Export of IT services in Kazakhstan exceeded $470 mln

21.01.2025, 11:39 1416

2025 World Economic Forum kicks off in Davos

Images | World Economic Forum Annual Meet/Avalon/IMAGO

This year, the Davos Economic Forum convenes under the theme "Collaboration for the Intelligent Age," a Kazinform correspondent reports.

Spanning from January 20 through 25, the forum will bring together participants from more than 130 countries, including 60 heads of state and government. Top political leaders include Olaf Scholtz, Federal Chancellor of Germany, Ursula von der Leyen, President of the European Commission, Ding Xuexiang, Vice-Premier of the People's Republic of China, Muhammad Yunus, head of the Interim Government of Bangladesh, presidents of Argentina and SAR - Javier Milei and Matamela Cyril Ramaphosa.

The forum will focus on the prospects for Donald Trump’s second presidential term, the conflict in Gaza, the situation in Ukraine and climate change.

According to Deutsche Welle, Donald Trump’s return to the White House will be a key topic of discussion in Davos. Threatening to impose customs tariffs on goods both from friendly and unfriendly countries, displaying ambitions towards Canada and Greenland, Trump leaves investors, companies and governments groping for answers.

Politicians and businessmen will try to figure out how the trade wars promised by Trump, will begin, and how they will impact the global economy.

It is expected that the announced tariffs will hit such countries as Germany and China, which are already struggling recession or unsatisfactory economic growth.

In turn, on the first day of the forum, climate activists sprayed green paint over Amazon's base in Davos, protesting against the company’s environmental policy.

Earlier, it was reported that more than 80 countries gathered in Riyadh, Saudi Arabia, for Future Minerals Forum.

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14.01.2025, 18:26 46336

National Bank of Kazakhstan limits currency exchange rate differences

The National Bank has announced the development of a draft resolution titled "On setting limits for the deviation of the buying rate from the selling rate of foreign currency in tenge for transactions conducted through exchange offices", reports a Kazinform News Agency correspondent.

According to the draft, it is proposed to establish limits for the deviation of the buying rate from the selling rate of cash foreign currency for transactions conducted through exchange offices.

The limits are set as follows:

For the US dollar: 7 tenge
For the Euro: 10 tenge

The proposed changes aim primarily to reduce speculative actions in the foreign exchange market and to cover the risks of financial market participants.

These restrictions will not apply to exchange transactions conducted in non-cash form.

The full text of the draft resolution can be found on the official website of the National Bank of Kazakhstan.

Earlier, it was reported that JSC "Baiterek" National Management Holding announced the successful completion of the next phase in the digital tenge pilot project for the agro-industrial complex, including its conversion and deposit into a second-tier bank account.

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14.01.2025, 12:31 46151

E-commerce market volume in Kazakhstan reaches 3.2 trillion tenge

Images | primeminister.kz

At the Government session under the chairmanship of Prime Minister Olzhas Bektenov the issue of e-commerce development was considered. Minister of Trade and Integration Arman Shakkaliyev made a report. Hear representatives of the industry: Chairman of the Board of Kazpost Assel Zhanasova, Chairman of Halyk Bank Umut Shayakhmetova, Chairman of the Board of the Association of Digital Kazakhstan Denis Stepantsev, primeminister.kz reports.

In 2024, the volume of the e-commerce market in Kazakhstan totalled 3.2 trillion tenge, and its share of total retail trade reached 14.5%.

The importance of e-commerce as a driver of economic growth was noted. The industry has allowed to create more than 300 thousand jobs, and labour productivity growth was more than 30% in relation to traditional shop and market sales.

Taking into account the development of the e-commerce market, the head of the Government Olzhas Bektenov emphasised the need to reduce risks both for consumers in acquiring low-quality goods and for producers who face unfair competition.

A significant share of our market is occupied by foreign online marketplaces. We can use them effectively to increase exports of domestic goods. On the other hand, there are issues with the protection of consumer rights, intellectual property and personal data of our citizens. The level of quality of goods on marketplaces also raises questions. Not only foreign marketplaces, but also domestic marketplaces do not guarantee quality. Information about the authenticity of goods is often missing," Olzhas Bektenov said. In this regard, the Ministry of Trade and Integration has been given a number of instructions.

The Prime Minister has set a task to develop measures for digitalisation of all trade activities in Kazakhstan, including markets and local small shops.

