The economy of Kazakhstan is the largest economy in Central Asia both absolute and per capita, but the currency saw a sharp depreciation between 2013 and 2016. It possesses oil reserves as well as minerals and metals. It also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production. The mountains in the south are important for apples and walnuts; both species grow wild there. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources.
The breakup of the USSR and the collapse of demand for Kazakhstan's traditional heavy industry products have resulted in a sharp decline of the economy since 1991, with the steepest annual decline occurring in 1994. In 1995-97 the pace of the government program of economic reform and privatization quickened, resulting in a substantial shifting of assets into the private sector. The December 1996 signing of the Caspian Pipeline Consortium agreement to build a new pipeline from western Kazakhstan's Tengiz Field to the Black Sea increases prospects for substantially larger oil exports in several years. Kazakhstan's economy turned downward in 1998 with a 2.5% decline in GDP growth due to slumping oil prices and the August financial crisis in Russia. A bright spot in 1999 was the recovery of international petroleum prices, which, combined with a well-timed tenge devaluation and a bumper grain harvest, pulled the economy out of recession.
Current GDP per capita shrank by 26% in the Nineties. In the 2000s, Kazakhstan's economy grew sharply, aided by increased prices on world markets for Kazakhstan's leading exports—oil, metals and grain. GDP grew 9.6% in 2000, up from 1.7% in 1999. In 2006, extremely high GDP growth had been sustained, and grew by 10.6%. Business with booming Russia and China, as well as neighboring Commonwealth of Independent States (CIS) nations have helped to propel this growth. The increased economic growth also led to a turn-around in government finances, with the budget moving from a cash deficit of 3.7% of GDP in 1999 to 0.1% surplus in 2000. The country experienced a slowdown in economic growth from 2014 sparked by falling oil prices and the effects of the Ukrainian crisis The country's currency was devalued by 19% in 2014 and by 22% in 2015.
In 2017, the World Economic Forum compiled its Global Competitiveness Ranking ranking Kazakhstan 57th out of 144 countries. The ranking considers multiple macroeconomic and financial factors, such as market size, GDP, tax rates, infrastructure development, etc. In 2012, the World Economic Forum listed corruption as the biggest problem in doing business in the country, while the World Bank listed Kazakhstan as a corruption hotspot, on a par with Angola, Bolivia, Kenya, Libya and Pakistan. Kazakhstan scored 31 points out of 100 in Transparency International's 2018 edition of the Corruption Perceptions Index, indicating high levels of corruption.
The World Bank Vice President for Europe and Central Asia, Cyril Muller, visited Nur-Sultan in January 2017, where he praised the country's progress made during the 25-year partnership with the World Bank. Muller also talked about Kazakhstan's improved positioning in the World Bank's Doing Business Report 2017, where Kazakhstan ranked 35th out of 190 countries worldwide.
|Economy of Kazakhstan|
Nur-Sultan, capital of Kazakhstan.
|Currency||Tenge (KZT) = 1 = 0.0026 USD|
|WTO, CIS, EAEU & EACU|
|1.1% (2016) 4.0% (2017) 4.1% (2018e) 3.5% (2019f) |
GDP per capita
GDP per capita rank
GDP by sector
Population below poverty line
|27.5 low (2017, World Bank)|
|8.97 million (2017 est.)|
Labor force by occupation
|Unemployment||5% (2017 est.)|
|oil, coal, iron ore, manganese, chromite, lead, zinc, copper, titanium, bauxite, gold, silver, phosphates, sulfur, uranium, iron and steel; tractors and other agricultural machinery, electric motors, construction materials|
|Exports||$49.29 billion (2017 est.)|
|oil and oil products, natural gas, ferrous metals, chemicals, machinery, grain, wool, meat, coal|
Main export partners
|Imports||$31.85 billion (2017 est.)|
|machinery and equipment, metal products, foodstuffs|
Main import partners
|−$5.353 billion (2017 est.)|
Gross external debt
|$167.5 billion (31 December 2017 est.)|
|20.8% of GDP (2017 est.)|
|−1.8% (of GDP) (2017 est.)|
|Revenues||35.48 billion (2017 est.)|
|Expenses||38.3 billion (2017 est.)|
|$30.75 billion (31 December 2017 est.)|
In the 2014 Economic Freedom Index published by The Heritage Foundation in Washington, DC, Kazakhstan has gained 22 points over the past 17 years, which is noted by the authors as among the 20 best improvements recorded by any country. Kazakhstan’s economic freedom score is 69.1, equalling "moderately free". Its overall score has increased by 0.1 point, with significant improvements in investment freedom and government integrity offsetting steep declines in fiscal health and monetary freedom. Kazakhstan is ranked 11th among 43 countries in the Asia–Pacific region, and its overall score is above the regional and world averages.
