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Economic Newsletter on

Kazakhstan |April 2019

Contents GENERAL ...... 2 MACRO- & FINANCE ...... 5 ...... 8 ENERGY & NATURAL RESOURCES ...... 10 TRANSPORT & COMMUNICATIONS ...... 11 AGRICULTURE ...... 14 ENVIRONMENT ...... 16 CONTACTS...... 17 EXHIBITIONS IN (May-Dec.2019) ...... 18

The Economic Section of the Embassy of the Kingdom of the Netherlands in Kazakhstan intends to distribute this newsletter as widely as possible among Dutch institutions, companies and persons from the Netherlands. The newsletter summarises economic news from various Kazakhstani and foreign publications and aims to provide accurate information. However, the Embassy cannot be held responsible for any mistakes or omissions in the bulletin.

1 Old name of the capital of the Republic of Kazakhstan (Astana) is used in the articles issued before the decision to rename the capital into Nur-Sultan has been adopted, i.e. before March 23, 2019. ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands GENERAL BREAKING NEWS: Early presidential election in Kazakhstan set for June 9; President Tokayev pledges fair and transparent vote NUR-SULTAN – Kazakhstan President Kassym-Jomart Tokayev set the date for the early presidential election for June 9, 2019 as he said the vote was “absolutely needed” to ensure “continuity, predictability and stability” at the time of political transition and “to remove any uncertainty.” In a televised address broadcast on all national television channels at 1 pm on April 9, Tokayev said: “Kazakhstan took a worthy place in international community… We are living through historical transition… Following my trips around the country… my conclusion is we are moving in the right direction… The early presidential election is absolutely necessary. In order to ensure continuity, predictability, stability… the election is necessary… Only direct election can ensure the reaching of our goals…” “Kazakhstan is a democratic state. And the President will be elected according to the will of the people. As the current head of state, I guarantee that the election will be held in a fair and transparent way. This is my principled position,” Tokayev stressed. Tokayev became the on March 20 following the surprise resignation of President after almost 30 years at the helm. Nazarbayev remains the chairman of the Security Council and the leader of the ruling Nur Otan political party. In his remarks, Tokayev said that in taking the decision to call for the early election he consulted with Nazarbayev, too. Earlier, Tokayev met with Prime Minister , Speaker of the Senate , Vice Speaker of the Majilis Vladimir Bozhko and Chairman of the Constitutional Council Kairat Mami, as well as with leaders of political parties Nur Otan, Ak Zhol, Communist People’s Party and Auyl Party. Kazakhstan’s Central Election Commission is to organise the election, outlining schedule for nomination/registration of candidates etc. (astanatimes.com)

Global leaders to focus on ‘inspiring growth’ at Astana Economic Forum NUR-SULTAN – More than 3,000 domestic and international economists, political leaders and civil society representatives are expected to gather May 16-17 in the Kazakh capital for the annual Astana Economic Forum (AEF). Approximately half the participants will be foreign delegates from more than 100 countries. The forum will address changes in global economies, the social sector, digital technologies, multiple industries and the unfolding Fourth Industrial Revolution. The AEF was convened for the first time in 2008 in the midst of a global financial crisis and has grown into an international platform that helps shape the global economic agenda. The forum kicks off every year with a focus on a specific topic. Last year, it was about global trends and challenges and this year it will explore “inspiring growth” driven by people, cities and economies. “The forum participants will discuss new ways for sustainable growth, the development of human capital and how to strengthen the potential of cities as international centres of knowledge and ,” said forum organisers. The programme will feature approximately 50 panel sessions, roundtables, conferences and business meetings. Among key events are the annual Kazakhstan Global Investment Roundtable (KGIR), an international conference marking the 100th anniversary of the International Labour Organisation, an interim meeting on the preparation to the 12th Ministerial Conference of the World Trade Organisation in 2020 and the first forum in Kazakhstan on the Sustainable Development Goals. International Monetary Fund Managing Director Christine Lagarde, 2018 Nobel Prize Winner in Economics and World Bank Chief Economist Paul Romer, former United States Federal Reserve Deputy Chair Stanley Fischer, Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific Armida Alisjahbana and Boston Consulting Group Chair Hans-Paul Bürkner are among the speakers who have confirmed their participation at the forum.

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

Lagarde will take part in the plenary session about the new economy and Kazakhstan’s growing investment potential that will be chaired by Kazakh Prime Minister Askar Mamin. “The participation of such distinguished politicians and experts in AEF 2019 proves not only the growing interest in the forum itself but is also a sign of a willingness to conduct open dialogue and enter into mutual cooperation,” said forum organisers.(astanatimes.com)

Kazakh PM briefs Western diplomats, officials on new measures to attract foreign investment NUR-SULTAN – Kazakhstan hopes recently launched measures by the government will increase foreign investment cooperation with countries and institutions, Kazakh Prime Minister Askar Mamin told an April 24 meeting with a group of Western diplomats and officials. American Chamber of Commerce Executive Director Doris Bradbury, British Ambassador to Kazakhstan Michael Gifford, Canadian Ambassador to Kazakhstan Nicholas Brousseau, European Union Ambassador to Kazakhstan Sven-Olov Carlsson and U.S. Deputy Chief of Mission Theodore Lyng attended the meeting. Mamin explained the reasons for the April 22 establishment of a new Coordinating Council on Investment Issues that is chaired by himself and includes the first deputy prime minister, deputy prime minister responsible for infrastructure development, heads of key ministries (Justice, Foreign Affairs, National Economy, Industry and Infrastructural Development, Energy, Agriculture as well as Internal Affairs), the National Bank, Astana International Financial Centre (AIFC), national holdings, national companies, Atameken National Chamber of Entrepreneurs, deputy chairman of the National Security Committee, chairman of the Supreme Court Specialised Judicial College and deputy attorney general. “The fact that the Kazakh government pays special attention to creating the most favourable conditions for attracting investments and strengthening the protection of investors’ rights and that the Kazakh Prime Minister is directly involved is a very good signal to investors,” Bradbury said at the meeting, as reported by Primeminister.kz. Kazakhstan’s foreign direct investment (FDI) increased 15.8 percent to $24 billion last year, and its foreign trade increased 20 percent year-on-year. Kazakh officials hope the government’s new measures will continue that growth trajectory. The European Union is the largest foregin investor and foreign trading partner for Kazakhstan. The United States is among the largest investors, while Canadian companies are working in the uranium industry, among others. First Deputy Prime Minister and Minister of Finance Alikhan Smailov and AIFC Governor also informed the prime minister and heads of diplomatic missions on the AIFC’s FDI- friendly initiatives. The AIFC operates within a special legal regime based on English common law principles, an independent court and an international arbitration centre and positions itself as a financial hub for countries in Central Asia, the Caucasus, the Eurasian Economic Union, Europe, the Middle East, Mongolia, as well as Western China.(astanatimes.com)

