Economy

First Astana International Forum taking place in Kazakhstan on 8-9 June

Thu, 08 Jun 2023 09:37:10 +0000

First Astana International Forum taking place in Kazakhstan on 8-9 June

The first Astana International Forum (AIF) is taking place in Kazakhstan on Thursday and Friday (8-9 June). An initiative of the Kazakh President Kassym-Jomart Tokayev, the Astana International Forum writes that it will "serve as a platform for high-level delegates from foreign governments, international organizations, businesses and academic circles to engage in dialogue and seek solutions to problems such as climate change, food shortages and energy security". Over 1,000 people will participate in the conference, which is running under the theme "Tackling Challenges Through Dialogue: Towards Cooperation, Development & Progress". There will be several keynote speeches and over 40 panel sessions, discussions, and side events. The decline of Russia in Central Asia as a result of its ongoing full-scale invasion of Ukraine has propelled the region into a new geopolitical reality. Especially on trade, difficulties trading via Russia as a result of sanctions have given Central Asia a renewed, critical position in facilitating east-west trade. To that end, Central Asian connectivity is also high on the agenda at the AIF.

patrickn97 Thu, 06/08/2023 - 11:37

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Oil prices rise as OPEC+ announces output cuts after Vienna meeting

Mon, 05 Jun 2023 06:49:00 +0000

Oil prices rise as OPEC+ announces output cuts after Vienna meeting

The group of oil producing countries, OPEC+, has pledged oil output cuts amid flagging global oil prices. Following the announcement made on Sunday (4 June) after a meeting of OPEC+ in Vienna, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel in Asia trading on Monday. In accordance with the agreement struck, Saudi Arabia announced that they would cut daily barrel production from 10 million barrels per day (bpd) to 9 million bpd in July, as well as extending their volunatary cut in oil production of 500,000 bpd until December 2024. Russia's 2023 quota currently stands at around 10.5 million bpd, but in 2024 will reduce to approximately 9.3 million bpd, consisting of a reduction of 650,000 barrels per day as well as the voluntary cut of 500,000 bpd. Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel. Global oil prices spiked following Russia's full-scale invasion of Ukraine in February 2022. Since then, however, prices have fallen to pre-February 2022 levels. In an attempt to shore up global oil markets, OPEC+ have announced a couple of rounds of cuts in oil production. In October 2022, OPEC+ agreed to cut production by two million bpd, about 2% of global demand.

patrickn97 Mon, 06/05/2023 - 08:49

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Georgia and Qatar to sign agreement on innovation and technology cooperation after leaders meet in Doha

Wed, 24 May 2023 07:20:30 +0000

Georgia and Qatar to sign agreement on innovation and technology cooperation after leaders meet in Doha

Georgia and Qatar are to sign an agreement on innovation and technology cooperation, the Georgian Economy Minister Levan Davitashvili announced on Tuesday (23 May). The announcement came after the Georgian Prime Minister Irakli Garibashvili and the Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani met in Doha on the sidelines of the Qatar Economic Forum that is running from 23-25 May. Davitashvili said that the Georgian delegation had meetings with a number of sectoral ministries in which they discussed opportunities for cooperation between Georgia and Qatar. Transport, logistics, and Georgia's key role in the Middle Corridor facilitating east-west trade were emphasised in the meetings, according to Davitashvili, who said that there is an increased interest in the country from "many states of the world, including Qatari investors", amid geopolitical challenges. The meetings also touched on trade and economic issues, as well as the the agreements on Mutual Support and Protection of Investments and on Economic, Trade and Technical Cooperation, signed last year between Georgia and Qatar.

patrickn97 Wed, 05/24/2023 - 09:20

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Black Sea grain deal extended for another two months

Fri, 19 May 2023 07:43:17 +0000

Black Sea grain deal extended for another two months

An agreement allowing Ukraine to export grain via its Black Sea ports was extended for a further two months, it was announced on Wednesday (17 May).

Ukraine is one of the world's top providers of grain. However Russia blocked its ports in the opening months of its full-scale of invasion of Ukraine in 2022, to leading to global fears of food shortages especially in poorer countries heavily reliant on Ukrainian grain.

patrickn97 Fri, 05/19/2023 - 09:43

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Kazakhstan to host EU-Central Asia Economic Forum on 18-19 May

