ASTANA – Kazakh economy has demonstrated higher adaptability regardless of unprecedentedly higher inflation prices worldwide, raise in interest prices, and disruptions in international demand and provide chains, stated Minister of National Economy Alibek Kuantyrov throughout a press briefing with foreign media at the Central Communication Solutions on March 17 in Astana.

Minister of Economy Kuantyrov throughout a press briefing with foreign media at CCS on March 17. Photo credit: The Astana Occasions.

“We managed to retain optimistic financial development. According to preliminary information, in 2022, our economy expanded by three.two % year-on-year, with an raise in investments and foreign trade becoming the most important drivers,” stated Kuantyrov. 

According to the minister, the redirection of trade flows resulted in a considerable raise in international trade volumes final year, with foreign trade turnover increasing by 32.1 % and reaching $134.four billion.

The minister addressed the country’s measures to lessen the adverse effects of Western sanctions against Russia on the Kazakh economy. Kuantyrov stated that as aspect of this perform, the nation is in a dialogue with representatives of the United States (US) government agencies, such as the U.S. Embassy in Kazakhstan, the Treasury Division, the Division of State, and the U.S. Congress.

 “We retain standard get in touch with with our Western partners to talk about existing concerns of the influence of financial sanctions on the financial agents of Kazakhstan. The effectiveness of this perform has been confirmed by the current removal of Bereke Bank [former subsidiary of Sberbank] from sanction lists. At the moment, the course of action of unblocking the transactions of Kazakhstan’s entities is in progress,” the minister stated. 

Kuantyrov pointed out that since of Kazakhstan’s geographical place and historical background, it has close financial relations with all neighboring nations, such as Russia and China. According to him, as a landlocked nation with intertwined industrial inter-sectoral linkages to the economy of Russia, Kazakhstan has been experiencing knock-on effects from sanctions. 

“Kazakhstan does not participate in sanctions against Russia but adheres to the principle that several organizations are not utilizing our territory to bypass them. At the similar time, becoming a complete member of the Eurasian Financial Union (EAEU) and the Planet Trade Organization (WTO), we will continue trade relations with Russia and other nations,” he stated.

By Editor

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