Ministry of Agriculture: the Netherlands are interested in joint projects with Kazakhstan The Minister of Agriculture of Kazakhstan, Saparkhan Omarov, held a meeting with the Ambassador Extraordinary and Plenipotentiary of the Kingdom of the Netherlands, Dirk Jan Kop, the press service of the Ministry of Agriculture reports. It is noted that the Netherlands is an important partner for our country, especially in the economic sector and agriculture. According to the information, the trade turnover of Kazakhstan with the Netherlands on the products of the agro-industrial complex in 2018 amounted to $ 68.1 million. At the same time, compared with 2017, exports doubled from 10.1 to 22.2 million USD. According to the report, the parties discussed issues of agricultural products turnover, implementation of joint investment projects in the field of production and processing of agricultural products. They also considered joint projects for the construction of a plant for the production of french fries in the region and the creation of a demonstration dairy farm in Pavlodar region together with the Netherlands company Lely.(agrosektor.kz)

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

Kazakh, Russian leaders committed to enhance strategic ties During the official talks with Russian President Vladimir Putin on 3 April, President Tokayev said that his presidential term coincided with "the golden era" of Kazakh-Russian relations, and expressed his strong commitment to further develop the bilateral strategic cooperation. Tokayev noted that there are more than 9 thousand companies with the Russian capital, and Russia accounts for 19 % of Kazakhstan's foreign trade turnover. Two leaders focused on cooperation in space, energy, military, , cultural and humanitarian spheres, development of the interregional ties, as well as interaction within the EAEU. President Putin proposed to Kazakhstan to set up a nuclear power plant based on the Russian technologies, to open a new Russian school and a university and the branch office of the Russian centre of science and culture in Almaty. Following the talks, two sides made a joint statement, signed an agreement on gasification of Baikonur complex, Kazakh-Russian production and scientific-research cooperation. Later, Kazakh Energy Deputy Minister Magzum Mirzagaliyev noted that Kazakhstan has not made a final decision on the construction of a nuclear plant, but preliminary plans to build it in Ulken village in Almaty region. Kazakh Industry and Infrastructural Development Ministry added that within the signed production cooperation programme, the joint entities worth USD 1.2 billion in the fields of agriculture and automobile industry will be created in Kazakhstan (akorda.kz).

Polish investors in Pavlodar signed an agreement on anti-corruption support of the investment project The management of ZUMIR Microsphere from Poland became interested in the anti-corruption support of its investment project in the amount of two million euros in Pavlodar, the correspondent of IIA Kazinform reports. “Polish investors have signed an agreement on anti-corruption support of an investment project,” the press service of the Department of Civil Service Affairs and Anti-Corruption in Pavlodar region reported. - ZUMIR Microsphere LLP (ZUMIR Microsphere) previously appealed to the front office for clarification on the issue of the legitimacy of executive actions of a private enforcement agent in the seizure of 31 units of Kamaz cars from the private territory of the enterprise. As a result of the maintenance of the appeal, the head of the front office gave explanations on the procedure for executive actions of ICI, it was recommended to go to court with a claim to appeal executive actions of ICS. The answer to the investor was agreed with the director of the regional chamber of private enforcement officers of Pavlodar region ”. According to the Pavlodar department, the company's management became interested in the anti- corruption support of its investment project worth two million euros, work on which began in 2018. The company specializes in the acquisition, processing and sale of microspheres - a by-product of burning coal in power plant boilers in the form of balls with a diameter of 10-800 microns filled with gas, mainly CO2, NO2. The main advantages of microspheres are very low bulk resistance, excellent insulating properties, high heat resistance and sintering. “The management of the LLP signed an agreement and expressed gratitude to the front office for the work being done,” they added in the Pavlodar department of the Agency for Civil Service Affairs and Anti-Corruption. Employees of the Agency’s departments and the National Anti-Corruption Bureau to create a favorable investment climate and increase investor and business confidence in the government in the course of implementing their Protecting Business and Investments project are leading anti- corruption support for investors. This support includes legal advice, ensuring the quality of public services, improvement of legal acts. “At present, the Pavlodar front-office of the project has protected the rights and legitimate interests of 36 entrepreneurs, and resolved six investor issues. In addition, on an ongoing basis, there is a feedback with investors, - calculated the press service of the Department of the Agency for Civil Service Affairs and Anti-Corruption in the Pavlodar region. - In total, the regional front office of Protecting Business and Investments signed 23 agreements on anti-corruption support of investment projects. The total investment in these projects is more than 380 billion tenge. ”(inform.kz)

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands MACRO-ECONOMICS & FINANCE Kazakhstan's National Bank decided to cut the base rate to 9% from 9.25% with an interest rate band of ± 1. This year inflation expectations have continued to decline with an annual inflation rate of 4.8% in March 2019 compared to 5.3 % in December 2018. Growth of prices for non-food products have slowed down to 6% in annual terms in March this year (6.4 % in December 2018), food prices rose by 6.7% (5.1% in December 2018), having the largest impact on inflation. The National Bank's next decision on the base rate will be announced on 3 June (vlast.kz).

ADB lowers GDP forecast for Kazakhstan to 3.5% in 2019 The Asian Development Bank projects the growth of Kazakhstan’s GDP to moderate to 3.5% in 2019 and to 3.3% in 2020 from the 4.1% achieved in 2018. Earlier, ADB forecasted Kazakhstan’s GDP growth in 2019 at 3.8%. The expected slowdown is due to declining oil prices and slower growth in China and Russia. Average inflation is estimated to remain at 6 %, and expected to moderate to 5.5% in 2020. According to ADB Country Director for Kazakhstan Giovanni Capannelli, a healthy banking system is a key for achieving sustainable economic growth and promoting private sector development (Interfax-Kazakhstan).

