DOCSLIB.ORG

Saudi Arabia Enters the 21St Century Part

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Saudi Arabia Enters the 21St Century Part CSIS_______________________________ Center for Strategic and International Studies 1800 K Street N.W. Washington, DC 20006 (202) 775-3270 [email protected] Saudi Arabia Enters The 21st Century: VII. Shaping the Future of the Saudi Petroleum Sector Final Review Anthony H. Cordesman Arleigh A. Burke Chair in Strategy October 30, 2002 Copyright Anthony H. Cordesman, all rights reserved Saudi Arabia Enters the 21st Century: Political, Economic, and Energy 11/6/02 Page ii The author would like to thank Kevin Wein, Uzma Jamil, Carolyn Mann, Daniel Berkowitz, Andrew Li, Jeffery Leary and Jennifer Moravitz for their assistance in researching and editing this study, and John Duke Anthony, David Long, Natif Obeid, and Saint John Armitage for their comments and insights. He would also like to thank the many Saudis who made comments and suggestions that cannot be formally attributed them, as well as the officials in the US, British, and French governments. Copyright Anthony H. Cordesman, all rights reserved Saudi Arabia Enters the 21st Century: Political, Economic, and Energy 11/6/02 Page iii Table of Contents VII. SHAPING THE FUTURE OF THE SAUDI PETROLEUM SECTOR .........................................................1 THE CRITICAL GLOBAL IMPORTANCE OF SAUDI OIL RESERVES ................................................................................3 SAUDI OIL PRODUCTION............................................................................................................................................9 The History of Saudi Oil Development and the Role of Aramco..........................................................................9 Saudi Oil Production Today...............................................................................................................................11 Oil Production and Quotas ................................................................................................................................13 Expanding Saudi Oil Production .......................................................................................................................27 The Case For And Against Foreign Investment in Crude Oil Production .........................................................29 EXPORT FACILITIES AND DISTRIBUTION ..................................................................................................................30 REFINING.................................................................................................................................................................32 Refining in Saudi Arabia....................................................................................................................................32 Refining Overseas ..............................................................................................................................................35 PETROCHEMICALS ...................................................................................................................................................36 Saudi Basic Industries Corporation (SABIC) ....................................................................................................37 Petrochemicals, Privatization, and Foreign Investment ....................................................................................38 NATURAL GAS.........................................................................................................................................................43 SAUDI GAS PRODUCTION.........................................................................................................................................44 Saudi Domestic Use of Gas................................................................................................................................47 Foreign Investment in the Gas Sector................................................................................................................48 SAUDI ENERGY STRATEGY IN THE 21ST CENTURY....................................................................................................59 The Strategy in the Seventh Development Plan..................................................................................................59 The Statements of the Saudi Oil Minister...........................................................................................................61 Longer-Term Saudi Strategy..............................................................................................................................62 Shaping Future Saudi Oil Production Capacity and Exports: Western Estimates and Projections ..................64 Shaping Future Saudi Oil Production Capacity and Exports: The Saudi Approach .........................................65 Saudi Ability to Meet Long-Term Increases in Demand ....................................................................................67 Copyright Anthony H. Cordesman, all rights reserved Saudi Arabia Enters the 21st Century: Political, Economic, and Energy 11/6/02 Page iv CHANGES IN SAUDI ENERGY STRATEGY AND INVESTMENT POLICIES .....................................................................74 The Problem of Oil Prices..................................................................................................................................74 The Saudi Debate Over Investment Strategy......................................................................................................76 “Oil Crash” Becomes “Oil Boom,” and Oil Boom Turns to “Oil Crunch” .....................................................83 Future Need for Foreign Investment in Upstream Oil .......................................................................................86 Saudi Oil Production Capacity Strategy............................................................................................................87 The Impact of Limiting Production to Maintain High Prices and Maximize Oil Export Revenues. ..................90 The Impact of a Maximum Market Share Strategy.............................................................................................90 LIVING WITH UNCERTAINTY, AND DOING SO WITH AS LITTLE IDEOLOGY, AND AS MUCH PRAGMATISM, AS POSSIBLE .................................................................................................................................................................93 ENDNOTES ...............................................................................................................................................................95 Copyright Anthony H. Cordesman, all rights reserved VII. Shaping the Future of the Saudi Petroleum Sector Saudi Arabia’s need for economic reform and diversification does not mean that its petroleum sector will lose its importance to Saudi Arabia’s future. No matter how successful economic, demographic, and social reforms become, Saudi Arabia’s strategic position, economy, and ability to meet the expectations, of its people will still depend on the revenues provided by its petroleum sector. While Saudi energy exports cannot by themselves support the Saudi Arabia of the 21st century, they will remain the most important source of the Kingdom’s income. Saudi Arabia will stay a petroleum sector-driven economy even if it is successful in both diversification and expanding its private sector. In fact, much of its diversification, and much of the growth in its private sector, will consist of ventures that add value and labor intensity to the Saudi economy through the production of petroleum related products. 1 The petroleum sector normally accounts for around 40% of the Saudi GDP by Saudi estimates. The Saudi Arabian Monetary Agency (SAMA) estimates that the total value of crude oil, natural gas, and petroleum refining was 51.7 billion in 1992, out of a GDP of 123.0 billion (42%). It was $48.2 billion out of $127.6 billion in 1995 (39.0%), $39.1 billion out of $128.76 billion in 1997 (30%), and $77.6 billion out of $173.1 billion in 2000 (44.8%).2 These percentages vary according to world demand for petroleum and the resulting Saudi earnings, but they do not reveal any trend towards reduced dependence. The Energy Information Agency of the US Department of Energy (DOE) makes similar estimates. It estimated in 2002 that the petroleum sector accounted for some 90-95% of total Saudi export earnings in 2002, 80% of state revenues, and 40% of the country's gross domestic product (GDP.3 As has been discussed in the previous chapter, these figures vary sharply according to world demand for petroleum. An estimate by the Saudi American Bank indicates that oil exports accounted for $28.2 billion of total government budget revenues of $39.1 billion in 1995 (72%), $36.3 billion of total government budget revenues of $ 47.8 billion in 1996 (76%), $42.7 billion of total government budget revenues of $54.8 billion in 1997 (78%), $21.3 billion of total government budget revenues of $38.1 billion in 1998 (56%), $27.6 billion of total government Copyright Anthony H. Cordesman, all rights reserved Saudi Arabia Enters the 21st Century –Politics, Economics, and Energy 11/6/2002 Page 2 budget revenues of $39.2 billion in 1999 (70%), $57.2 billion of total government budget revenues of $68.8 billion in 2000 (83%), and $49.3 billion of total government budget revenues of $ 61.3 billion in 2001 (80%).4 While gross annual Saudi petroleum export revenues varied from lows of $34.2 billion to highs of $75.3 billion during 1991-2001, Saudi Arabia has consistently
Load more

Recommended publications
  • Including the Dossier of Documents Transmitted to the Court Pursuant To
    Tous droits réservés par la Cour internationale de Justice Al1 rights reserved by the Intcrnstional Court of Justice NO de vente : Sales number INTERPR~TATIONDES TRAIT% DE PAIX CO-JCLUS AVEC LA BULGARIE, LA HONGRIE ET LA ROUMANIE INTERPRETATION OF PEACE TREATIES WITH BULGARIA, HUNGARY AKD ROMANIA COUR INTERNATIONALE DE JUSTICE M~MOZRES.PLAIDOIRIES ET DOCUMENTS INTERPRÉTATION DES TRAITÉS DE PAIX CONCLUS AVEC LA BULGARIE, LA HONGRIE ET LA ROUMANIE AVIS COXSULTATIFS DES 30 MARS ET 18 JUII-LET 1950 PLEADINGS, ORAL ARGUMENTS, DOCUMENTS INTERPRETATION OF PEACE TREATIES WITH BULGARIA, HUNGARY AND ROMANIA ADVISORY OFI.1'IOSS OF RIAIlCH 30th AXI) JULY 18th, 1950 SECTION A.-REQUEST FOR ADVISORY OPINION 1.-LETTER FROBI THE SECRETARY-GENERAL OF THE UNITED NATIONS TO THE PRESIDENT OF THE INTER- NATIONAL COURT OF JUSTICE, THE HAGUE 31 October 1949. Sir, I have the honour to inform you that the General Assernbly of the United Nations, by a Resolution adopted at its Swo hundred and thirty-fifth Plenarp Meeting held on 22 October 1949, in con- nexion with the question of "Observance in Bulgaria, Hungary and Komania of human rights and fundamental freedoms", decided to submit the following questions to the International Court of Justice for an advisory opinion : "1. Do the diplomatic exchanges between Bulgaria, Hungary and Roniania on the one hand and certain Allied and Associated Powers signatories to the Treaties of Peace on the other, concerning the implementation of Article 2 of the Treaties with Bulgaria and Hungary and Article 3 of the Treaty with Romania, disclose disputes subject to the provisions for the settlement of disputes con- tained in Article 36 of the Treaty of Peace with Bulgaria, Article 40 of the Treaty of Peace with Hungary, and Article 38 of the Treaty of Peace with Romania ?" In the event of an affirmative reply to question I : "II.
