Kazakhstan Chamber of Commerce in the USA


Archive for the ‘Finance’


Posted on November 03, 2016 by KazCham

The U.S. expressed an interest in participating in EXPO-2017

Astana Expo 2017

The chairman of the board of NC “Astana EXPO-2017” Akhmetzhan Yessimov met with the Ambassador George A. Krol in Astana on October 7. They discussed the prospects of the U.S. participation in EXPO 2017 exhibition in Astana.

The 104th states and 17 international organisations have confirmed their participation in EXPO 2017. 99 commissioners have been appointed and 82 participation agreements have been signed.

The exhibition will run from June 10 through September 10 in Astana.





Sponsors invest €125M into EXPO 2017 in Astana


Sponsors have invested over €125 million into the organization and holding of the International specialized exhibition EXPO-2017 so far, CEO of JSC “National Company “Astana EXPO-2017” Akhmetzhan Yessimov said at the meeting with diplomatic corps in Astana.

“We pay utmost attention to the content of international pavilions. Only five pavilions are still empty and waiting for the countries to fill them in,” he noted.

Yessimov also declared that an American company Burson Marsteller will be responsible for a large-scale PR campaign.

Burson-Marsteller is a leading global public relations and communications firm founded in 1953. It is based in NYC, has offices in 98 countries worldwide.


Print Friendly

Hikma Pharmaceuticals to establish factory in Kazakhstan 0

Posted on October 12, 2016 by KazCham

Centil Law Firm BI@centil.law

Kazakh officials have approved the establishment of a factory for Hikma Pharmaceuticals with a starting capital of $150 million. Both sides have also agreed to examine the possibility of establishing an air shipping company to increase the volume of commercial exchange, as well as the possibility of exporting to nearby markets.

Print Friendly

The devil for tax havens 0

Posted on October 02, 2016 by KazCham

Centil Law Firm BI@centil.law

Kazakhstan’s tax authorities will soon be able to get information on citizens’ deposits in foreign banks. Starting from 1 January 2017, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will enter into force in Kazakhstan, enabling the automatic exchange of tax payers’ information with more than 90 countries all over the world.

According to the law on amnesty of the citizens of the Republic of Kazakhstan, citizens are required to declare all of their hidden proceeds in order to avoid criminal and administrative penalties.

The convention stipulates that parties to the convention shall exchange any information that is foreseeably relevant for the administration or enforcement of their domestic laws. Parties to the convention include well-known tax havens such as Switzerland, Luxembourg, Ireland, the Cayman Islands, Seychelles, Isle of Man, Mauritius and Monaco, which could come as a shock to those with funds in banks in these countries.

Print Friendly

Ukraine and Kazakhstan to set up JV for uranium mining 0

Posted on September 26, 2016 by KazCham

Centil Law Firm BI@centil.law

Ukraine’s Ministry of Energy and Coal Industry, the Kazakh Energy Ministry and Kazakhstan’s National Nuclear Company Kazatomprom have agreed to establish a joint venture (JV) for uranium mining in both countries, according to Ukrainian Energy Minister Ihor Nasalyk, who commented on the results of his mid-August visit to Kazakhstan.

The Ukrainian minister said that Kazakhstan is ready to buy about 750 tonnes of ion-exchange resin from the Nuclear Fuel state enterprise, stating that “Kazakhstan has the best desalination technology in uranium mining. We’ve agreed that they will create a joint venture and begin to work on our deposits.”

He also said that the cost of uranium ore in Kazakhstan is $30 per tonne, while Ukraine buys 1,500 tonnes per year at $120 per tonne. According to Nasalyk, Kazakhstan also invited Ukraine to participate in the construction of a plant for the production of fuel assemblies for nuclear power plants, which would become an alternative to Russia’s TVEL.

Print Friendly

Kazakhstan and China to build production facilities worth $26 billion 0

Posted on September 20, 2016 by KazCham

Centil Law Firm BI@centil.law

On 5 September, the Kazakh President Nursultan Nazarbayev attended a briefing on the results of his visit to China, where he took part in the G20 summit in Hangzhou. There, he stated that the two countries have made agreements regarding both the exportation of Kazakh food to China and the construction of joint production facilities.

For the first time ever, Astana and Beijing have agreed that Kazakh flour, grain, beans, oil-bearing crops, meat and poultry will be exported to China.

“The list includes 51 facilities, two of which have already been constructed. The construction of four facilities worth a total of $2.5 billion will be completed this year. During five years it is planned to build enterprises for a total of $26 billion,” said Nazarbayev.

Print Friendly


Posted on July 01, 2016 by KazCham

Futuristic eco city breaks ground in Kazakhstan for the World Expo 2017


Construction works on the highly anticipated Expo City 2017, designed by Adrian Smith + Gordon Gill Architecture (AS+GG), are well underway in Astana, Kazakhstan. The 429-acre master plan responds to the Expo theme “Future Energy” by incorporating buildings that will operate as power plants, generating energy from solar panels and wind turbines to power themselves and the rest of the campus through an innovative smart grid.

The project focuses on using renewable energy as the primary source for infrastructure and daily operation of the buildings. Each element of the design aims to encourage and support the idea of clean energy across the project, which will feature exhibition and cultural pavilions, a residential development, commercial areas, educational and civic facilities, as well as parks and parking.

Located at the very heart of the campus, the sphere-shaped Kazakhstan Pavilion will be a true symbol of the “Future Energy” concept. Its transformative skin will reduce thermal loss and reduce interior solar glare, at the same time increasing the building’s energy output through integrated sustainable systems such as photovoltaics.