Fri, 12 May 2023 09:10:22 +0000

Kazakhstan to host EU-Central Asia Economic Forum on 18-19 May

The Kazakh capital of Almaty will be hosting the 2nd European Union-Central Asia Economic Forum next week on 18-19 May. Building on the 1st EU-Central Asia Economic Forum that took place in Bishkek in 2021, next week's forum will "take stock of progress made so far and discuss ways forward on policy, programmes, and investment needed to develop a more integrated and interconnected regional market engagement". "The Forum will allow to strengthen sustainable connectivity and promote regulatory approximation in the economic area between the EU and Central Asia countries, which is so vital for a better business environment and a safe investment climate," a statement from the EU Central Asia Invest Programme says. "The Forum will gather high-level government officials, the European Investment Bank, the European Bank for Reconstruction and Development, other bilateral and international financial institutions, representatives of the private sector and members of civil society. It is organised in partnership with the Organisation for Economic Co-operation and Development," the statement adds. The forum will focus on three priority areas: a green and digital transition, a better business environment, and trade and connectivity. Next week's forum follows the 4th EU-Central Asia civil society forum that took place in the Uzbek capital of Tashkent in March.

patrickn97 Fri, 05/12/2023 - 11:10

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European Commission and European Investment Bank announce €18bn in Global Gateway investment fund

Fri, 28 Apr 2023 07:23:20 +0000

European Commission and European Investment Bank announce €18bn in Global Gateway investment fund

The European Commission and the European Investment Bank (EIB) have announced a funding package worth €18bn to boost investments in climate action and sustainable economies, the European External Action Service (EEAS) reports.

In a press release, EEAS say that, "this will boost investment in Global Gateway's priority areas – climate action, clean energy and connectivity – in Europe's partner countries around the world. In particular, these projects will aim to help bridge the global climate finance gap and support prevention, adaptation and mitigation."

patrickn97 Fri, 04/28/2023 - 09:23

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EU and Kazakhstan begin talks on preventing re-export of sanctioned goods to Russia

Thu, 27 Apr 2023 10:14:34 +0000

EU and Kazakhstan begin talks on preventing re-export of sanctioned goods to Russia

The European Union and Kazakhstan have begun talks on how to prevent the re-export of sanctioned good to Russia, said International Special Envoy for the Implementation of EU Sanctions David O’Sullivan at a press conference during his visit to the Kazakh capital of Astana on 24 April.

patrickn97 Thu, 04/27/2023 - 12:14

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China-Central Asia trade grows by almost 32% in 2022

Fri, 21 Apr 2023 08:27:03 +0000

China-Central Asia trade grows by almost 32% in 2022

Trade turnover between China and Central Asian states grew by 31.9% in 2022, Kazakh Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin announced on Tuesday (18 April).

Mr Zhumangarin was speaking in an online meeting leading up to the upcoming China+Central Asia (C+C5) Summit in the Chinese city of Xi’an in May.

The online meeting was also attended by the trade and economy ministers of China, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

patrickn97 Fri, 04/21/2023 - 10:27

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Borrell addresses European Parliament on EU-China relations

Thu, 20 Apr 2023 06:57:45 +0000

Borrell addresses European Parliament on EU-China relations

The Vice-President of the European Commission and European Union High Representative for Foreign Affairs and Security Policy Josep Borrell addressed the European Parliament on Tuesday (18 April) on "The need for a coherent strategy for EU-China Relations”. Beginning by recognising that different member states have different interests vis-a-vis China, Borrell said, "if we want to define a coherent EU strategy towards China, it is necessary for each and every EU actor to exercise their respective roles and responsibilities in accordance with, and in full respect of, the Treaties. "The main focus of his address was on integrating "economic security" into wider "national security" strategies. "This concept of ‘national security’ - ‘economic security’ - will have a determining influence on the way we conceive our foreign relations," Borrell said, adding that the EU should aim to replicate the strategies of the USA and Japan in this regard. Borrell said the four key issues in the EU's relationship with China are "values, economic security, Taiwan, and Ukraine".

patrickn97 Thu, 04/20/2023 - 08:57

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Kazakhstan and Azerbaijan to deepen cooperation as Aliyev meets Tokayev in Astana

Tue, 11 Apr 2023 07:39:25 +0000

Kazakhstan and Azerbaijan to deepen cooperation as Aliyev meets Tokayev in Astana

Kazakhstan and Azerbaijan have agreed to significantly increase bilateral cooperation in a number of sectors after the President of Azerbaijan Ilham Aliyev met with his Kazakh counterpart Kassym-Jomart Tokayev in Astana on Monday (10 April). The meeting was comprehensive, focusing on strengthening political, trade, economic, transport and transit, as well as cultural and humanitarian cooperation between the two Caspian Sea states. The two presidents signed several memoranda of understanding on cooperation in sports, diaspora initiatives, science, telecommunications, business and culture. President Aliyev and President Tokayev also signed a joint statement and protocol on the establishment of a Supreme Interstate Council, "which is designed to serve the comprehensive strengthening of bilateral relations", according to Tokayev. He said, "The full deployment of the potential of the Trans-Caspian International Transport Route, the so-called Middle Corridor, is of particular importance." Meanwhile, Aliyev said that Azerbaijan is "truly determined to deepen and expand the multifaceted cooperation" with Kazakhstan.

patrickn97 Tue, 04/11/2023 - 09:39

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