|Year||Gross Domestic Product||US Dollar Exchange||Inflation Index
|Per Capita Income|
(as % of USA)
The following table shows the main economic indicators in 1980–2017. Inflation under 5 % is in green.
(in Bil. US$ PPP)
|GDP per capita
(in US$ PPP)
(in % of GDP)
|1993||114.0||6,748||−9.2 %||1,662.3 %||n/a||n/a|
|1994||101.8||6,444||−12.6 %||1,402.0 %||10.1 %||n/a|
|1995||95.4||6,087||−8.2 %||176.3 %||11.0 %||n/a|
|1996||97.7||6,308||0.5 %||39.1 %||13.0 %||n/a|
|1997||101.0||6,651||1.7 %||17.4 %||13.0 %||n/a|
|1998||100.2||6,698||−1.9 %||7.3 %||13.1 %||n/a|
|1999||104.4||7,009||2.7 %||8.4 %||13.5 %||n/a|
|2000||117.3||7,890||9.8 %||13.3 %||12.8 %||n/a|
|2001||136.2||9,168||13.5 %||8.4 %||10.4 %||n/a|
|2002||151.8||10,211||9.8 %||5.9 %||9.3 %||17.6 %|
|2003||169.2||11,318||9.3 %||6.5 %||8.8 %||15.0 %|
|2004||190.6||12,642||9.6 %||6.9 %||8.4 %||11.4 %|
|2005||215.8||14,178||9.7 %||7.5 %||8.1 %||8.1 %|
|2006||246.2||15,991||10.7 %||8.6 %||7.8 %||6.7 %|
|2007||275.3||17,677||8.9 %||10.8 %||7.3 %||5.9 %|
|2008||289.9||18,140||3.3 %||17.1 %||6.6 %||6.8 %|
|2009||295.6||18,245||1.2 %||7.3 %||6.6 %||10.2 %|
|2010||321.1||19,530||7.3 %||7.1 %||5.8 %||10.7 %|
|2011||352.3||21,129||7.5 %||8.3 %||5.4 %||10.1 %|
|2012||376.7||22,278||5.0 %||5.1 %||5.3 %||12.1 %|
|2013||405.8||23,644||6.0 %||5.8 %||5.2 %||12.6 %|
|2014||430.8||24,734||4.3 %||6.7 %||5.0 %||14.5 %|
|2015||440.7||24,940||1.2 %||6.7 %||5.0 %||21.9 %|
|2016||451.2||25,167||1.1 %||14.6 %||5.0 %||21.0 %|
|2017||477.6||26,252||4.0 %||7.4 %||5.0 %||21.2 %|
Kazakhstan's GDP grew 4.1% in real terms during the period from January to September 2014.
Kazakhstan's real GDP growth was projected to reach 4.3% in 2014, the main driving force of the economy in Kazakhstan in 2014 is the consumer sector; the consumption in Kazakhstan is mainly boosted by the retail lending.
According to the Agency of Statistics of the Republic of Kazakhstan the Kazakhstan's GDP growth in the first quarter of 2014 was 3.8%.
The Government of Kazakhstan signed a Framework Partnership Agreement with IBRD, IFC, MIGA on May 1, 2014; according to this Agreement the World Bank will allocate $2.5 billion to Kazakhstan, for the diversification of the economy and reaching the sustainable development.
As of 2015, the World Bank classified Kazakhstan as an upper-middle-income country with GDP per capita of nearly US$10.5 thousand.
Foreign direct investment increased 30 percent in 2015 in Kazakhstan’s agricultural industry and 80 percent in the country’s petroleum products sector.
In 2016 Kazakhstan's economy started to recover from the crisis caused by low oil prices and the tenge devaluation. According to the Minister of National Economy of Kazakhstan, in nine months of 2016 the GDP growth reached 0.4%. Sectors of economy that experienced the highest growth included construction (6.9%), agriculture (4.9%), and transport sector (4.0%).
