Kazakhstan’s economy shows higher adaptability amid geopolitical tensions, says national economy minister

ASTANA – Kazakhstan’s economy has shown higher adaptability in spite of unprecedentedly higher inflation prices in the planet, increasing interest prices and disruptions in international demand and provide chains, National Economy Minister Alibek Kuantirov stated at a briefing for foreign media at the Central Communications Service in March. 17 in Astana.

Minister of Economy Kuantirov in the course of a briefing for foreign media in CCS on March 17. Photo: The Astana Instances.

“We managed to keep good financial development. “According to preliminary information, in 2022 our economy grew by three.two % on an annual basis, with the primary drivers becoming the development of investments and foreign trade,” Kuantirov stated.

According to the minister, the redirection of trade flows led to a substantial raise in the volume of international trade final year, with foreign trade turnover rising by 32.1 % and reaching 134.four billion dollars.

The minister referred to the country’s methods to lessen the damaging effects of Western sanctions against Russia on the Kazakh economy. Kuantirov stated that as portion of this function, the nation is in dialogue with representatives of United States (US) government agencies, such as the US Embassy in Kazakhstan, the Ministry of Finance, the State Division and the US Congress.

“We keep frequent contacts with our Western partners to talk about existing concerns of the influence of financial sanctions on Kazakhstan’s financial actors.” The effectiveness of this function was confirmed by the current removal of Bereka Bank [former subsidiary of Sberbank] from the sanction lists. Presently, the course of action of unblocking transactions of Kazakh entities is underway,” stated the minister.

Kuantirov pointed out that due to its geographical place and historical background, Kazakhstan has close financial relations with all neighboring nations, such as Russia and China. According to him, as a landlocked nation with intertwined industrial cross-sectoral ties with the economy of Russia, Kazakhstan is experiencing the damaging effects of sanctions.

“Kazakhstan does not participate in sanctions against Russia, but adheres to the principle that different businesses do not use our territory to circumvent them. At the similar time, as 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.