IMF slightly revises upwards Kazakhstan GDP growth forecast for 2019 The International Monetary Fund (IMF) has upgraded its 2019 forecast on Kazakhstan’s GDP growth to 3.2% in its April 2019 World Economic Outlook. Last November, the IMF forecast that Kazakhstan’s economy would expand 3.1% in 2019. Inflation is forecast at 5.5% in 2019 and 5% in 2020 in Kazakhstan. Kazakh Government forecasts that its GDP would grow by 3.8% in 2019. In 2018, Kazakhstan’s GDP increased by 4.1%, inflation rose to 5.3% (Interfax-Kazakhstan).

Industrial production in Kazakhstan in I quarter increased by 3.2% In Kazakhstan, the volume of industrial production in January-March 2019 compared to the same period in 2018 increased by 3.2%, Kazinform correspondent reports with reference to the Statistics Committee of the Ministry of National Economy of the Republic of Kazakhstan. In the reporting period, production in mining and quarrying increased by 4.8%, in manufacturing - by 1.6%, decreased in electricity supply, supply of gas, steam and air conditioning by 1%. In water supply, sewer system and waste collection, the indicator increased by 14.9%. In January-March of this year, the production of crude oil, natural gas and metal ores increased. The production of food, beverages, oil refining, chemical products, rubber and plastic products and mechanical engineering increased. Production of tobacco and ferrous metallurgy decreased. In particular, the volume of oil production, including gas condensate, in January-March 2019 amounted to 23 million tons (increased by 2.7% compared with January-March 2018), copper ores - 27.3 million tons (+17, 3%). The output of gasoline amounted to 0.9 million tons (+ 11.2%), gas oil - 1.1 million tons (+ 4.7%).The production of flat-rolled products reached 0.4 million tons (-48%), refined copper - 0.1 million tons (+ 10.1%), Portland cement - 1.5 million tons (+ 4.4%), electricity - 28 , 1 billion kW / h (-4.5%) and flour - 1 million tons (-1.9%). The increase in industrial production was observed in 13 regions of the country. (zakon.kz)

Half of the EU countries have reduced investment in the economy of Kazakhstan In 2018, the gross inflow of foreign direct investment in Kazakhstan amounted to $ 24.3 billion, or 15.8% more than a year earlier ($ 21 billion). In 2018, almost half of the EU countries reduced their investments in the economy of Kazakhstan. The overall decline in gross inflows of FDI in these countries was 12.2%, according to Zakon.kz, citing research ranking.kz. In 2018, the gross inflow of foreign direct investment in Kazakhstan amounted to $ 24.3 billion, or 15.8% more than a year earlier ($ 21 billion). In 2016, after the crisis of 2015, in which FDI fell by as much as 35.5%, investment flows began to form a positive trend. Over the past three years, FDI increased by 58%.

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At the same time, in the world, FDI still maintains a negative trend: in 2018, global investment flows decreased by 18.4% to $ 1.2 trillion. The rapid decline in global investment over the past three years reflects the global investor suspicion of the economies of countries, one of the reasons for which may be the expectations of the global economic crisis in the coming years. The key investors in the national economy of Kazakhstan are traditionally the Netherlands - 7.3 billion (+ 23.8%), the US - 5.3 billion (+ 44.7%) and Switzerland - 2.5 billion (−14.3%). The top 10 investor countries form 89.5% ($ 21.7 billion) of all foreign investment. Among them, Russia’s closest neighbor (4th place in the ranking) invested $ 1.5 billion in the economy of Kazakhstan in 2018, increasing investment activity for the year by 22.2%. European partners (EU countries) in 2018 invested US $ 11.6 billion (+ 15.8%) in the economy of Kazakhstan. Investments from the EU countries are strategic for the national economy, since their share is 48%. Last year, Kazakhstan and the EU organized 5 joint projects in an amount exceeding $ 350 million. Below table indicates Top 10 countries investors into Economy of Kazakhstan. Gross inflow of Direct foreign investments (FDI) into Kazakhstan (mln USD)

However, almost half of the countries of the European Union reduced investment flows to Kazakhstan. Finland reduced FDI in Kazakhstan immediately by 63.3%, the volume for the year decreased from 30.1 million to 11 million dollars. Belgium - a strategic partner - weakened investment flows by 1.9%, which in monetary terms amounted to $ 19.9 million. Austria gained capital from the economy of Kazakhstan in the amount of $ 14 million, and invested only 3.2 million. At the same time, a year earlier, Austrian investors invested $ 86.9 million in the national economy. In general, 12 EU countries last year reduced investment flows to Kazakhstan by 12.2%. At the moment, the further activity of Western investors and the global investment position of the Republic of Kazakhstan as a whole are awaiting early presidential elections to be held on June 9, 2019. Political stability is one of the key factors affecting the investment attractiveness of the economy. Given this, many domestic experts supported the initiative of the current president, Kassym- Zhomart Tokayev, to hold early presidential elections. The international investment attractiveness of Kazakhstan will directly depend on the outcome of the presidential election and its future policy. The nomination of candidates for the presidency of Kazakhstan started on April 10 and will last until the 28th of the same month. During this period, the global investment community will closely study the biography of each candidate and lay certain expectations in the future investment strategy. Below table indicates EU countries that reduced FDI into Kazakhstan (mln USD)

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Kazakhstan's Unified Accumulative Pension Fund sells part of Azerbaijan's government bonds The Unified Accumulative Pension Fund (UAPF) of Kazakhstan has sold part of the government bonds of Azerbaijan that were in its investment portfolio, Trend reports referring to the report of the fund, published in late March. In February, a deal was concluded on the sale of state bonds of Azerbaijan for $4.47 million (1.68 billion tenges). In September 2017, the UAPF exchanged the bonds of the International Bank of Azerbaijan, that were in its investment portfolio, for government bonds of the country. The exchange took place as part of the restructuring of the foreign obligations of the International Bank of Azerbaijan related to the preparation for the privatization of its shares. In September 2017, at the time of the transaction, the total value of government bonds of Azerbaijan, acquired by the UAPF, was about 341 million manats (almost 75.97 billion tenges). By February 1, 2019, their total value exceeded $380 million (85.3 billion tenges). (azernews.kz)