Together with the Ministries of Justice and Digital Development, Innovation and Aerospace Industry, it is necessary to develop specific measures to improve the level of consumer protection in e-commerce. Olzhas Bektenov instructed to make appropriate proposals by the end of February.

At the same time instructed to develop additional measures of state support for the development of e-commerce together with interested government agencies and the Digital Kazakhstan Association. Taking into account the previously adopted Plan for the development of electronic commerce until 2027, the proposals of the domestic business community and the experience of working with marketplaces, it is necessary to update the provisions of the document by the end of March this year.

The task to form effective supply chains of goods both within the country and at the international level in conjunction with interested government agencies and the business community by the end of March has been set.

Head of the Government also instructed to increase the existing capacity of Kazpost. The ministries of digital development, innovation and aerospace industry, trade are tasked with the development plan of the national postal operator.

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13.01.2025, 15:48 46691

Tax receipts from tourism double in Almaty

Images | Depositphotos

In three quarters of last year, 1.7 million tourists travelled to Almaty, a 14.2% increase year-on-year, Kazinform News Agency correspondent reports.

In 11 months, Almaty’s tourism sector generated 85.5 billion tenge, double the figure of last year, said the local authorities.

Investment in fixed capital of the city totaled 92.9 billion tenge, rising by 12% compared to a year before. Last year, the city saw 35 new accommodation facilities, including 20 hostels, four glamping sites, eight hostels and three guest houses, open, adding an additional 836 rooms.

In a bid to become Central Asia’s top tourist destination, the city is to attract more investors, promote tourist infrastructure and enhance its global position in 2025, added the city authorities.

According Almaty mayor Yerbolat Dossayev, 1.7 million tourists, including 507,000 foreign guests, visited the city in 9 months of 2024.

Earlier it was reported that Uzbekistan and Iran would establish a joint tourism committee.

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09.01.2025, 19:43 45946

Inflation in Kazakhstan: Slowdown in average annual growth and price increases

The Bureau of National Statistics' latest data report showed annual inflation in 2024 amounted to 8.6%, slowing down from 9.8% in 2023. However, significant price increases were recorded in a number of segments of the economy, Kazinform News Agency correspondent reports.

Prices for paid services increased by 13.3%, and by 8.3% for non-food products, in addition to 5.5% for food products. Among services, the most noticeable price increases were observed for cold water (+43.1%), cellular communications (+27%), rail transport (+24.9%) and heating (+22.3%).

The electronics segment also saw an increases: laptops rose in price by 67.3%, wireless headphones by 55.2%, USB flash drives by 54.9%, and tablets by 45.7%.

In the food category, significant price increases were recorded for potatoes (+37.7%), sweet peppers (+25.5%), and olive oil (+23%). At the same time, some products saw a decrease in pricing: buckwheat prices fell by 21.4%, carrots became cheaper by 8.7%, sugar by 3.2%, rice by 2.9%, and cabbage by 1.7%.

As for regional differences, the highest inflation was recorded in Astana, where the annual rate was 10.7%, which is 2.1% higher than the national average. In second and third place are Karaganda region (9.6%) and North Kazakhstan region (9.3%). The lowest rates of price growth were observed in Almaty region (6.6%), Zhambyl (7.0%) and Pavlodar (7.4%) regions.

The consumer price index in December 2024 compared to November was 0.9%. During this period, prices for food products increased by 1.1%, for non-food products and paid services - by 0.8%. In annual terms, the growth in prices for food products was 5.5%, for non-food products - 8.3%, and for paid services - 13.3%.

Read more detailed inflation forecasts in Kazakhstan for 2025 in the analytics of the Kazinform News Agency correspondent.

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17.12.2024, 21:12 164046

Gross agricultural output increased by 13.4% in Kazakhstan

Deputy Minister of Agriculture Azat Sultanov at the Government session reported that for the first 11 months of this year, the volume of gross agricultural output increased by 13.4% with an annual plan of 11.6% and amounted to 7.8 trillion tenge, primeminister.kz reports.

He noted that this growth was ensured by increasing production in crop production by 19.9%, in livestock production by 3.2%.

In crop production with an average yield of 16.1 centners per hectare threshed 26.7 million tonnes of cereals, including wheat - 19.8 million tonnes, rice - 563 thousand tonnes. Also, 2.9 million tonnes of potatoes, 3.9 million tonnes of vegetables, 3.2 million tonnes of oilseeds and 300 thousand tonnes of cotton were harvested. In the livestock sector, there was an increase in production of meat in slaughter weight by 4%, cow's milk by 4.4% and chicken eggs by 1.2%," Azat Sultanov said.