    [Show full text]
  • Talent in Insurance 2015 Czech Republic in Focus
    Talent in Insurance 2015 Czech Republic in Focus UK Financial Services Insight Report contents Czech Republic in Focus • Macroeconomic and industry context • Survey findings 2 © 2015 Deloitte LLP. All rights reserved. Macroeconomic and industry context 3 © 2015 Deloitte LLP. All rights reserved. Youth unemployment almost doubled in the Czech Republic, to reach a post-crisis peak of 19.5 per cent in 2012, but fell to 15.8 per cent in 2014 Overall and youth unemployment, Czech Republic, 2008-2014 25% 20% 15% 10% 5% 0% 2008 2009 2010 2011 2012 2013 2014 Overall Youth (Aged 15-24) 4 Source: OECD © 2015 Deloitte LLP. All rights reserved. Average wages in the Czech Republic have fallen every year since 2011, and were almost 10 per cent lower than 2008 levels as late as 2014 Growth in average real wages (US$), Czech Republic, 2008-2014 $1,600 30.0% $1,400 25.0% 20.0% $1,200 15.0% $1,000 10.0% $800 5.0% $600 0.0% $400 -5.0% $200 -10.0% $0 -15.0% 2008 2009 2010 2011 2012 2013 2014 Average wages (monthly, US$) Growth in average wages (US$; % annual) Note: Average wages (monthly): average gross earnings per worker per month Growth in average wages (annual): percentage change in hourly wages in US$ over previous period Figures are converted to US$ using an average exchange rate 5 Source: Economist Intelligence Unit © 2015 Deloitte LLP. All rights reserved. The Czech total GWP remained broadly stable between 2008 and 2013; 2014 saw marginal growth in GWP in Czech koruna1 Total gross written premiums in millions US$ and as % of real GDP, Czech Republic, 2008-2013 $10,000 3.5% $9,000 3.0% $8,000 $7,000 2.5% $6,000 2.0% $5,000 1.5% $4,000 $3,000 1.0% $2,000 0.5% $1,000 $0 0.0% 2008 2009 2010 2011 2012 2013 Gross Written Premium (millions US$) Gross Written Premium as a % of real GDP Note: 2014 data is not available Source: OECD 6 © 2015 Deloitte LLP.
    [Show full text]
  • Part 175—Award Term for Trafficking in Persons
    Pt. 175 2 CFR Ch. I (1–1–21 Edition) PARTS 171–174 [RESERVED] tribe or foreign public entity, if fund- ing could be provided under the award PART 175—AWARD TERM FOR to a private entity as a subrecipient. (b) The award term that an agency TRAFFICKING IN PERSONS must include, as described in paragraph (a) of this section, is: Sec. 175.5 Purpose of this part. I. Trafficking in persons. 175.10 Statutory requirement. a. Provisions applicable to a recipient that is 175.15 Award term. a private entity. 175.20 Referral. 1. You as the recipient, your employees, 175.25 Definitions. subrecipients under this award, and sub- AUTHORITY: 22 U.S.C. 7104(g); 31 U.S.C. 503; recipients’ employees may not— 31 U.S.C. 1111; 41 U.S.C. 405; Reorganization i. Engage in severe forms of trafficking in Plan No. 2 of 1970; E.O. 11541, 35 FR 10737, 3 persons during the period of time that the CFR, 1966–1970, p. 939. award is in effect; ii. Procure a commercial sex act during the SOURCE: 72 FR 63783, Nov. 13, 2007, unless period of time that the award is in effect; or otherwise noted. iii. Use forced labor in the performance of the award or subawards under the award. § 175.5 Purpose of this part. 2. We as the Federal awarding agency may This part establishes a Government- unilaterally terminate this award, without wide award term for grants and cooper- penalty, if you or a subrecipient that is a ative agreements to implement the re- private entity — quirement in paragraph (g) of section i.