MNE RK: It is necessary to extend the tax holiday of e-commerce During the year, the number of online shoppers increased by 2 times and is 2.3 million people. There are more than 1,700 online stores in the market. Electronic trade in Kazakhstan increased by 2 times and amounted to 2.9% of the total. The director of the department for the regulation of trade activities of the Ministry of National Economy Aizhan Bizhanova told the Central Communications Service about this, the correspondent of Zakon.kz reports. - In 2017, electronic retail trade turnover amounted to about 170 billion tenge, by the end of 2018, the trade turnover increased almost 2-fold to 270 billion tenge. If we calculate this amount in the total share of commodity turnover in the country, we get a figure of 2.9%. This is naturally not the limit, but our task in the near future to reach the figure of 5%. Up to 7% would be even better. And I hope that, thanks to the integrated support of the subjects of electronic commerce, the comprehensive measures that we offer, we will nevertheless achieve an effective increase in this share, she said. It is worth noting that changes in the Tax Code for SMEs engaged in e-commerce and exempting them from paying corporate and individual income taxes by 100% have become a big incentive for the development of electronic commerce. “This rule is temporary, but we are petitioning for its possible extension of the tax holiday,” added Bizhanova. By the way, most often people buy and sell building materials, household appliances and mobile phones on electronic platforms. Recently, cosmetics and clothing have become very popular. In addition, now e-commerce involves not only the sale of goods, but also the provision of services. - World practice shows that about 50-60% in e-commerce are services. In our case, we buy 99.9%

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of air tickets through online stores. I think, in this directions our subjects of business will move, - she reported. During the year, the number of online shoppers increased by 2 times and is 2.3 million people. There are more than 1,700 online stores in the market.(zakon.kz)

"Tsesnabank" changed the name New bank name is Open Joint Stock "First Heartland Jýsan Bank" April 29, 2019 Tsesnabank JSC announced the change of its name. The new name of the bank is JSC "First Heartland Jýsan Bank" with the retail brand "Jýsan Bank" ("Zhusan Bank" in the approved Kazakh Latin alphabet), reports Zakon.kz with reference to the bank's website. The decision on rebranding was made as part of the new business strategy of the bank and during 2019, outdoor advertising elements will be gradually changed, new banking products and other media with the name and logo of Jýsan Bank will be introduced. At the same time, customers do not need to worry and make any changes to documents related to working with a bank, reissue cards and re-sign agreements. In February 2019, JSC First Heartland Securities (FHS) acquired a controlling stake in Tsesnabank JSC. April 22 it became aware of the intention to join JSC "First Heartland Bank" to JSC "Tsesnabank".

Russia limits size of money transfers to Kazakhstan Russian Central Bank limited the size of money transfers to Kazakhstan in the amount of no more than 150,000 rubles per month. According to Vedomosti news agency, Russia introduced limits on money transfers to Vietnam, China, as well. The move is aimed to fight against shadow operations, including the unregistered businessmen. A source told Vedomosti that foreigners trading in the markets of Russia use money transfer systems to pay for the goods without registration as private entrepreneurs not as legal entities (vedomosti.ru, akipress.com).

INNOVATION The market is young, very promising - experts on the blockchain How blockchain helps the development of digital technologies in Kazakhstan Blockchain is not bitcoins and not ephemeral cryptocurrency, but an innovative technology for collecting, processing and storing data. How it is used in digitalization, says the correspondent Zakon.kz. Kazakhstan expert in the field of cryptocurrency and blockchain Rashid Yusupov recalled that the first President of the Republic of Kazakhstan, Nursultan Nazarbayev, repeatedly voiced the issue of implementing the blockchain technology, they were asked to do this both for the general interaction of countries at the UN and for work within the country. In his latest Message to the people of Kazakhstan, Nazarbayev reiterated the importance of introducing blockchain technology into the Digital Kazakhstan program. - On the basis of the AIFC (International Financial Center "Astana"), civil servants are currently being trained and negotiated with local and foreign experts. Major forums are held with the participation of prime ministers from different countries dedicated to the development of blockchain technology, Rashid Yusupov emphasized. Kazakhstan is not far behind the world powers, and already now the blockchain technology is being introduced into the new VAT administration system. Its full launch is planned for 2020. “In the laboratory at Applied TechGarden for applied research in the implementation of the blockchain technology, a pilot version of the VAT administration system for the State Revenue Committee is being actively developed and tested, it is being reworked using the blockchain technology. There is already no forgery, the system is transparent, a declaration is automatically filled in for taxpayers. The VAT refund becomes more profitable, you get it on time. Companies such as large subsoil users return $ 150 million, there were problems with returns, today, thanks to the platform, we are trying

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to solve these problems, ”said Sanjar Kettebekov, General Director of AKF Tech Garden. Rashid Yusupov told how this technology is now used in the world. - In the world of technology blockchain specific solutions can be seen today. In many countries, at the level of the leadership of the states, there are decisions on the implementation of the blockchain, for example, Dubai, within its Smart City project, plans to transfer the entire infrastructure to the blockchain; In Switzerland, the country's laws are very favorable for crypto activities, it is there that more than 100 large crypto companies are registered and operate, and even the question of holding an election of the President of the country using the blockchain is being considered. You can also note Singapore, there is a serious question about the introduction of a blockchain for communication of Central banks, as well as the work of a major seaport, Yusupov said. Blockchain is a young technology, and therefore there are concerns about its reliability. Moreover, the increasing popularity of cryptocurrency made the governments of all countries of the world worry about the safety of real money of their citizens, who risked investing in this sphere. - Problems associated with fraud on the crypto market in reality, exist, but over the last year, with the arrival of experienced players, as well as enlightenment, the number of scam projects has significantly decreased in the crypto industry. Hacker attacks have always been and will be, but technology does not stand still, data protection in decentralized applications and the same gadgets is rapidly developing, and one can’t say that it is so easy to crack a cryptobirth, a cryptocell, and especially blockchain. People began to distinguish scam from no scam, a promising project or even an idea, from a hack. “An educated crypto-enthusiast who is able to create, promote, recognize or invest wisely is gradually formed in the community,” said the co-founder and CEO of the Taklimakan Network. The excitement around the blockchain and cryptocurrency technologies is cyclical, and each time it is gaining momentum, Rashid Yusupov is sure. At the same time, as regards the regulation of cryptocurrency, there are no concrete solutions anywhere else. “The last crypto boom was at the end of 2017, before this 2013, but the day when the bubble is inflated again is not far, because not much of the globe knows about cryptocurrency, and even less about the blockchain technology. If you make a comparison with credit cards, then 20 years ago they were mainly used by socially secured people, those who could afford it, or there was an urgent need. And now students, and even schoolchildren, have several credit cards from different banks. The same is waiting for cryptocurrency, however, thanks to the current Internet, the development of cryptoindustry is much faster, - the expert is sure.

