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, improve in interest prices, and disruptions in international demand and provide chains, stated Minister of National Economy Alibek Kuantyrov for the duration of a press briefing with foreign media at the Central Communication Solutions on March 17 in Astana.

Minister of Economy Kuantyrov for the duration of a press briefing with foreign media at CCS on March 17. Photo credit: The Astana Instances.

“We managed to preserve constructive financial development. According to preliminary information, in 2022, our economy expanded by three.two % year-on-year, with an improve in investments and foreign trade getting the principal drivers,” stated Kuantyrov. 

According to the minister, the redirection of trade flows resulted in a substantial improve 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 actions to lessen the adverse effects of Western sanctions against Russia on the Kazakh economy. Kuantyrov stated that as portion of this operate, 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 preserve typical make contact with with our Western partners to talk about present concerns of the influence of financial sanctions on the financial agents of Kazakhstan. The effectiveness of this operate has been confirmed by the current removal of Bereke Bank [former subsidiary of Sberbank] from sanction lists. At the moment, the approach 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 numerous providers are not working with our territory to bypass them. At the similar 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 stated.