Oil and gas is the leading economic sector. In 2000, Kazakhstan produced 35,252,000 metric tons of oil (700,000 barrels per day), a 17.4% increase over 1999's 30,025,000 tons. It exported 28,883,000 tons of oil in 2000, up 38.8% from 20,813,000 tons in 1999. Production in 2001 has been growing at roughly 20%, on target to meet the government's forecast of 40,100,000 tons of oil (800,000 barrels per day). In 2000, production reached 11.5 km³ of natural gas, up from 8.2 km³ in 1999.
Kazakhstan has the potential to be a world-class oil exporter in the medium term. The landmark foreign investment in Kazakhstan is the TengizChevroil joint venture, owned 50% by ChevronTexaco, 25% by ExxonMobil, 20% by KazMunaiGas of Kazakhstan, and 5% by LukArco of Russia. The Karachaganak natural gas and gas condensate field is being developed by BG, Agip, ChevronTexaco, and Lukoil. The Agip-led Offshore Kazakhstan Consortium has discovered potentially huge Kashagan oil field in the northern Caspian. Kazakhstan's economic future is linked to oil and gas development. GDP growth will depend on the price of oil, as well as the ability to develop new deposits.
The Kazakhstan's car industry was developing rapidly in 2014 producing $2 billion worth of products annually. Unfortunately the industry experienced a decline despite high hopes, with sales dwindling to only 46.000 in 2016.
GE Transportation acquired 50% stake in Lokomotiv Kurastyru Zauyty in a joint venture with Kazakhstan's national railway company Temir Zholy.
On 22 December 2014 the World Bank approved an $88 million loan that would support Kazakhstan’s efforts to facilitate commercially and socially viable innovation in technology. The Fostering Productive Innovation Project aims to improve the country in areas that are able to foster and support technological innovation.
According to A.T. Kearney's 2015 Global Retail Development Index, Kazakhstan ranked 13 out of 30. In the 2016th Index, Kazakhstan ranked as the 4th best developing country for retail investments, scoring 56.5 out of 100. Kazakhstan's market attracted large international retailers, such as French retail chains Carrefour and Leroy Merlin, as well as food giants McDonald's and KFC.
Sherin Suzhikova, Counselor of Kazakhstan's Chamber of Commerce and Industry and Chao yon-chuan, Secretary-General of the Taiwan External Trade Development Council, signed an agreement on 13 October 2006 in Taipei to improve economic relations through "exchanges of market information and visits by trade professionals." TAITRA has an office in Almaty, Kazakhstan.
In 2006, North Dakota's then Lieutenant Governor Jack Dalrymple led an 18-member delegation of the North Dakota Trade Office representing seven North Dakota companies and Dickinson State University on a trip to Kazakhstan, Ukraine and Russia. North Dakota exports mostly machinery to Kazakhstan, the eighth largest destination for North Dakotan exports; machinery exports increased from $22,000 to $25 million between 2000 and 2005.
The percentage of high-tech exports (as a share of manufactured exports) from Kazakhstan has grown from just 4.46% in 1995 to 37.17% in 2014. One of the main factors that triggered this growth was the Technology Commercialization Project developed and implemented by the World Bank Group and the Kazakh Government. Through this project, 65 Kazakh tech startups received funding and training helping them get their innovations into markets.
China is Kazakhstan's important trade partner. In late March 2015 the two countries signed 33 deals worth $23.6 billion. The deals cover different industries, such as oil refining, cars, steel.
Kazakhstan is the largest recipient of total and annual foreign direct investment of all CIS countries. The OECD has recognized the strides the government has made in opening the country to international investment and in improving the policy framework for investment as part of their efforts to diversify the economy. In 2017 Kazakhstan was invited by OECD to become Adherent to the OECD Declaration on International Investment and Multinational Enterprises.
In June 2014 Kazakhstan's President, Nursultan Nazarbayev, signed into law tax concessions to promote foreign investment, including a 10-year exemption from corporation tax, an 8-year exemption from property tax, and a 10-year freeze on most other taxes. Other measures include a refund on capital investments of up to 30 percent once a production facility is in operation. In order to attract investment, Kazakhstan lowered the tax burden for foreign investors. The corporate income tax rate dropped from 30% to 20%. The government also gradually reduced VAT from 16% in 2006 to 12% in 2009.
