman from Pennsylvania Joe Pitts, to discuss a range of bilateral issues, including Kazakhstan’s efforts to improve its investment climate and the Kazakhstan-2050 Strategy.

Umarov invited the Congressman to participate in the 5th Congress of Leaders of World and Traditional Religions which will take place in Astana in 2015

The Congressman indicated that they were keen to cooperate on “agro-industry and machine manufacturing,” which are Pennsylvania’s strong points.

Umarov and his delegation also visited a plant where Sikorsky helicopters are assembled and spoke with the company about an upcoming negotiation to establish a Sikorsky aircraft assembly plant in Kazakhstan.

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Kazakhstan provides “practical assistance” to Ukraine 0

Posted on November 09, 2014 by KazCham

Kazakh Ministry of Foreign Affairs

According to the Ministry of Foreign Affairs, Kazakhstan is providing “practical assistance to stabilize the political situation in Ukraine.”

It has provided $40,000 to the OSCE Special Monitoring Mission in Ukraine, which is looking to uphold the end of combat in the region. The Mission also ensured better investigation of the MH17 plane crash, and better implementation of the Geneva Joint Statement and Berlin agreements about Ukraine.

On August 26, President Nazarbayev while attending a Customs Union-Ukraine-EU summit in Minsk, had announced Kazakhstan’s intentions of providing economic and humanitarian assistance to Ukraine.

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