According to the agency, food production for the first 11 months of this year increased by 2.1% and totalled almost 3 trillion tenge.

There was an increase in the production of such types of import-dependent products as: cheese and cottage cheese by 8.7%, sausages by 4.1%, butter by 2.9% and vegetable oil by 12%.

We see growth in this industry for the rest of the year due to the processing of cereals, oilseeds and sugar production. In order to prevent a slowdown in the growth of the industry next year, the volume of financing of spring field and harvesting work will be brought to 700 billion tenge, preferential leasing of agricultural machinery to 200 billion tenge. It is planned to introduce 1.9 million tonnes of mineral fertilisers and increase the share of elite seeds to 10.5%," Azat Sultanov added.

Deputy Minister stressed that the growth of production in agriculture was ensured due to timely measures taken by the Government on financial and logistical support of field work and favourable climatic conditions.

For the first time the volume of concessional lending for spring field work has increased 3 times and reached a record 580 billion tenge at a net 5% per annum. Thanks to these measures of financial support, along with the high yield obtained, the volume of mineral fertilisers application amounted to 1.2 million tonnes, which exceeds the level of last year by 2 times, and the level of agricultural machinery renewal will be brought to 5.5%.

This year also achieved a record harvest of sugar beet, harvesting of which is at the stage of completion, which will contribute to the growth of gross agricultural output," Azat Sultanov said.

Deputy Minister emphasised that the Ministry of Agriculture is taking all necessary measures to achieve the planned indicators.

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17.12.2024, 20:10 164216

National Bank reported improvement of business climate in Kazakhstan: business activity index at 51.6 points

Business activity index, compiled on the basis of surveys of the National Bank, at the end of November this year increased and amounted to 51.6 points. This was reported at the Government session by the Chairman of the National Bank of Kazakhstan Timur Suleimenov, primeminister.kz reports.

The index remains in the positive zone for the tenth month in a row. The index for services was 51.5, for production - 53.1 points. The index of business climate in November increased and remained positive. Current and future business conditions are viewed favourably.

Annual inflation at the end of November was 8.4 per cent. Disinflation of food products has a restraining effect on inflation. However, its acceleration to 5.4% was recorded in the last month. The growth of prices for non-food products is slowing down to a lesser extent - 8%. The highest growth continues to demonstrate inflation of paid services - 13.3% - against the background of the ongoing programme ‘Tariff in exchange for investment’ and the rise in the cost of a number of market services," Timur Suleimenov said.

As for the monthly inflation, in November it remained at the level of the previous month and amounted to 0.9%, slightly higher than the historical average.

The domestic economy remains under pro-inflationary pressure on the background of stable domestic demand, continued fiscal stimulus, rising inflation expectations, as well as the growth of regulated prices.

In terms of risks from the external environment, there is an acceleration of inflation in a major trading partner - Russia, and rising prices on world food markets. Under these conditions, the National Bank raised the base rate to 15.25% on 29 November this year.

Against the backdrop of increased volatility in financial and energy markets, the National Bank will closely monitor the need for additional tightening of monetary policy to return inflation to the trajectory of sustainable slowdown and achieve the medium-term target of 5%.

In November this year, amid a combination of factors, the tenge exchange rate weakened by 5% to 512.52 tenge per dollar. Against the background of global strengthening of the dollar, changes in the cost of commodities and aggravation of the geopolitical situation in the world, negative dynamics of emerging market currencies were observed everywhere. Also, amid the introduction of new sanctions against the financial sector of Russia accelerated weakening of the Russian ruble - the currency of one of the key trading partners of the country," Chairman of the National Bank said.

At the same time, the domestic foreign exchange market was characterised by increased demand for foreign currency from economic agents and a decrease in supply, including against the background of overcoming the psychological level of the tenge exchange rate.

Against the background of deterioration of a number of fundamental factors to prevent destabilising fluctuations, smoothing excessive volatility of the exchange rate of tenge and for the purposes of ensuring the supply of foreign currency in the period from 15 to 28 November, the National Bank conducted currency interventions.

Further dynamics of the tenge will depend on the dynamics of the current account of the balance of payments, expectations of market participants, the situation on world markets and changes in the geopolitical situation. The National Bank will continue to adhere to the flexible exchange rate regime, which excludes the accumulation of imbalances," the head of the NB emphasised.