As of September 30, 2014, total foreign investment in Kazakhstan reached USD 211.5 billion. Of that total, net foreign Direct Investment constituted USD 129.3 billion, with portfolio and other investments comprising the remaining USD 82.2 billion.
As of July 2015, Kazakhstan attracted $16 billion in the manufacturing industry over the past five years, which is 2.5 times more than over the previous five years. Kazakhstan put into operation four hundred new products, such as car industry, railway engineering, manufacture of basic chemical products, uranium industry, the industry of rare earth metals. The volume of new enterprises amounted to 580 billion tenge.
In June 2015 – June 2016 the total number of enterprises owned by foreign investors in Kazakhstan increased by 2.3 percent and reached 9,000. 8,691 foreign companies operating in the Kazakhstan are small businesses.
As of the beginning of 2016, the World Bank invested over $6.8 billion in Kazakhstan since 1992. These funds were invested in development of roads and social infrastructure, increasing of competitiveness of SME's, education, healthcare, environment protection, etc.
In 2012, Kazakhstan conducted the first review of the OECD investment standards, which resulted in 12 recommendations on how to improve the investment climate of the country. After adopting Law on public - private partnership that extends the use of the mechanism and revising standards of intellectual property protection and the rules of attracting foreign labor, Kazakhstan started a second review of the OECD in 2016.
According to Ministry of Investment and Development of Kazakhstan, as of May 2016, attraction of foreign investment in oil refining increased by 80%, food industry - 30%, in engineering - by 7 times. The Ministry also reported that there were 200 investment projects in country worth more than $40 billion.
In mid-2016 a group of companies led by Chevron announced a $36.8 billion investment in Kazakhstan's Tengiz oil field.
In the first quarter of 2016, Kazakhstan attracted $2.7 billion in foreign direct investment. The largest investor in the Kazakh economy is The Netherlands ($66 billion), followed by the United States ($26 billion) and Switzerland ($15 billion). According to the Chairman of Kazakhstan National Bank, a key factor triggering the increased inflow of foreign investment is implementation of the Nurly Zhol state program that provides for the creation of favorable conditions. As of September 2016, foreign investments in the Kazakh economy totaled $5.7 billion, which is 4,8% more than during the same period of the previous year.
Summarizing 2016, Kazakhstan's Foreign Minister Erlan Idrissov noted that Kazakhstan attracted $20 billion of foreign direct investment during the year. The gross inflow of foreign direct investment in 2016 grew by 40% compared to 2015 and surpassed the previous record of 2008. The number of foreign businesses operating in Kazakhstan increased 25% in 2016 compared to 2015. The main recipients of foreign direct investment were the mining industry, geological exploration and processing. The top four investors include the Netherlands, the United States, Switzerland and France.
Kazakhstan introduced a visa-free regime for citizens of EAEU, OECD, Monaco, Malaysia, United Arab Emirates, and Singapore starting from 2017. The visa-free entry is expected to increase cooperation with investors and businesses of these countries.
Agriculture is one of Kazakhstan's most important sectors where the country seeks to attract foreign investments to boost the competitiveness of this sector of economy. To that end, in 2017 KazAgro negotiated with the European Investment Bank (EIB) a €200 million loan for a period of 15 years.
Kazakhstan has legislatively addressed the issues of Legal Regulation of Intellectual Property, patent law, and copyright protections.
On November 11, 2014 in his address to the nation for 2015 Nursultan Nazarbayev proclaimed Kazakhstan’s New Economic Policy – The Path to the Future (Nurly Zhol). The new economic policy implies massive state investment in infrastructure over the next several years. In the short term, the program "Nurly Zhol" will apply the anti-crisis measures to overcome the turbulence in the global economy. The long-term measures of the state program of infrastructure development will help to create a strong platform for new growth.
Kazakhstan was ranked 36th in the Ease of Doing Business report released by the World Bank Group in 2018. The report's rankings rate ease of regulations for businesses and strength of property rights.
The Heritage Foundation, a Washington DC - based research center, ranked Kazakhstan 41st in its Index of Economic Freedom 2018. Its overall score has increased by 0.1 point, still being only "moderately free" with significant improvements in investment freedom and government integrity offsetting steep declines in fiscal health and monetary freedom.