    [Show full text]
  • THE REEM ISLAND GHOST: Framing State Narratives on Terror
    Perspectives THE REEM ISLAND GHOST: Framing State Narratives on Terror By Vivian S. Walker CPD PERSPECTIVES ON PUBLIC DIPLOMACY Paper 5, 2016 i ii The Reem Island Ghost: Framing State Narratives on Terror Vivian S. Walker August 2016 USC Center on Public Diplomacy University of Southern Califonia Los Angeles 1 The Reem Island Ghost: Framing State Narratives on Terror By Vivian S. Walker Published by Notice of Rights Copyright © 2016. All rights reserved. Except for the quotation of short passages for the purposes of criticism and review, no part of this book may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system now known or to be invented, without prior written permission from the author, care of the USC Center on Public Diplomacy. 2 About the USC Center on Public Diplomacy The USC Center on Public Diplomacy (CPD) was established in 2003 as a partnership between the Annenberg School for Communication & Journalism and the School of International Relations at the University of Southern California. It is a research, analysis and professional education organization dedicated to furthering the study and practice of global public engagement and cultural relations. Since its inception, CPD has become a productive and recognized leader in the public diplomacy research and scholarship community. Having benefited from international support within academic, corporate, governmental, and public policy circles, it is now the definitive go-to destination for practitioners and international leaders in public diplomacy, while pursuing an innovative research agenda. USC received the 2008 Benjamin Franklin Award for Public Diplomacy from the U.S.
    [Show full text]
  • Instruments of Mineral Deposit Safeguarding in Poland, Slovakia and Czechia—Comparative Analysis
    resources Article Instruments of Mineral Deposit Safeguarding in Poland, Slovakia and Czechia—Comparative Analysis Slávka Gała´s 1,* , Alicja Kot-Niewiadomska 2 , Andrzej Gała´s 2 , Julián Kondela 3 and Blažena Wertichová 4 1 Faculty of Geology, Geophysics and Environmental Protection, AGH University of Science and Technology, al. Mickiewicza 30, 30-059 Krakow, Poland 2 Mineral and Energy Economy Research Institute, Polish Academy of Science, Provision of Mineral Policy, Wybickiego 7A, 31-261 Krakow, Poland; [email protected] (A.K.-N.); [email protected] (A.G.) 3 Institute of Geosciences, Technical University of Košice, Letná 9, 040 01 Košice, Slovakia; [email protected] 4 Faculty of Mining and Geology, VSB-Technical University of Ostrava, 17. listopadu 2172/15, 70800 Ostrava-Poruba, Czech Republic; [email protected] * Correspondence: [email protected] Abstract: Mineral deposits are essential for the economic, technological and social development. However, to enable them to play an appropriate role in the process of sustainable development, they need to be safeguarded in a comprehensive and systemic manner in the same measure as other elements of the environment. The practice of securing access to areas where the mineral deposits can be found is based on the statement that they can be extracted only in places where they occur. This fact defines the type and scope of instruments for safeguarding prospective deposit areas of minerals and their documented deposits. These issues gained in significance in the EU level in recent years however views on this subject across the Member States still vary. The paper subjects instruments of Citation: Gała´s,S.; Kot-Niewiadomska, A.; Gała´s,A.; mineral deposit safeguarding used in Poland, Slovakia and Czechia to the analysis and multi-criteria Kondela, J.; Wertichová, B.
