Samruk Kazyna posts 13% revenue growth since 2021
Images | telegram/Samruk-Kazyna official
Year-on-year revenue for Samruk Kazyna joint-stock company was up 13% in 2021/24, Kazinform News Agency reports.
During a meeting with Nurlan Zhakupov, Chairman of the Board of Samruk Kazyna, on Monday, President Kassym-Jomart Tokayev of Kazakhstan was briefed about the company’s performance in 2024 and plans for the upcoming period.
President Tokayev learnt that the year-on-year revenue for Samruk Kazyna joint-stock company was up 13% in 2021/24.
According to Zhakupov, the investment portfolio of Samruk-Kazyna Group of Companies includes 130 projects worth 100 billion US dollars. Seven major investment projects, including the construction of the second set of train tracks on Dostyk-Moynty section, a railway route bypassing Almaty and a container hub at Aktau Port, are slated for completion this year.
The Kazakh President was also informed about the support measures offered to domestic producers in 2024, who secured contracts worth 1.1 trillion tenge. The number of offtake contracts signed was 10fold higher than in 2023.
In conclusion, Tokayev highlighted the importance of enhancing the efficiency and increasing the value of Samruk Kazyna’s assets as well as placing special attention to priority infrastructure projects.
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Another milestone achieved in maturation of KGP Project
Images | KGP
Karachaganak Petroleum Operating B.V. (KPO) and its shareholders are pleased to announce the achievement of another milestone in the maturation of the 4BCMA Karachaganak Gas Plant (KGP). The Consortium led by Hyundai Engineering Co. will commence Early Engineering work.
The KGP project is a strategic initiative that is important to Kazakhstan’s energy self-sufficiency and to the longevity of the KPO’s production operations. It reaffirms KPO shareholders commitment to contribute to the development of Kazakhstan energy sector, economic growth and sustainable benefits for all stakeholders.
KPO and its shareholders remain dedicated to close cooperation with the Republic of Kazakhstan to further explore all parameters essential to assess the KGP project viability.
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President Tokayev meets with CNNC General Director Shen Yanfeng
Images | Akorda
President of Kazakhstan Kassym-Jomart Tokayev met on Monday with Shen Yanfeng, the General Director of the China National Nuclear Corporation (CNNC), to discuss cooperation prospects in nuclear energy, Kazinform News Agency reports.
President Tokayev briefed Shen Yanfeng about the plans to promote nuclear energy in the country, highlighting the recent decision on creation of a Nuclear Energy Agency to address systemic implementation of the strategic tasks facing the national economy.
Tokayev noted that Kazakhstan is interested in the considerable experience the China National Nuclear Corporation boasts, pointing to a leading role of CNNC in nuclear energy in China.
In turn, Shen Yanfeng informed the Kazakh leader about the projects CNNC is implementing in China and abroad.
The meeting also focused on cooperation to explore advanced technologies for peaceful use of nuclear energy as well as training of Kazakhstani specialists.
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Kazakhstan’s economic growth picks up in January-February 2025
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The gross domestic product (GDP) in Kazakhstan expanded 5.4% in January-February 2025, the National Economy Ministry said in a report on Wednesday, Kazinform News Agency reports.
The National Economy Ministry said improved dynamics was seen in commodity producing and service sectors and industrial output accelerated to 5.7% thanks to the ongoing work aimed at unlocking the industrial capacity.
The January-February 2025 data indicate an 8.9% growth in manufacturing production, driven by the surge in machine-building (18.2%), food production (13.1%), production of building materials (21.6%), production of metal products (20.1%) and the chemical industry (9%). The country’s mining industry grew at a rate of 4.1%.
According to National Economy Minister Serik Zhumangarin, the construction industry in two months of 2025 was defined by strong growth rates, with the volume of works estimated at 408.1 billion tenge and the index of physical volume made up 112.8%. The total trade grew 6%, while transport and storage services rose 21.3%.