Kazakhstan aims to boost economy by attracting private investors interested in developing national companies. This is the main goal of privatization that is expected to decrease the share of public property to 15% of GDP. Such companies as Kazakhstan Railways, Samruk-Energo, Kazatomprom, Kaspost, KazMunayGas and Air Astana are expected to be sold through IPO.
Kazakhstan fell from 32nd to the 38th place in the 2018 IMD World Competitiveness ranking. The report evaluates business efficiency, public finance and domestic economy.
A new program to support small businesses was launched in Kazakhstan in February 2015. 2015 is expected to be a pilot period of the program. During that period the initiative will be focused on three major areas, notably agribusiness, machinery building and production of construction materials, and is to be further extended to other industries.
In May 2015 the European Bank for Reconstruction and Development (EBRD) agreed to provide €41 million for technical cooperation projects, advisory support to small and medium-sized enterprises (SMEs) and a Women in Business program.
In 2016 the number of Kazakhstan's telecom start-ups increased by 10% compared to 2015. Around 9,400 small telecom companies are currently registered in the country.
The country experienced a slowdown in economic growth from 2014 sparked by falling oil prices and the effects of the Ukrainian crisis The country devalued its currency by 19% in February 2014. Another 22% devaluation occurred in August 2015. Kazakhstan was ranked 54th 2017 Economic Freedom of the World report published by Fraser Institute, but ranks 12 places below on place 66 when adjusted by the Gender Disparity Index, which captures the degree to which women around the world have the same legal rights as men and adjusts the economic freedom score accordingly. This shows a large disadvantage of women in business.
The GDP per capita in current USD in Kazakhstan declined by about 40% between 2013 compared and 2017.
In December 2015, Kazakhstan Government approved new privatization plan for 2016 - 2020. It is a large-scale privatization program that continues the privatization of 2014 and includes 60 major state-owned companies. According to Kazakh Finance ministry, the state budget got 6.99 billion tenges ($20.6 million) from the deals reached within the 2014-2016 privatization program as of Sept. 20, 2016. Kazakhstan’s privatization program aims to reduce the state participation in the economy to 15 percent, which is the level set for countries of the Organization for Economic Cooperation and Development (OECD).
In recent years a trade route has been established between Kazakhstan and the United States. It now makes up 54% of the World's salt imports and exports by volume (350,000 tonnes per year).
The Astana International Financial Centre (AIFC) is a financial hub in Nur-Sultan, Kazakhstan that officially launched on July 5, 2018.On 20 May 2015, the President of Republic of Kazakhstan Nursultan Nazarbayev announced the “100 Concrete Steps” Plan of the Nation to implement the five institutional reforms, designed to provide a strong national platform needed to achieve country’s ambition of joining the top 30 developed countries by 2050. As part of the Plan of the Nation, the AIFC was established with a special legal status to be based on the EXPO-2017 International Specialized Exhibition infrastructure.The Constitutional Law "On the Astana International Financial Centre" approved on 7 December 2015 provides a legal framework for the functioning of the AIFC as well as a favourable environment for its participants.The Astana International Financial Centre plays one of the main roles in attracting financial resources. It is positioned as a financial hub for the countries of Central Asia, the Caucasus, Eurasian Economic Union (EAEU), Middle East, Western China, Mongolia and Europe.Beer in Kazakhstan
Both local and Russian beer can be found in Kazakhstan. Large breweries are owned by international groups Efes Beverage Group (in cities Karaganda and Almaty) and Carlsberg Group (Almaty city) as well as by a private company Shymkentpivo (Shymkent city). In 2008, beer production in Kazakhstan fell by 12% to 3.60 mln hl, whereas the official import grew by 1% to 1.30 mln hl.
In 2008, each third bottle of beer sold in Kazakhstan was delivered from Russia. The main importer is Baltika Breweries of Carlsberg Group, for which Kazakhstan is still the major foreign business.Central Asian Union
The Central Asian Union (CAU), later called the Central Asian Economic Union, was an intergovernmental organisation for economic integration between the Central Asian post-Soviet republics of Kazakhstan, Kyrgyzstan and Uzbekistan between 1994 and 2004. Tajikistan joined the Union in 1996 as an observer. Several proposals to restore the Union have been put forward since its dissolution.Economic Cooperation Organization
The Economic Cooperation Organization or ECO is a Eurasian political and economic intergovernmental organization which was founded in 1984 in Tehran by the leaders of Iran, Pakistan, and Turkey. It provides a platform to discuss ways to improve development and promote trade and investment opportunities. The ECO is an ad hoc organisation under the United Nations Charter. The objective is to establish a single market for goods and services, much like the European Union. The ECO's secretariat and cultural department are located in Iran, its economic bureau is in Turkey and its scientific bureau is situated in Pakistan.
