Kazakhstan Chamber of Commerce in the USA

KazCham


Archive for the ‘News’


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.

Print Friendly

Kazakhstan Contributes to Ebola Response Multi-Partner Trust Fund 0

Posted on November 08, 2014 by KazCham

Kazakh Foreign Ministry

As a responsible member of the world community, the Government of Kazakhstan has joined the international efforts to combat Ebola. To that end, it made a voluntary contribution to Ebola Response of Multi-Partner Trust Fund.

Print Friendly

RIXOS Group to develop Kinderley resort on Kazakhstan’s Caspian shores 0

Posted on September 04, 2014 by KazCham

Business Intelligence from Colibri Law Firm: Issue #93

Kazakhstan’s Samruk-Kazyna Real Estate Fund has signed an agreement with RIXOS Group on constructing the first stage of the Caspian-based Kinderley resort zone, according to the Press Service of the Committee for Tourism in the Ministry of Investments and Development.

“The first stage of the project envisages construction of 2 hotels (holding 4 and 5 stars respectively), an aqua park and a raft of cottages. The sides are working on a joint roadmap and schemes to finance the project”, the statement reads.

The resort is expected to accommodate a total of over 20 hotels, over 8000 villas and 40 000 cottages. The overall investments are estimated at $3.3 billion. The resort is projected to cater to over 640 000 tourists a year by 2020, with 70% of them being foreigners. The project is expected to offer 54 000 new jobs, with the projected annual revenues standing at $800 million.

Earlier the country’s Ministry of Investments and Development elaborated a masterplan to develop the resort zone, which is now part of the country’s Tourism Industry Development Concept approved by the Government May 19, 2014.

Print Friendly

Restructuring of Kazakhstan Government 0

Posted on August 19, 2014 by KazCham

PwC, Tax and Legal Alert / Issue No. 7 / July 2014

A Presidential decree has reorganized various Ministries, in particular the Ministry of Finance (transferring functions and powers in budget planning from the Ministry of Economy and Budget Planning). Certain functions were also transferred to the Ministries of Internal Affairs and Agriculture.

The decree created other ministries including:

  • National Economy that assumes some functions and powers of the:
  • Ministry of Economy and Budget Planning;
  • Ministry of Regional Development;
  • Ministry of Emergency Situations;
  • Agency of Statistics;
  • Agency for Regulation of the Natural Monopolies;
  • Agency for Competition Protection (Antimonopoly agency);
  • Agency for Consumer Rights Protection.
  • Energy that assumes some functions and powers of the:
  • Ministry of Oil and Gas;
  • Ministry of Industry and New Technologies;
  • Ministry of Environment and Water Resources.
  • Culture and Sport;
  • Investment and Development;
  • Health and Social Development that assumes some functions and powers of the:
  • Ministry of Public Health;
  • Ministry of Labor and Social Protection.

Various ministries and agencies were abolished. In terms of the decree the Prime Minister has two deputies. The amendments to the President’s decree “On the structure of the Government of the Republic of Kazakhstan” establish the following structure:

  • Chancellery of the Prime-Minister of the Republic of Kazakhstan;
  • Ministry of Internal Affairs;
  • Ministry of Foreign Affairs;
  • Ministry of Culture and Sport;
  • Ministry of National Economy;
  • Ministry of Defence;
  • Ministry of Investment and Development;
  • Ministry of Education and Science;
  • Ministry of Health and Social Development;
  • Ministry of Agriculture;
  • Ministry of Finance;
  • Ministry of Energy;
  • Ministry of Justice.

The changes took effect on 6 August 2014.

New appointments

A Presidential decree made the following appointments:

  • Aset Issekeshev – Investment and Development Minister;
  • Bakhyt Sultanov – Finance Minister;
  • Yerbolat Dossaev – Minister of National Economy;
  • Vladimir Shkolnik – Minister of Energy;
  • Tamara Duysenova – Minister of Health and Social Development;
  • Arystanbek Muhamediuly – Minister of Culture and Sport.
  • Kairat Kozhamzharov – Chairman of the Agency for Civil Service Affairs and

The appointments took effect on 6 August 2014.

Print Friendly

Kazakhstan starts construction of first industrial wind park 0

Posted on July 24, 2014 by KazCham

Azer News

President Nursultan Nazarbayev has given the start to the construction work on Kazakhstan’s first industrial wind park in Yereimentau, via a teleconference. The project will include three new power plants in Taldykurgan, Aktogay and Semei, as well as 1,500-kilometer long power transmission lines that will improve electricity supply in the southern parts of Kazakhstan.

The wind farm will have the capacity of 45 megawatts, and will likely reach 300 megawatts in the future.

Currently 85% of Kazakhstan’s electricity comes from coal. As conventional energy resources have gotten depleted and their prices have risen, Kazakhstan has embraced alternative energy. The country estimates it can save nearly 30% of domestically consumed energy by switching to alternative sources.

Kazakhstan is an attractive market for wind and solar energy and is  likely to commission more than 30 renewable energy facilities by 2020.

Print Friendly

Kazakhstan Culture Days in America: “Magic Songs of the Eternal Steppe” 0

Posted on June 02, 2014 by KazCham

Ministry of Culture of Kazakhstan presents “Magic Songs of the Eternal Steppe”, two Gala concerts in celebration of Kazakhstan Cultural Days in the Unted States.