    [Show full text]
  • Czech Republic Country Profile Czech Republic Country Profile
    Czech Republic Country Profile EU Tax Centre June 2021 Key tax factors for efficient cross-border business and investment involving Czech Republic EU Member Yes. State Double Tax With the following countries, territories and jurisdictions: Treaties Albania Denmark Jordan Morocco Slovenia Armenia Egypt Kazakhstan Netherlands South Africa Australia Estonia Rep. of New Spain Austria Ethiopia Korea Zealand Sri Lanka Azerbaijan Finland People's Nigeria Sweden Bahrain France Rep. of North Macedonia Switzerland Korea Bangladesh Georgia Norway Syria Kuwait Barbados Germany Pakistan Tajikistan Kyrgyzstan Belarus Greece Panama Thailand Latvia Belgium Hong Kong SAR Philippines Tunisia Lebanon Bosnia & Hungary Poland Turkey Liechtenstein Herzegovina Iceland Portugal Turkmenistan Lithuania Botswana India Romania UAE Luxembourg Brazil Indonesia Russia Ukraine Malaysia Bulgaria Iran Saudi Arabia UK Malta Canada Ireland Serbia USA Mexico Chile Israel Singapore Uzbekistan Moldova China Italy Slovakia Venezuela Mongolia Colombia Japan Vietnam Montenegro Croatia Cyprus Most important Limited Liability Company (s.r.o.), joint-stock company (a.s.), European forms of doing Company (SE), Limited Partnership (k.s.), General Commercial Partnership business (v.o.s.), Cooperative. © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. 1 Legal entity s.r.o. - minimum registered equity is CZK 1; capital a.s. - minimum registered equity is MCZK 2; requirements SE - minimum registered equity is TEUR 120; v.o.s. - minimum registered equity is not set: k.s. - minumum registered equity is TCZK 5; cooperative - minimum registered equity is not set. Residence and A company is resident if it has been incorporated in the Czech Republic or if its tax system management and control are exercised in the Czech Republic.
    [Show full text]
  • Doing Business in Kazakhstan an Introductory Guide to Tax and Legal Issues 2 Doing Business in Kazakhstan Preface
    Doing business in Kazakhstan An introductory guide to tax and legal issues 2 Doing business in Kazakhstan Preface This publication is intended to provide a useful practical summary of some of the legal and tax issues that investors may face when starting and building a business in Kazakhstan. We hope that it will help investors to avoid common pitfalls and highlight areas where some forethought and planning can prevent problems from arising. Kazakhstan offers many opportunities and is strongly committed to encouraging foreign investment in key sectors of the economy. This guide is split into five sections: 1. Welcome to Kazakhstan 2. Our top 10 tax and legal tips for prospering in Kazakhstan 3. Getting started 4. An overview of tax rules in Kazakhstan 5. An overview of other laws affecting business administration. This guide is a high-level summary of the rules in force as of 1 January 2021. It is not a substitute for comprehensive professional advice, which should be sought before engaging in any significant transaction. It should also be noted that this guide does not cover all taxes in Kazakhstan (of which there are more than 30). Here, we cover only the most important taxes, so advice should be sought as to the actual taxes applicable to any particular business. We wish you every success in this exciting and dynamic environment. Doing business in Kazakhstan 1 Contents 2 Doing business in Kazakhstan Welcome to Kazakhstan . 4 Overview of other laws that affect Highlights ...................................... 5 business administration . 50 System of government ............................ 8 Transfer pricing ................................51 Time .......................................... 8 Employment regulations .........................51 Business hours .................................