Timur Suleimenov also added that the deficit of the current account of the balance of payments decreased from - $6.7bn in 9 months of 2023 to about zero level of - $0.3bn in 9 months of 2024 due to the improvement of the trade balance.

Gross international reserves stood at $105bn at end-November this year, up 9.5% since the beginning of the year. Gold and foreign exchange reserves of the National Bank increased by 23% to $44.2bn since the beginning of this year. Assets of the National Fund increased by 1.3% since the beginning of this year to $60.8bn. The amount of revenues to the Fund since the beginning of the year amounted to 3.7 trillion tenge, and the volume of transfers to the national budget - 5.3 trillion tenge. Investment income of the National Fund for the first 11 months of this year was 9.5%, or $5.7bn.

Pension assets of the UNPF continue to demonstrate positive dynamics. Since the beginning of the year, pension assets increased by 22.7% to 21.8 trillion tenge. Investment income since the beginning of the year totalled 2.8 trillion tenge. Pension contributions increased by 19% to 2.3 trln tenge against 2023. Early withdrawals totalled 495.6 billion tenge," Timur Suleimenov summarised.

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17.12.2024, 19:06 164061

Oil and gas chemical production volume increased 1.6 times - Ministry of Energy

Energy Minister Almassadam Satkaliyev reported on the development of the fuel and energy complex for 11 months of 2024 at the Government session, primeminister.kz reports.

Thus, for this period the volume of oil and condensate production amounted to 80.5 million tonnes, or 98% of the same period last year, including for large companies in the oil and gas industry. Tengiz produced 25.9 million tonnes of oil during the period, or 97.9% of the same period last year. Oil production at Kashagan was 15.8 million tonnes, or 92.8% of the same period last year. The indicator of the Karachaganak project was 11.1 million tonnes, or 100.9% against the same period last year.

The year-on-year decline in production levels was affected by major field overhauls in 2024. At Tengiz - due to the planned launch of the Future Expansion Project in May and August, a 50-day repair was carried out; at Kashagan, a repair was carried out to replace the slug catcher with a full shutdown for 21 days. In addition, the decrease in production was affected by unscheduled shutdowns at Karachaganak field and restrictions on gas reception by Orenburg GPP, CPC shutdowns for planned preventive maintenance, as well as repair work at the Second Generation Plant of Tengiz field due to internal steam leakage into the process flow from 26 October this year," the Minister said.

In this regard, at the end of this year, oil production is expected at the level of 87.8 million tonnes. Failure to achieve the planned production figure affected oil exports - 63.2 million tonnes of oil, or 98.3% of the same period last year.

As for the gas sector, according to the updated data of the Situation and Analytical Centre of the Fuel and Energy Complex, 53.8 billion cubic metres of gas were produced in the reporting period, or 100.2% against the same period last year. During the reporting period, 5.4 billion cubic metres of marketable gas were exported, which is 101.9% against the same period last year. Domestic consumption of marketable gas totalled 18.2 billion cubic metres, which is 109% of the same period last year. The volume of liquefied petroleum gas production amounted to 2.75 million tonnes, which is 103% compared to the same period of the last year.

In January-November this year, about 12.3 million tonnes of petroleum products were produced, or 101.7% against the same period last year, including the indicator for motor gasoline was 4.9 million tonnes, or 102.1% against last year; the volume of diesel fuel production was 4.9 million tonnes, or 104.3% against last year.

I would like to note that today there is a joint order of the Ministries of Energy, Finance and the National Security Committee, under which a ban on the export of petrol, diesel fuel and other certain types of petroleum products by road transport outside the country has been introduced. The indicator for jet fuel was about 0.68 million tonnes, with an increase of 21.4% compared to the same period last year, " Almassadam Satkaliyev said.

The volume of production of oil and gas chemical products amounted to 506.1 thousand tonnes, which is more than 1.6 times higher than the same period last year.

During the reporting period, generated 106.7 billion kWh of electricity, or 104.7% compared to the same period last year. In the renewable energy sector - 148 renewable energy facilities with installed capacity of 2.9 thousand MW are operating in the republic. In the first 11 months of this year, electricity generation from RES facilities totalled 6.4 billion kWh. To date, 3 RES projects with a capacity of 34.95 MW have been implemented. Five more RES projects with a capacity of 128.4 MW are expected to be commissioned by the end of this year.

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Export of IT services in Kazakhstan exceeded $470 mln

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