Concerts will take place on June 30, 2014, 8pm, at Carnegie Hall, New York, Perelman Stage/Stern Auditorium (tickets available in the box office and online) and on July 3, 2014, 8 pm, at The John F/Kennedy Center for the Performing Arts, Concert Hall (tickets available soon in the box office or www.kennedy-center.org).

Concerts will feature a unique blend of Kazakh folk music and Western classic masterpieces as well as American songs performed by the world-known Kazakh National Kurmangazy Orchestra of Folk Instruments, Kazakh National Baikadamov Choir and a group of renowed Kazakh Soloists. Come yourself and invite your friends to enjoy a remarkable evening? with the best performers of “Magic songs of Eternal Steppe”.

Print Friendly

Automotive industry to expand 0

Posted on May 28, 2014 by KazCham

Colibri Law Firm

Kazakhstan is aiming to produce 190,000 cars annually by 2019, minister of industries and new technologies Aset Isekeshev said on 15th May, 2014. He also added that this ambitious plan is in line with the country’s five-year plan that is aimed to boost industrial and innovative development of Kazakhstan. He specifically stressed that the aim is to increase production from 37,000 up to 190,000 cars to be produced annually.

Print Friendly

Hyatt Regency Hotel to be built in Almaty 0

Posted on May 25, 2014 by KazCham

The Wall Street Journal

Hyatt Hotel Corporation has entered into an agreement with Tavros Investment Holding to build a Hyatt Regency hotel in Almaty, Kazakhstan. Expected to open in 2017, Hyatt Regency Almaty will be located in the city center between Satpev Avenue and the Esentai River. The hotel will offer easy access to Almaty International Airport, the business district and the Kazakhstan Stock Exchange.

The 270-room hotel, which will include more than 40 suites, 3 restaurants, a spa, meeting facilities and a ballroom, is aimed to connect with both business and leisure travelers in the region.

Tayfun Doskaya, President and CEO of Tavros investment holding said in the announcement that, “Almaty’s growing economy provides an opportunity to introduce a globally recognized brand that will resonate with the burgeoning base of business and leisure travelers.”

Print Friendly

Expo-2017 approaches as construction starts 0

Posted on May 24, 2014 by KazCham

Colibri Law Firm

Administration of Expo-2017 organisers have announced that the construction of major facility – National Pavilion, shall commence in June 2014. It is planned that 26 new facilities will be constructed in total for under the auspices of Expo-2017, including hotel, congress-hall, large parking area and residential complexes.

Print Friendly

New Opportunities for Investors in Kazakhstan 0

Posted on May 22, 2014 by KazCham

Linkage & Mind Law Firm – http://blog.linkagemind.com/en/new-opportunities-for-investors-in-kazakhstan/#more-7

 

The President of the Republic of Kazakhstan voiced, in his Message as of 15 January, several important issues and tasks which should be solved in the nearest future. We believe that there are a few tasks which may be of interest for investors.

First of all, the matter concerns the instruction assigned to the Government and Samruk-Kazyna National Holding to carry out analysis of all PPP companies in order to draft the list of companies which are subject to privatisation and approve the full privatisation programme for 2014-2016. A number of national companies have been commenced working on this matter a few years ago however, these coming years promise to be the years when real steps and arrangements will be undertaken. It is also expected that the programme, containing the list of companies for privatisation, will be made public in the first quarter of 2014.

It is known, that many entities, including former public undertakings after mass privatisation in nineties as well as national companies after public assets restructuring in early 2000s, were found owning health resorts, housing, service centres, lands, secondary production, numerous subsidiaries – so called, non-core assets. Non-core assets, per se, are assets involved in company’s accessory activities. But, the notion of non-core assets through the lenses of the assigned task is much broader – covering activities which must not be operated in a public or “quasi-public” sector. Such activities must be “in the market” in every sense of the word.

For instance, Samruk-Kazyna Group holds companies specialising in construction, IT, services, social sphere (kindergartens, sport centres, health resorts), housing, transportation and logistics and even ore and subsoil use along with other areas.

Thus, the Committee on State Property and Privatisation of the Ministry of Finance of the Republic of Kazakhstan, and all national companies (Samruk-Kazyna, Baiterek) are completing the monitoring process and they are about to list the assets (companies, objects) subject for disposal. Terms and conditions of privatisation (direct sale to investors, public auction, or trust managing transfer with subsequent disposal) will be made public very soon. Experts, therefore, are expecting interesting deals within 2014-2016.

Another task, that promises a significant investment inflow, is the instruction to build the fourth petroleum refinery and a nuclear power plant. Such topics had been hovering in the “corridors of power”, and the issue has already been resolved if judging by the tone the instruction voiced in the President’s Message. Another matter at issue is the time, place and sources of investment. Some investors (India, China) have already expressed their interest and proposals.

The Government of the Republic of Kazakhstan at the meeting on 29 April 2014 approved a list of companies of Samruk-Kazyna (the National Welfare Fund), which will be sold to the private sector within the privatization framework.

According to Nurlan Rakhmetov, CFO and a member of the board of Samruk-Kazyna, the government of Kazakhstan and JSC “Samruk-Kazyna” over the past few months have analyzed all 599 companies owned by the Fund and have identified companies that can be transferred to the private sector. Thus, shares in 106 different companies of Samruk-Kazyna will be sold to the private sector, mostly in 2014.

Madina Sypatayeva

Print Friendly



↑ Top