A single electronic register of hotels will operate in Kazakhstan, Zakon.kz reports with reference to Atameken Business. The head of monitoring and analysis of the committee of industry and tourism of the MKS RK Abay Kozhamzharov told about this innovation. - We are now launching the E-hotel program. And if a tourist has booked a hotel in a room, he can receive an electronic visa within 5 hours with this reservation and applying a passport, said Abay Kozhamzharov. According to experts, this will not only relieve foreign guests from the grueling waiting for the necessary invitations, but also allow peacekeepers to have information about all the temporary accommodation facilities. - To date, we do not have accurate data on hotels, places of settlement of hotels, because the numbers differ. There is no unified system. If the E-hotel is, a foreigner, being abroad, having entered this e-hotel system, will reserve a room for himself and will be settled there immediately upon entry, then the invitation system will disappear, ”said Askar Aldongarov. Innovation provided by the state program of development of the tourism industry. Its developers focus not only on the speed of issuing a visa, but also on a potential guest.

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands ENERGY & NATURAL RESOURCES Alstom, Shell intend to expand production in Kazakhstan On 24 April, First President Nazarbayev met with Alstom CEO Henri Poupart-Lafarge to discuss the current state and prospects for investment cooperation. Alstom representatives said that company plans to expand its production to 100 electric locomotives a year and increase the number of employees at the plant from 500 to 700 people. The same day, Kazakh PM Askar Mamin met with representatives of Royal Dutch Shell, who expressed the company's interest in expanding its presence and deepening its participation in Kazakh projects. In particular, the parties focused on joint development of Kashagan and Karachaganak fields, as well as Kalamkas and Khazar wells within the Zhemchuzhina section. Shell also envisages the construction of a solar power plant in Taraz city (Interfax-Kazakhstan).

Environmental damage caused by fire at Kazakhstan's oil field amounts to KZT 98 million Mangistau region environmental protection department has calculated the environmental damage form fire at Kazakhstan's Kalamkas oil field, which amounted to KZT 98.7 million. Air, soil and water samples showed high concentration of pollutants. In total 4 administrative cases have been initiated. To recall, a well at Kalamkas field caught fire on 25 March, fuelled by gas escaping from under the surface. Fire was put out on 28 March (vlast.kz).

Kazakhstan imposes ban on diesel fuel export by road Kazakhstan will introduce a six-month ban on diesel transportation for export by road since 8 April. The relevant order was signed by First Deputy Prime Minister - Minister of Finance Alikhan Smailov, Energy Minister , Chairman of the National Security Committee . The ban is reportedly imposed to protect the country's economic security (vlast.kz).

ADB to support modernization of Uch-Kurgan Hydropower plant The Asian Development Bank (ADB) has approved a $100 million financing package to modernize aging equipment and improve power generation capacity at the Uch-Kurgan hydropower plant (HPP), the oldest of the six HPPs installed along the Naryn River cascade in the Kyrgyz Republic. ADB’s assistance, comprised of a $60 million loan and a $40 million grant from the Asian Development Fund, will help to strengthen the Kyrgyz Republic’s energy self-sufficiency and increase its potential for renewed energy exports to neighboring countries in Central Asia. ADB will also administer a $45 million loan from the Eurasian Development Bank for the project.(www.adb.org)

Lukoil signs contract for hydrocarbon exploration at Kazakhstan's Zhenis block Russian oil and gas company Lukoil, Kazakh Energy Ministry, and KazMunayGas have concluded a contract for the exploration and development of hydrocarbons on the Zhenis block in the Kazakh sector of the Caspian Sea. Zhenis Operating LLP, a fifty-fifty joint venture between Lukoil and KazMunayGas, will be the project operator. In accordance with the contract, the main minimal obligations include drilling one exploration well and a 3D seismic survey. In 2018, Lukoil and KazMunayGas concluded a joint operating agreement and a financing agreement on the Zhenis project and in February 2019 Kazakh Energy Ministry issued mineral rights on the block (Interfax- Kazakhstan, offshoreenergytoday.com).

Swiss-based company to build fertilizer production complex in Kazakhstan This summer, Swiss-based company EuroChem will begin construction of a complex for the production of fertilizers in Kazakhstan, Trend reports via Kazakh media. At a meeting in Nur-Sultan, the Prime Minister of Kazakhstan Askar Mamin, Minister of Industry and Infrastructural Development Roman Sklyar and heads of MCC EuroChem Igor Nechaev, and of EuroChem-Karatau Dmitry Malyshev agreed to fully support EuroChem's project in Kazakhstan.

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It is expected to sign the necessary agreements at the intergovernmental level, providing this support, with the reciprocal obligation of EuroChem on the construction of the plant. All documents are planned to be signed in June this year. It should be noted that EuroChem is developing two deposits of the Karatau phosphorite basin in the south of Kazakhstan. The company started ore mining in 2014, and in 2016 the project reached its full capacity of 640,000 tons of phosphorite ore per year. The new project of the company involves the launch of a chemical complex in Kazakhstan with a capacity of 1 million tons of fertilizers. Karatau deposits are considered as a resource base for the complex. EuroChem's investment in the project is estimated at $750 million. (azernews.kz)

TRANSPORT & COMMUNICATIONS Kazakhstan strengthened control on border with Kyrgyzstan Moreover 200 trucks are stuck on Kyrgyz-Kazak border as of 1 April. Reportedly, Kazakhstan strengthened control on 19 March (day of resignation of Nursultan Nazarbayev) by introducing additional security, veterinary and phytosanitary checks. Kazakh servicemen check cargo in the every truck from Kyrgyzstan. Kazakh government claims that many trucks with Chinese and Turkish goods had incorrect cargo declarations. At the same time trucks with Kyrgyz production are allowed to enter Kazakhstan without any obstacles.(eu delegation kyrgyzstan, kaktus.media.kg)

Kazakhstan ranked 40th in Global Cybersecurity Index Kazakhstan was ranked 40th in the Global Cybersecurity Index 2018/2019 rising 42 points up from the previous rating (82nd), according to a report of the International Telecommunication Union (ITU). The UK and the US dominate the top of the rankings and the Maldives were placed in 175th lowest position. ITU conducts research to determine the cybersecurity index annually and assesses the level of cyber security of the countries based on five main criteria: the legislative framework, technical and organizational measures, activities in the international arena and creation of the development potential in this sphere (Interfax-Kazakhstan).