    [Show full text]
  • Mineral Commodity Summaries of the Czech Republic 2018
    MINERAL COMMODITY SUMMARIES OF THE CZECH REPUBLIC 2018 STATISTICAL DATA TO 2017 (Data deadline: August 31, 2018) Czech Geological Survey October 2018 Compiled by: Jaromír Starý Ivo Sitenský Dalibor Mašek Tereza Hodková Mirko Vaněček Jaroslav Novák Pavel Kavina Typesetting: Oleg Man Graphic design: Oleg Man Ludmila Richterová Budoš Volák Renata Kachlíková [email protected] www.geology.cz 3 CONTENTS EXPLANATORY NOTES .................................................11 List of abbreviations, symbols and technical units ................................11 Exchange and inflation rates of currencies in which minerals are priced ...............14 Annual inflation rates (%) in the USA (US), the United Kingdom (UK), the Euro Area (EUR) and the Czech Republic (CZ) ............................14 Average yearly exchange rates of CZK against EUR, USD and GBP ...............15 Mineral reserve and resource classification in the Czech Republic and its evolutional comparison with international classifications .....................16 Czech classification .....................................................16 International classifications ...............................................18 Comparison of Czech and international systems of classification ..................20 Conclusions ...........................................................23 INTRODUCTION. .24 MINERAL BASE OF THE CZECH REPUBLIC AND ITS DEVELOPMENT IN 2017 ........................................27 1. Legal framework for mineral resource use. .27 1.1. Reserved and non-reserved minerals
    [Show full text]
  • Doing Business in the United Arab Emirates
    LW.com Doing Business in the United Arab Emirates Second Edition Contents A. INTRODUCTION .....................................................................................2 I Country Background II Free Zones III Status of Shari’ah Law in the UAE B. esTABLISHING A LEGAL PRESENCE IN THE UAE ...........................3 I Incorporating a Local Entity II Opening a Branch or Representative Office (Outside a Free Zone) III Setting up a Free Zone Entity IV Holding Companies V Commercial Agency Relationship C. GeNERAL LEGAL CONSIDERATIONS .................................................7 I Doing Business with the Public Sector II Import & Export Regulations III Foreign Exchange Controls & Anti-Money Laundering IV Bribery and Anti-Corruption V Taxation VI Employment Law VII Immigration VIII Real Property IX Intellectual Property X Data Protection and Privacy XI Governing Law XII Dispute Resolution XIII New Competition Law APPENDICES ............................................................................................15 1 Pros and Cons of Means to Set Up a Legal Presence in the UAE 2 Companies Law and Free Zone Entities ENDNOTES ................................................................................................19 This guide provides an overview of the principal legal issues for foreign (iii) Status of Shari’ah Law in the UAE investors considering doing business in the United Arab Emirates (the UAE). Foreign parties contemplating doing business in the UAE often assume that all aspects of law in the country are governed by
    [Show full text]
  • [Reserved] SUBCHAPTER M—INTERNATIONAL TRAFFIC in ARMS REGULATIONS
    Department of State § 120.1 Subchapter L [Reserved] SUBCHAPTER M—INTERNATIONAL TRAFFIC IN ARMS REGULATIONS PART 120—PURPOSE AND 120.42 Subject to the Export Administration Regulations (EAR). DEFINITIONS 120.43 [Reserved] 120.44 Foreign defense article or defense Sec. service. 120.1 General authorities, receipt of li- 120.45 End-items, components, accessories, censes, and ineligibility. attachments, parts, firmware, software, 120.2 Designation of defense articles and de- systems, and equipment. fense services. 120.3 Policy on designating or determining AUTHORITY: Secs. 2, 38, and 71, Pub. L. 90– defense articles and services on the U.S. 629, 90 Stat. 744 (22 U.S.C. 2752, 2778, 2797); 22 Munitions List. U.S.C. 2794; 22 U.S.C. 2651a; Pub. L. 105–261, 120.4 Commodity jurisdiction. 112 Stat. 1920; Pub. L. 111–266; Section 1261, 120.5 Relation to regulations of other agen- Pub. L. 112–239; E.O. 13637, 78 FR 16129. cies. SOURCE: 58 FR 39283, July 22, 1993, unless 120.6 Defense article. otherwise noted. 120.7 Significant military equipment. 120.8 Major defense equipment. § 120.1 General authorities, receipt of 120.9 Defense service. licenses, and ineligibility. 120.10 Technical data. 120.11 Public domain. (a) Section 38 of the Arms Export 120.12 Directorate of Defense Trade Con- Control Act (22 U.S.C. 2778), as amend- trols. ed, authorizes the President to control 120.13 United States. the export and import of defense arti- 120.14 Person. cles and defense services. The statu- 120.15 U.S. person. tory authority of the President to pro- 120.16 Foreign person.