Each building was designed to reduce energy use and increase the amount of clean energy that can be harvested. “The building forms are the direct result of a considerate and thorough design process, which AS+GG practices as ‘Form Follows Performance,” said AS+GG partner Adrian Smith, FAIA.

In addition to the excellent energy performance of individual buildings, the architects ensured that the entire development will be interconnected by including a smart energy grid, smart recycled water grid, integrated waste management system, and inter-seasonal underground thermal energy storage. After the Expo, the site will be converted into an office and research park for international companies and entrepreneurs.

Print Friendly

EBRD to finance gas projects in Kazakhstan 0

Posted on June 06, 2016 by KazCham

Colibri Law Firm BI@colibrilaw.com

The European Bank for Reconstruction and Development (EBRD) will provide up to €294 million for two ground-breaking projects to increase the use of domestically produced natural gas and largely replace the use of coal in Kazakhstan.

The relevant agreement was signed by EBRD President Suma Chakrabarti and Chairman of the Board of the Kazakh KazTransGas gas transportation company, Kairat Sharipbayev.

The first project is the upcoming modernisation and refurbishment of the underground storage in Bozoi, in the bank’s first ever cooperation with KazTransGas.

The second project involves the expansion and modernisation of the natural gas distribution network in several regions of Kazakhstan. The upgrade will allow the company to connect new households and industrial customers to gas supplies, replacing the current carbon-intensive energy sources.


Print Friendly

Kazakhstan is a country with a promising future – IMF Chief Christine Lagarde 0

Posted on June 01, 2016 by KazCham


Kazinform offers its readers an exclusive interview with IMF Chief Christine Lagarde taken ahead her trip to Kazakhstan, for the Astana Economic Forum 2016.

Welcome to Kazakhstan! Madame Lagarde, this is your first visit to Kazakhstan and Central Asia. What is the objective of your trip and what are your expectations from meeting with Kazakhstan’s officials?

It is indeed my first trip to Kazakhstan and to the region. It is a momentous time for Central Asia, with the 25th anniversary of independence, and it is also a challenging time. The prices of oil and other commodities have declined sharply; growth paces in key trading partners, such as Russia and China, has slowed; and global financial conditions have tightened.

These developments can be long-lasting, and that’s why the regional round table meeting that we are organizing together with the Kazakh authorities comes at the right time. We will be discussing how to address the economic challenges and put Kazakhstan and the region on the right track towards growth and prosperity. And this will have to involve national policies as well as regional cooperation.

What are your views on the perspectives of Kazakhstan’s economy?

Kazakhstan has achieved a lot since its independence. The past 15 years in particular have been a time of growing prosperity and rising living standards, mostly as a result of increased production and high prices of commodities. Kazakhstan wisely saved some of the earnings from this period, placing them in a national fund. This helped the country navigate effectively through the aftermath of the 2008-09 global financial crisis.

Now the challenges are different. Similar to other oil exporters the decline in oil prices has had a major impact on Kazakhstan. The country is projected to grow by only 0.1 percent this year, much lower than the average growth rate of 7½ percent during the last 15 years, which was quite impressive. And we don’t expect growth to pick up very quickly over the next few years, so this is really a big change.

Now, it was important that the authorities allowed the tenge to float and strengthened the monetary and exchange rate policy framework, all measures that we think were appropriate. We think the fiscal framework can also be improved to bring more clarity and sustainability. We are suggesting to consolidate the accounts of the state budget, the local government budgets, as well as the so-called “extra-budgetary” funds into one presentation. This will help give a clear position of the authorities’ policy objectives and operations.

Read full article at Forum-Astana

The Speech by Christine Lagarde at AEF is available at International Monetary Fund.

Print Friendly

Best practice procurement forum underway in Kazakhstan 0

Posted on May 24, 2016 by KazCham

Public Finance International

Procurement specialists have gathered in Kazakhstan this week to share best practice on how to ensure integrity and transparency in public procurement.

The 12th Procurement, Integrity, Management and Openness (PRIMO) Forum, backed by the World Bank and others, draws professionals from 24 countries across Europe and Central Asia to discuss reforms and promote cross-regional cooperation and good governance.

Cyril Muller, World Bank vice president for Europe, said after the first PRIMO Forum took place over a decade ago, the forum had reached a level of “network maturity”.

“[This] provides an opportunity to all key public procurement stakeholders to freely exchange their knowledge, experiences and ideas to foster efficient and sustained regional and global cooperation in public procurement.”

This year, the forum will focus on professionalising the procurement function, which is not considered a specific profession in many of the participating countries.

The bank said this will play a critical role in helping governments to sustain the reform and modernisation of procurement systems.

Previous forums have focused on technological developments such as centralised purchasing of common-use goods and services or electronic procurement, transparency and integrity, and measuring performance.

At the conclusion of the three-day forum, each country will share an action plan to improve procurement over the following year, which will be monitored by governments, international financial institutions and other procurement experts.

The forum is co-sponsored by the World Bank, Asian Development Bank and the Islamic Development Bank, and also supported by the European Bank for Reconstruction and Development among others.

Kazakhstan was chosen to host the summit this year based on fundamental improvements the government has made to the procurement process in recent years.

Print Friendly

China and Kazakhstan sign $2 billion in deals 0

Posted on May 22, 2016 by KazCham

Colibri Law Firm BI@colibrilaw.com

China and Kazakhstan have signed five energy, agricultural, and industrial deals worth more than $2 billion during the Xinjiang party boss’s trip to Kazakhstan.

Xinjiang, which is strategically located on the borders of Afghanistan, Kazakhstan, Kyrgyzstan, Pakistan, and Tajikistan, is a key part of China’s “one belt, one road” strategy to develop trade and transport links across Asia and beyond.

Print Friendly

↑ Top