Kazakhstan exporters will be reimbursed for transportation costs Reimbursement criteria are established depending on their category: 30% - for large, 50% - medium and 60% - small enterprises. Roman Sklyar, Minister of Infrastructure Development Industry of the Republic of Kazakhstan, reported on the reimbursement of transportation costs to exporters for the export of finished goods with the highest share of value added, the correspondent of Zakon.kz reports. - Considering the remoteness from large markets, the share of transportation in the cost of goods is up to 30%, which significantly affects the price competitiveness in export markets. In 2019, for the first time, reimbursement of transportation costs to exporters is provided for the export of finished goods with the highest share of value added, he said. So, according to him, to cover state support of all business entities, reimbursement criteria are established depending on their category: 30% - large, 50% - medium and 60% - small. - Reimbursement of costs is provided for the transportation of products by rail (payment of tariff for OLS, locomotive traction and commercial cargo) and road transport (no more than 300 tenge per 1 km of run), - Sklyar said, according to Zakon.kz.

Kazakhstan, Spain to launch direct flights Airlines of Kazakhstan and Spain have been cleared to make seven direct scheduled passenger and cargo flights a week, Kazakh Civil Aviation Committee said. The relevant intergovernmental document was signed in Madrid. The approved airlines form both countries are licensed to enter into code-sharing agreements with each other and third-country airlines. According to the Civil Aviation Committee, the document for the first time listed Nur-Sultan as an authorized destination in such type of international agreements (sputniknews.kz, Interfax-Kazakhstan).

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

New agreement approved between Azerbaijan, Kazakhstan A new agreement between Azerbaijan and Kazakhstan has been approved at a plenary session of the Azerbaijani parliament, Trend reports. The Azerbaijani parliament approved the agreement between the and the government of Azerbaijan on organizing the activities of communication operators of Kazakhstan and Azerbaijan on the joint laying fiber optic transmission lines along the bottom of the Caspian Sea on Kazakhstan-Azerbaijan route, their ownership and use. The approval of the agreement will affect the development of relations between the two countries.(azernews.az)

Kazakhstan to build two logistics centers in Iran For the export of domestic goods to the markets of the Persian Gulf countries, Kazakhstan will build two logistics centers in the ports of Iran. This was announced at a meeting of the First Deputy Foreign Minister of Kazakhstan Mukhtar Tleuberdi with the Minister of Transport and Urban Planning of Iran, Mohammed Islami, and the Deputy Minister of Agricultural Jihad Iazdan Seif, reports Kapital.kz For the construction of logistics centers, Iran will provide land in the ports of Bandar Abbas and Amirabad. Kazakh-Iranian political consultations were held in the capital of Iran. The meetings were held within the framework of the implementation of the Five-year program of cooperation between the foreign affairs agencies of the two countries. The sides discussed the state and prospects of trade and economic cooperation, in particular, the development of transit transport potential, agricultural exports to Iran. Tleuberdi held talks with Iranian Foreign Minister Mohammad Javad Zarif about the resignation of Nursultan Nazarbayev, the new president Kassym-Jomart Tokayev and the upcoming early presidential elections. The Kazakh diplomat noted that, despite changes in the country's leadership, the state’s foreign policy will remain unchanged. He stressed the development of good-neighborly relations with Iran is one of the priorities in the foreign policy of Kazakhstan. The sides noted positive dynamics of bilateral interaction in transit-transport and agricultural spheres and emphasized the importance of enhancing the use of the Kazakhstan-Turkmenistan- Iran railway route with further access to the Persian Gulf. A summit of leaders of the Caspian states was held in Aktau on August 12, 2018. One of the main results of the forum was the signing of the Convention on the Legal Status of the Caspian Sea. According to the Convention, the main area of the Caspian water surface remains in the common use of the parties, and the bottom and subsoil are divided by neighboring states into areas by agreement between them based on international law. Shipping, fishing, research and construction of trunk pipelines are carried out according to the rules agreed by the parties. When implementing large-scale offshore projects, the environmental factor is mandatory taken into account. The Convention fixes a provision on the prevention of the presence of armed forces of non-regional powers in the Caspian Sea, defines five Caspian states responsible for maintaining maritime security and managing its resources. Diplomatic relations between Kazakhstan and Iran were established on January 29, 1992. Bilateral trade between Kazakhstan and Iran amounted to $ 516.309 million (exports - $426,768 million, imports - $89,541 million) in 2018. Kazakhstan supplied barley, wheat, rolled iron, meat, sunflower seeds and rapeseed to Iran. Kazakhstan imported pistachios, dates, apples, plastics, tableware and meat processing equipment from Iran. (azernews.az)

Kazakh pundit casts doubt on China-Uzbekistan railway project Text of report by privately-owned Kazakh Telegraph Agency (KazTAG) on 1 April There are still more questions than answers in a project on the construction of the China- Kyrgyzstan-Uzbekistan railway, an expert from the Institute of and Politics (IWEP) at the First Kazakh President Foundation, Anton Bugayenko, said.