The nature of the ECO is that it consists of predominantly Muslim-majority states as it is a trade bloc for the Central Asian states connected to the Mediterranean through Turkey, to the Persian Gulf via Iran, and to the Arabian sea via Pakistan. The current framework of the ECO expresses itself mostly in the form of bilateral agreements and arbitration mechanisms between individual and fully sovereign member states. This makes the ECO similar to ASEAN in that it is an organisation that has its own offices and bureaucracy for implementation of trade amongst sovereign member states.
This consists of the historically integrated agricultural region of the Ferghana Valley which allows for trade and common agricultural production in the border region of Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan. Free trade agreements between the industrial nations of Iran and Turkey are due to be signed in 2017. Likewise the Pakistan-Turkey Free Trade Agreement is due to be signed. Pakistan has free trade agreements with both Afghanistan and Iran which are signed and are in the process of implementation, and currently most of Afghanistan trade is through Pakistan. And the Afghanistan-Pakistan Transit Trade Agreement is designed to facilitate trade for goods and services for Central Asia via both Afghanistan and Pakistan. This is in addition to the Ashgabat agreement which is a multi-modal transport agreement between the Central Asian states.Further cooperation amongst members is planned in the form of the Iran–Pakistan gas pipeline, as well as a Turkmenistan–Afghanistan–Pakistan pipeline. Current pipelines include the Tabriz–Ankara pipeline in addition to the planned Persian Pipeline. This is in addition to the transportation of oil and gas from resource rich Central Asian states such as Kazakshtan and Turkmenistan of minerals and agriculture that complements the industrialisation underway in Iran, Pakistan and Turkey. Pakistan plans to diversify its source of oil and gas supplies towards the Central Asian states including petroleum import contracts with Azerbaijan.Economic Cooperation Organization Trade Agreement
The Economic Cooperation Organization Free Trade Agreement or ECOTA was an agreement reached on 17 July 2003 at the ECO summit in Islamabad whereby a free trade region was formed between the countries of Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan. As of 2008, the ECOTA is in effect.Eurasian Economic Union
The Eurasian Economic Union (EAEU) is an economic union of states located in central and northern Asia and Eastern Europe. The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015. Treaties aiming for Armenia's and Kyrgyzstan's accession to the Eurasian Economic Union were signed on 9 October and 23 December 2014, respectively. Armenia's accession treaty came into force on 2 January 2015. Kyrgyzstan's accession treaty came into effect on 6 August 2015. It participated in the EAEU from the day of its establishment as an acceding state.The Eurasian Economic Union has an integrated single market of 183 million people and a gross domestic product of over 4 trillion U.S. dollars (PPP). The EAEU introduces the free movement of goods, capital, services and people and provides for common policies in the macroeconomic sphere, transport, industry and agriculture, energy, foreign trade and investment, customs, technical regulation, competition and antitrust regulation. Provisions for a single currency and greater integration are envisioned in future. The union operates through supranational and intergovernmental institutions. The Supreme Eurasian Economic Council is the supreme body of the Union, consisting of the Heads of the Member States. The second level of intergovernmental institutions is represented by the Eurasian Intergovernmental Council (consisting of the Heads of the governments of member states). The day-to-day work of the EAEU is done through the Eurasian Economic Commission, the executive body of the Union. There is also a judicial body – the Court of the EAEU.Kazakhstan Stock Exchange
The Kazakhstan Stock Exchange (KASE; Kazakh: Қазақстан қор биржасы, Qazaqstan qor bırjasy) is a stock exchange located in Almaty, Kazakhstan. The exchange was founded in 1993.Kazakhstani tenge
The tenge (Kazakh: теңге, teńge, Kazakh pronunciation: [teŋˈge]; Russian: тенге́, Russian pronunciation: [tʲɪn⁽ʲ⁾ˈɡʲe]; sign: ₸ ; code: KZT) is the currency of Kazakhstan. It is divided into 100 tıyn (тиын, also transliterated as tiyin or tijin). The ISO-4217 code is KZT.List of Kazakhs by net worth
This is a list of Kazakhstani billionaires based on an annual assessment of wealth and assets compiled and published by Forbes magazine in 2019.List of banks in Kazakhstan
