Olzhas Bektenov holds meeting on influence of external factors on national economy

23.01.2025, 13:02 3521

Olzhas Bektenov discusses further economic development with experts

Images | primeminister.kz

Prime Minister Olzhas Bektenov met with representatives of the expert community in the field of economy and entrepreneurship, primeminister.kz reports.

The main purpose of the meeting was to discuss measures and approaches of the economic block of the Government to achieve sustainable economic growth. Deputy Prime Minister - Minister of National Economy Serik Zhumangarin reported on the current economic situation in the country and voiced approaches to fiscal reform to address the development of industry, modernisation of infrastructure, launch of new growth points in the regions.

The participants of the meeting discussed the drafts of the new Tax and Budget Codes, which enshrine measures to stabilise public finances and their effective use.

In the course of the meeting on the impact of the proposed changes on various sectors of the economy were expressed by the chairman of the Presidium of the National Chamber of Commerce and Industry ‘Atameken’ Raimbek Batalov, chairman of the board of the Union of Machine Builders of Kazakhstan Meiram Prshembayev, executive director of the Republican Association of Mining and Mining and Metallurgical Enterprises Nikolay Radostovets, president of the Association of Real Estate Developers of Kazakhstan Viktor Mikryukov, chairman of the Committee of Pharmaceutical, Medical Industry and Medical Services of the Presidium of the National Chamber of Commerce and Industry Atameken Nurzha Nurzha, chairman of the Board of Directors of the National Chamber of Commerce and Industry Atameken.

Expert opinions were shared by the Chairman of the Board of Directors of the Eurasian National University named after Gumilyov Zhaksybek Kulekeev, Chairman of the Board of Directors of NAC Analytica Corporate Fund Rasul Rysmambetov, Managing Partner of Dasco Consulting group LLP Darmen Sadvakasov, General Director of Fortune Partners LLP, Head of Tax Law School MNU Dana Tokmurzina, Chairman of the Public Council on Public Finance MF Rustam Zhursunov, Head of the analytical group Comment, economist Eldar Shamsutdinov. Director of the Centre for Applied Research Talap Rahim Oshakbaev, head of DESHT analytical centre Kuanysh Zhaikov, economist Galymzhan Aitkazin, independent financial analyst Andrey Chebotarev, managing partner of investment company Visor Kazakhstan Almas Chukin and others also attended the discussion.

Prime Minister thanked the participants of the meeting for a constructive dialogue and instructed the Ministries of National Economy, Finance to work out the voiced proposals on reforming the fiscal sphere.

The President has set a task is to change the structure of the economy with strengthening the development of the real sector. Therefore, the discussed reforms are important for the country. Fiscal reform will be an effective mechanism to improve the work on further development of the economy," Olzhas Bektenov emphasised.

The Government continues to actively work with experts to develop the most effective measures to stimulate economic growth.

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22.01.2025, 09:35 16876

Export of IT services in Kazakhstan exceeded $470 mln

The issues of IT services and products export development were considered at the Government session under the chairmanship of the Prime Minister of the Republic of Kazakhstan Olzhas Bektenov. The report was made by the Minister of Digital Development, Innovation and Aerospace Industry Zhaslan Madiyev, primeminister.kz reports.

According to him, IT-export of Kazakhstan shows positive dynamics. For 9 months of 2024 it amounted to $471 million. This is 26% more than for the same period of 2023. On the instructions of the Head of State, the goal is to reach $1bn in 2026.

Astana Hub plays a major role in promoting Kazakhstan's IT exports. The number of Astana Hub residents has exceeded 1.5 thousand companies, including 400 international companies. Their total revenue totalled 620 billion tenge in 2024. At the same time, export revenue totalled 227 billion tenge, or $479m.

Zhaslan Madiyev said that the export geography of Astana Hub residents covers more than 90 countries. In addition to its residents for the first time exported GovTech products of National Information Technologies JSC. Among such solutions are platforms Smart Data Ukimet, Smart Bridge and website builder EPIR.

The Minister added that today Kazakhstan has created favourable conditions for attracting large international IT companies and foreign IT specialists. By the way, most of the giants that have moved are among the top 10 IT exporters. As a result, the country gets new jobs not only in big cities, but also in the regions of the country. And it also receives an inflow of new capital in the form of export proceeds.

To attract foreign IT specialists, the so-called Digital Nomads, new Digital Nomad Visa and Digital Nomad Residency programmes have been launched. These are simplified online procedures for obtaining residence permits. Today, there are already 20 regional IT Hubs operating in Kazakhstan. All Astana Hub initiatives are now available to IT companies in the regions.

Since 2021, more than 114 thousand IT specialists have been trained in Kazakhstan, including more than 33 thousand in 2024 alone. In addition to IT education in universities and colleges, the TechOrda programme has been launched. This programme makes it possible to train 20 thousand IT-specialists in a shorter period of time and in in-demand areas. It is important to note that the employment rate of TechOrda graduates is almost 90%. At the same time, state investments pay off in less than a year. Mainly due to the return of funds to the budget through individual income tax.

At the same time, leading development programmes from Silicon Valley are attracted to transfer international experience to startups. These are top programmes such as Google for Startups, Plug & Play, Draper University and Alchemist. Under these programmes, startups get access to investment, knowledge and opportunities to scale. About 70 startups received support under the development programmes. More than $30 million of investments were attracted.

Additionally, Kazakhstan is creating an international network of IT hubs. They already exist in the USA, Saudi Arabia, Singapore and the UK. Kazakhstani startups have foreign infrastructure to attract investment and export.

The key growth factor for startups, according to the minister, is the availability of sufficient venture capital. An analysis of the domestic venture capital industry has shown that 90% of such deals take place at the early stages of financing. At the same time, the size of investments is mostly less than $1 million. Therefore, there is a need to create a venture capital investment fund.

On the instructions of the Prime Minister, the Ministry of Digitalisation has started work on launching a Venture Capital Investment Fund on the basis of Astana Hub in the jurisdiction of MFCA. The target size of the fund is $1 billion. Preliminary applications from investors have already been collected for $130 million.

Zhaslan Madiyev said that the distinctive feature of this fund is that it is formed mainly by private capital. The fund, he said, will become a magnet for talent and startups from the region, a key partner in attracting foreign investment and a tool for technology transfer to Kazakhstan through investments in foreign high-tech companies.

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21.01.2025, 11:39 16501

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 61421

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 61236

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 61776

Tax receipts from tourism double in Almaty

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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 61031

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 178911

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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Olzhas Bektenov holds meeting on influence of external factors on national economy

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