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

"There are still more questions than answers in the project on the construction of the China- Kyrgyzstan-Uzbekistan railway. The project is developing very slowly, the countries participating in it have not yet agreed on the route of the railway," Bugayenko commented to KazTAG, saying that Russia is considering the possibility of participating in the road construction project. According to Bishkek's plan, attracting Moscow should revive this project, the expert went on to say. "And here two questions arise: can Russia's involvement in the implementation of the project intensify talks on it, and is there actually any interest in this project in Russia? It is also not yet clear what terms are being proposed to Russia for its participation in the construction of the railway," the agency's interlocutor said, voicing his doubts. Bugayenko recalls that over the last few months, reports about the possible sale of Kyrgyz railways to Russian Railways [state-owned company] have appeared a number of times. "Although Kyrgyz officials have denied these rumours, Russia's participation in the transit railway project as an owner may arouse Moscow's interest in the project. This is especially important in the light of Russia's plans to strengthen its presence in the region," Bugayenko believes. In his opinion, the issue of creating a transit railway from China to Uzbekistan will really catch Moscow's attention. "Its reaction may be different, depending on Russia's priorities in the region. From the viewpoint of pure geopolitics, the creation of such a railway line that opens this part of the region to China and also has narrow gauge tracks will not be welcomed by Russia. However, if the process of building the road cannot be stopped, Moscow may well take it under its control, and also use it to its advantage," the expert suggested. At the same time, it cannot be said unequivocally that the railway will become a competitor for Russia, the agency's source is convinced, because even in its maximal configuration it will more likely provide a transit route between China and the Middle East, rather than between China and the EU, which is the main transit route through Russia. "Therefore, Russian Railways' participation will open up opportunities for Moscow to take part in transit traffic in the new direction, without creating competition with the northern route that passes through Russia, where traffic will grow at a high rate. This year it is expected to have about 350,000 containers, compared to 280,000 containers in 2018," the speaker said sharing statistics. To the question as to whether the construction of the railway meets the economic interests of the Shanghai Cooperation Organisation (SCO), Bugayenko replied "fully". "The SCO is a multi-functional organisation where economic collaboration is also promoted. Of course, the economic aspect of the SCO agenda is not developing fast enough yet, but there is a potential for expanding economic collaboration. Therefore, to say that such projects as the China- Kyrgyzstan-Uzbekistan railway do not meet the interests of the SCO is not entirely correct. In the case of Russia's active participation in the project, it would be quite likely that it would be considered within the SCO. However, for the time being, the inclusion of the project on the organisation's agenda is not discussed. And this is due both to the uncertain position of Russia, and, to a much greater extent, to the fact that the project has not been studied well," the expert noted. According to him, the railway has a competitive advantage over transit through Kazakhstan. *First of all, its creation will divert transit traffic between Uzbekistan and China, which is now carried out through Kazakhstan's railway system, in particular, through the Khorgos dry port. According to the results of 2018, cargo turnover at the Khorgos checkpoint amounted to 35.74m tonnes. Notably, Central Asian countries and Russia are the main importers of goods from China through the dry port," the agency's interlocutor said. However, the speaker said, from the viewpoint of transcontinental transit, the proposed railway seriously loses out to the Kazakh transport system. "First, the Kazakh system already exists and is functioning quite effectively. Achieving greater speeds and lower costs of cargo delivery is problematic. Second, the railway through Kyrgyzstan and Uzbekistan passes through a difficult route across several borders, which reduces its attractiveness," Bugayenko concluded. It should be recalled that earlier it was reported that Russia was considering the possibility of participating in the project on the construction of the China-Kyrgyzstan-Uzbekistan railway.

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

"Talks with Russia on the development of railway infrastructure in Kyrgyzstan have begun and are continuing. As for the construction of the China-Kyrgyzstan-Uzbekistan railway, the possibility of Russia's participation in the project is being considered. The construction agreement itself, as you know, will be concluded between the participating countries that are involved in the project. But at this stage, we are considering the possibility of discussing issues around Russia's possible participation in it," the head of the strategic development, economics and finance department of the Kyrgyz presidential administration, Daniyar Imanaliyev, said at a press conference on 26 March.

Russia preparing amendments on transit of Ukrainian cargoes to Kazakhstan and Kyrgyzstan Russia is preparing amendments on transit of Ukrainian cargoes to Kazakhstan and Kyrgyzstan, reports TASS. "The Government of Russia plans to bring amendments in other legislative acts concerning import to Russia and transit of cargoes from the territory of Ukraine to Kazakhstan and Kyrgyzstan under performance of the rules of navigation sealing and accounting," said Sergey Prikhodko, first deputy head of the department of the Government of Russia. He said by the results of applications of Kazakhstan and Kyrgyzstan transit transportation from Ukraine have been allowed for the priority list of industrial goods. “At the same time, a prerequisite is compliance with the procedure for carrying out such transportation established by presidential decree of January 1, 2016 through certain stationary and mobile control points at road and railway stations. The decree is valid until July 1, 2019, ” Prikhodko added. On April 5, it was reported that Russia won the WTO dispute with Ukraine over the transit of goods to Kazakhstan and Kyrgyzstan. Due to the fact that neither Kiev nor Moscow, did not object to the decision of the WTO arbitration, on April 26 it officially entered into force. On April 27, it was reported that the United States declared the decision of the WTO on the dispute between Russia and Ukraine on the transit of goods to Kazakhstan and Kyrgyzstan was unconvincing.(kaztag agency)

AGRICULTURE Askar Mamin met with leaders of major American agricultural companies Representatives of the companies noted the progress in the development of agro-industrial Kazakhstan and emphasized the great potential of joint production. RK Prime Minister Askar Mamin met with the leaders of major American agricultural companies: Tyson Foods President S. Stouffer, President of Valmont Irrigation M. Leonard, AGCO Vice President T. Wilkie, reports Zakon.kz referring to the Prime Minister's website. The meeting discussed the development of cooperation in the agro-industrial complex in the framework of the implementation of agreements reached during the official visit of the First President of the Republic of Kazakhstan - Elbasa Nursultan Nazarbayev to the USA in 2018. At present, we are working on the implementation of new joint projects for the construction of a meat processing plant with a capacity of up to 2,000 head of cattle per shift, a feed center, a fish- farming complex, an agri-business park, and an irrigation system production plant. All projects will be equipped with advanced technologies that meet international standards. Representatives of the companies noted the progress in the development of agro-industrial Kazakhstan and emphasized the great potential of joint production. The favorable geographical position of Kazakhstan opens up new sales markets for companies, including to the countries of the EEU, Central Asia and the PRC. The Prime Minister of the Republic of Kazakhstan A. Mamin, in turn, said that the Government of Kazakhstan will provide full support to Kazakhstan-US cooperation in the agro-industrial sector. The meeting was attended by the US Ambassador to Kazakhstan U. Moser, the Ambassador of Kazakhstan to the USA E. Kazykhanov, the Minister of Agriculture S. Omarov and others.(zakon.kz)