Among the significant contributors are wholesale trade enterprises, supplying grain, seeds and animal feed (5.8fold growth), pharmaceutical products (44.6% growth), cars and light commercial vehicles (38.8% growth). Grain shipments rose 43% to reach 2.4 million tons, while transportation of grain mill products increased by 12%, he said.
Zhumangarin went on to add that the export of high value-added products, especially compound feed, rose 5fold to 273,000 tons (56,000 tons in 2024), and that of vegetable oil grew 28% to up to 94,000 tons.
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Government considers issues of economic liberalisation and privatisation rates
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Prime Minister Olzhas Bektenov held a meeting on economic liberalisation and privatisation. Reduction of state participation in economic processes and expansion of competition is implemented within the framework of the relevant Presidential Decree, primeminister.kz reports.
The progress of implementation of the Comprehensive Privatisation Plan for 2021-2025 was reviewed and measures to improve efficiency were discussed.
The revision and updating of the data of the State Property Register was completed. As part of further improvement of the privatisation process, amendments were made to the rules for the sale of objects, including the introduction of an ‘electronic wallet’ to ensure guarantee fees, an increase in the time for submitting bids for participation in the auction, as well as the publication of notices of sale on additional resources. In addition, amendments to the Law ‘On State Property’ have been developed to abandon direct sales and transfer property exclusively through auctions. To ensure transparency of the mechanism of land allocation, 100% of agricultural land has been digitised, except for desert and semi-desert areas.
To date, amendments have been made to administrative legislation aimed at protecting businesses from unjustified interference.
According to the Ministry of Finance, currently 392 objects of state property and quasi-public sector for the amount of 918.3 billion tenge have been transferred to the competitive environment, 69 objects are directed for reorganisation/liquidation. In addition, 21 objects are on auction and 155 on pre-sale preparation.
Following the results of the meeting, the Prime Minister instructed to intensify work on liberalisation of the economy, including by expanding the covered areas.
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Olzhas Bektenov holds Economic Policy Council meeting
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At a meeting of the Council on Economic Policy chaired by Prime Minister Olzhas Bektenov considered measures to implement the instructions of the Head of State, given in the Address to the Nation "Fair Kazakhstan: law and order, economic growth, public optimism", primeminister.kz reports.
They discussed approaches to ensure a balance between monetary and fiscal policy to improve the balance of macroeconomic policy.
Emphasis was placed on improving the sustainability of public finances and the quality of economic growth with reliance on market mechanisms. Proposals on institutional strengthening of compliance with the system of budget rules and targets, increasing the role of the private sector in financing the economy, reducing systemic risks in the financial sector were heard.
Chairman of the National Bank Timur Suleimenov, Deputy Prime Minister - Minister of National Economy Serik Zhumangarin, Assistant to the President for Economic Affairs Kanat Sharlapayev, Chairman of the Agency for Regulation and Development of Financial Market Madina Abylkassymova, Chairman of the Agency for Strategic Planning and Reforms Asset Irgaliyev, as well as the leadership of responsible ministries attended the meeting.
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Kazakhstan eyes around KZT50bn in tax revenue from marketplaces
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Nearly 20 marketplaces officially operate and pay taxes in Kazakhstan, Deputy Premier - National Economy Minister Serik Zhumangarin said during a briefing on Wednesday in the Majilis, Kazinform News Agency correspondent reports.
Temu and Pinduoduo obtained provisional registration and are VAT payers, said Zhumangarin, stressing that the same rules must be applied to other marketplaces.
According to him, if the total value of the consignment exceeds 200 euros and 31 kilos, the appropriate tax is charged. ‘In case it exceeds the limit, the cumulative customs payment of 15% is paid by the consumer,’ Zhumangarin said.
This year, we plan to collect around 50 billion tenge in tax revenue from marketplaces, including Temu, Pinduoduo, Alibaba, Amazon and so on. There are around 20 such companies, added the Kazakh Deputy Premier.
Earlier it was reported that the Kazakh government had proposed to fix the minimum standard VAT rate at 16%, up from the current 12% as well as an intermediate rate at 10% for certain industries and a full exemption for agricultural producers.
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