Kazakh Economy Demonstrates Higher Adaptability Amid Geopolitical Tensions, Says Minister of National Economy

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, mentioned Minister of National Economy Alibek Kuantyrov in the course of a press briefing with foreign media at the Central Communication Solutions on March 17 in Astana.

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

“We managed to preserve 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 getting the principal drivers,” mentioned Kuantyrov. 

According to the minister, the redirection of trade flows resulted in a important 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 decrease the adverse effects of Western sanctions against Russia on the Kazakh economy. Kuantyrov mentioned that as aspect of this function, the nation is in a dialogue with representatives of the United States (US) government agencies, which includes the U.S. Embassy in Kazakhstan, the Treasury Division, the Division of State, and the U.S. Congress.

 “We preserve frequent speak to with our Western partners to go over present concerns of the influence of financial sanctions on the financial agents of Kazakhstan. The effectiveness of this function 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 mentioned. 

Kuantyrov pointed out that for the reason that of Kazakhstan’s geographical place and historical background, it has close financial relations with all neighboring nations, which includes 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 businesses are not working with our territory to bypass them. At the identical time, getting a complete member of the Eurasian Financial Union (EAEU) and the Globe Trade Organization (WTO), we will continue trade relations with Russia and other nations,” he mentioned.

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