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

The fifth generation greenhouse "Green Capital Kazakhstan" is open in Aktobe According to Deputy Minister of Foreign Affairs of Kazakhstan Yermek Kosherbaev, today the Netherlands is the leader in investing in the economy of our country. An official opening ceremony of the greenhouse of Green Capital Kazakhstan LLP took place in Aktobe, Zakon.kz reports citing the press service of the Akim of the Aktobe region. The project was implemented with the attraction of investments from the Netherlands with the participation of the Kazakhstan-Hungarian direct investment fund. Akim of the Aktobe region Ondasyn Urazalin, Deputy Minister of Foreign Affairs of Kazakhstan Yermek Kosherbaev, Ambassador Extraordinary and Plenipotentiary of the Kingdom of the Netherlands to Kazakhstan Dirk Jan Kop, Ambassador Extraordinary and Plenipotentiary of Hungary to Kazakhstan Andras Barani took part in the opening ceremony of the greenhouse complex. “- I want to congratulate all Aktobe residents on the discovery of such a unique and important object on the eve of the 150th anniversary of our city. I am sure this complex will be a significant contribution of our region to the implementation of the instructions of the first President on the development of the agro-industrial complex, the saturation of the domestic market with domestic products, and , ”said regional governor Ondasyn Urazalin in a congratulatory speech.” According to Deputy Minister of Foreign Affairs of Kazakhstan Yermek Kosherbayev, today the Netherlands is the leader in investing in our economy. - Since 2005, over $ 80 billion of direct investment from the Netherlands has been attracted to the economy of Kazakhstan. Now more than 1000 Dutch companies work in Kazakhstan. Today we have witnessed the opening of another large enterprise with the participation of Dutch capital. I am confident that this project will further strengthen trade and economic relations between the Republic of Kazakhstan and the Kingdom of the Netherlands, the deputy minister said. As the General Director of Green Capital Kazakhstan LLP Aleven Diederik Theodorik said, cucumbers and tomatoes will be grown in the new greenhouse using fifth generation greenhouse technologies. The project will be implemented in three stages until 2021. The total investment will amount to more than 20 billion tenge, and the total area of the ultramodern facility will be 20 hectares. As part of the first stage in December 2018, 5 hectares of tomatoes were planted, and the first crop is currently being harvested. The total production capacity will be at least 14 thousand tons per year. The project implementation will create more than 260 new jobs by 2021, increase labor productivity, and increase the share of competitive fruit and vegetable production of its own production in the domestic market. Surplus will be exported. Due to large-scale government support measures, over the past three years, the volume of agricultural production in the Aktobe region has grown by 24%. During the same period, over 45.5 billion tenge of investments were attracted to agriculture. Green Capital Kazakhstan LLP is also a member of the state program for the support of the agricultural sector of Kazakhstan Agroexport, implemented by Agrarian Credit Corporation JSC. (zakon.kz)

Fitch upgraded KazAgro ratings to BBB with Stable outlook The Fitch rating agency upgraded the rating of KazAgro Holding JSC to BBB with a Stable outlook, equating it to the sovereign rating of the Republic of Kazakhstan. It is reported by the press service of "KazAgro". “Fitch Ratings raised the long-term issuer default ratings (IDRs) of National Managing Holding KazAgro JSC in foreign and national currencies from BBB- to BBB, with a stable outlook,” the report states. As explained, the upgrade reflects a steady change in the company's financing structure towards domestic funding, which resulted in refinancing of Eurobonds in the amount of $ 961.5 million and 420.4 million euros due to issues of domestic bonds, which led to a revaluation by the rating agency support factors. The agency assessed the factors of the status of ownership and control as a "very strong level." (agrosektor.kz)

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

Livestock breeders of Zhambyl region plan to bring 36 thousand heads of cattle from abroad Up to 2027, 36 thousand heads of cattle of meat are planned to be brought to Zhambyl region from abroad, Khabar 24 news agency reports. According to the information, this year entrepreneurs have already purchased 4 thousand animals. The first batch of cows imported from Germany. It is noted that in the Talas district, the peasant farms brought 112 heads of meat and dairy products of the highly profitable Simmental breed. They spent 80 million tenge on it. “Last year, we exported one thousand tons of meat from the region, and this year we plan to ship one and a half thousand tons. Our products are in demand in Russia, Iran, Uzbekistan, Kuwait and Azerbaijan, ”the deputy said. Head of the Department of Agriculture of the Zhambyl region Kairat Amanov. According to experts, the active development of livestock will increase the productivity of meat in the region and increase exports.(agrosektor.kz)

ENVIRONMENT "Environmental" memorandum signed in Atyrau In Atyrau, a memorandum of cooperation was signed between the Akimat of Atyrau Oblast and the Association of Environmental Organizations “ALE”, the correspondent of the IIA “Kazinform” reports. As the chairman of the board of the association of legal entities “Association of Ecological Organizations”, Aigul Solovyova, said, the memorandum will allow implementing a number of joint tasks to solve environmental problems in the region. In particular, public discussion, adoption and implementation of comprehensive measures to improve the environment of the region. As well as the formation of a social order for environmental, research and monitoring activities to reduce carbon dioxide emissions from various sources. Including the development and practical implementation of environmental programs and investment projects in the region to ensure the environmental safety of the population. “We hope for useful cooperation. There are problematic issues and we are ready to share international experience in solving them. We are working now on the new Environmental Code: there are new principles, new approaches, ”said Aigul Solovieva. Akim of the Atyrau region Nurlan Nogayev noted the importance of the signed memorandum for the further joint solution of pressing environmental problems. “Addressing issues related to the environmental situation in the region is important for all of us. Complex work is underway to reduce the environmental impact of subsoil users. Alternative energy is also being introduced in our region - the construction of the first wind power station with a capacity of 52 megawatts is underway in the Isatai region. There are environmental issues and reservoirs of the area. They need to be addressed together, involving public associations. Cooperation with the association, we hope, will make it possible to find new solutions for improving the region’s environment, ”said Nurlan Nogayev.

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands CONTACTS

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands EXHIBITIONS IN KAZAKHSTAN (May-Dec.2019)

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ECONOMIC NEWSLETTER, April 2019 Embassy of the Kingdom of the Netherlands

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