    [Show full text]
  • Investment Guide
    KPMG IN KAZAKHSTAN AND CENTRAL ASIA Investment guide August 2013 kpmg.kz b | Investment guide Contents Country outline 2 Intellectual property Geography and climate Environmental regulations History Transfer pricing Government and politics Other business practices Population and language Tendering process for state companies Currency Use of stamps and seals Banking system Original documents Foreign trade Taxation Capital market Taxation of business entities in Kazakhstan Opening up Taxation of individuals in Kazakhstan Protection of taxpayer rights Key investment considerations 8 Customs Key investment sectors Accounting standards and audit requirements Overall approach Development zones Laws and regulations Investment law Migration regulations 26 Company law Visa requirements Form of foreign investment Legal entities KPMG in Kazakhstan 28 Branch offices and representative offices About us Not-for-profit organizations How KPMG can help? Practical issues Thought leadership Employment legislation Appendices 30 Employment of expatriates Useful links Securities regulation Current Kazakhstan treaties Currency regulation Kazakh content requirements Business activity without forming a legal entity © 2013 KPMG Audit LLC, KPMG Tax and Advisory LLC and KPMG Valuation LLC. All rights reserved. Investment guide | 1 © 2013 KPMG Audit LLC, KPMG Tax and Advisory LLC and KPMG Valuation LLC. All rights reserved. 2 | Investment guide Country outline© 2013 KPMG Audit LLC, KPMG Tax and Advisory LLC and KPMG Valuation LLC. All rights reserved. Investment guide | 3 Geography and climate Table 1. Country snapshot The ninth-largest country in the world and the second largest Capital: Astana state in the Commonwealth of Independent States (CIS), Kazakhstan is bordered by the Russian Federation to the Area (sq km): 2,724,900 north, the Caspian Sea to the west, China to the east and the former Soviet Central Asian republics of Kyrgyzstan, Population (mln): 17.01 Uzbekistan, and Turkmenistan to the south.
    [Show full text]
  • Slovak Republic Cyber Readiness at a Glance
    SLOVAK REPUBLIC CYBER READINESS AT A GLANCE Melissa Hathaway, Francesca Spidalieri and Anushka Kaushik April 2019 AC INST M IT O U T B T O E P F O G S E R I P D O U LICY ST Copyright © 2019, Cyber Readiness Index 2.0, All rights reserved. Published by Potomac Institute for Policy Studies Potomac Institute for Policy Studies 901 N. Stuart St, Suite 1200 Arlington, VA 22203 www.potomacinstitute.org Telephone: 703.525.0770; Fax: 703.525.0299 Email: [email protected] Follow us on Twitter: @CyberReadyIndex Cover Art by Alex Taliesen. Acknowledgements The Potomac Institute for Policy Studies and the authors would like to thank Alex Taliesen for cover art and Sherry Loveless for editorial and design work. SLOVAK REPUBLIC CYBER READINESS AT A GLANCE TABLE OF CONTENTS INTRODUCTION . 2 1 . NATIONAL STRATEGY . .9 . 2 . INCIDENT RESPONSE . 16 . 3 . E-CRIME AND LAW ENFORCEMENT . 21. 4 . INFORMATION SHARING . 24 . 5 . INVESTMENT IN RESEARCH AND DEVELOPMENT . 26 6 . DIPLOMACY AND TRADE . 30 . 7 . DEFENSE AND CRISIS RESPONSE . 33 CRI 2 .0 BOTTOM LINE . .36 . ENDNOTES . 37. ABOUT THE AUTHORS . 47 . SLOVAK REPUBLIC CYBER READINESS AT A GLANCE Country Population 5,440 million Population Growth 0 .17% GDP at market prices (current $US) $95,769 billion (ranked 64th in 2017) GDP Growth 3 .4% Year Internet Introduced 1992 National Cyber Security Strategy 2008, 2015 Internet Domain(s) .cs and .sk Internet users per 100 users 81 .6 Fixed broadband subscriptions per 100 users 25 .8 Mobile cellular subscriptions per 100 users 130 .7 Information and Communications Technology (ICT) Development and Connectivity Standing International Telecommunications World Economic Forum’s Union (ITU) 46 Networked Readiness Index (NRI) 47 ICT Development Index (IDI) Sources: World Bank (2017), ITU (2017), and NRI (2016).
    [Show full text]