The Republic of Kazakhstan has a two-tier banking system.List of companies of Kazakhstan
Kazakhstan is a transcontinental country in northern Central Asia and Eastern Europe. Kazakhstan is the world's largest landlocked country, and the ninth largest in the world, with an area of 2,724,900 square kilometres (1,052,100 sq mi). Kazakhstan is the dominant nation of Central Asia economically, generating 60% of the region's GDP, primarily through its oil/gas industry. It also has vast mineral resources.Kazakhstan was the last of the Soviet republics to declare independence following the dissolution of the Soviet Union in 1991. The current President, Nursultan Nazarbayev, has been leader of the country since then, and is characterised as authoritarian, with a government history of human rights abuses and suppression of political opposition. Kazakhstan has worked to develop its economy, especially its dominant hydrocarbon industry.For further information on the types of business entities in this country and their abbreviations, see "Business entities in Kazakhstan".List of regions of Kazakhstan by Human Development Index
This is a list of Regions of Kazakhstan by Human Development Index as of 2018 with data for the year 2017.Mineral industry of Kazakhstan
The mineral industry of Kazakhstan is one of the most competitive and fastest growing sectors of the country. Kazakhstan ranks second to Russia among the countries of the CIS in its quantity of mineral production. It is endowed with large reserves of a wide range of metallic ores, industrial minerals, and fuels, and its metallurgical sector is a major producer of a large number of metals from domestic and imported raw materials. In 2005, its metal mining sector produced bauxite, chromite, copper, iron, lead, manganese, and zinc ores, and its metallurgical sector produced such metals as beryllium, bismuth, cadmium, copper, ferroalloys, lead, magnesium, rhenium, steel, titanium, and zinc. The country produced significant amounts of other nonferrous and industrial mineral products, such as alumina, arsenic, barite, gold, molybdenum, phosphate rock, and tungsten. The country was a large producer of mineral fuels, including coal, natural gas, oil, and uranium. The country's economy is heavily dependent on the production of minerals. Output from Kazakhstan's mineral and natural resources sector for 2004 accounted for 74.1% of the value of industrial production, of which 43.1% came from the oil and gas condensate extraction. In 2004, the mineral extraction sector accounted for 32% of the GDP, employed 191,000 employees, and accounted for 33.1% of capital investment and 64.5% of direct foreign investment, of which 63.5% was in the oil sector. Kazakhstan's mining industry is estimated at US$29.5 billion by 2017.Minimum wage in Kazakhstan
Minimum wage in Kazakhstan is set by a special law. It is equally distributed across the country and there is no difference between the minimum wages in different cities.
According to Kazakh sources, minimum wage in Kazakhstan in 2010 was 14592 tenge. After that it increased to 21364 tenge in 2015.
The current minimum wage in Kazakhstan, which was set on January 1 2017, equals 24,459 tenge.
There is a lot of discussion about the low level of minimum wages in Kazakhstan. Because of that, the opposition party in Kazakhstan, Democratic Choice of Kazakhstan, has criticised the president of the country, Nursultan Nazarbayev.Monthly calculation index
Monthly calculation index (MCI) is an index used in Kazakhstan for calculating pensions, allowances and other social payments and also for incrementing fines and calculating taxes and other payments.
It is set annually by the law of the Republic on the Budget.Nurly Zhol
Nurly Zhol is a $9 billion domestic economic stimulus plan to develop and modernize roads, railways, ports, IT infrastructure, and education and civil services in the Republic of Kazakhstan. The Nurly Zhol plan was announced by Kazakhstan's President Nursultan Nazarbayev in November 2014.Samruk-Kazyna
The President of the Republic Nursultan Nazarbayev initiated the unification of national companies into a single holding under the control of the state.
The idea to unite all national companies into a single holding under state control was born by Nursultan Nazarbayev after his visit to Singapore in autumn 2003.
In 2003, the President of Kazakhstan met with Mr. Lee Kuan Yew and the Management Board of the TEMASEC, national investment Fund, which manages part of the state assets of Singapore. Nursultan Nazarbayev highly appreciated Lee Kuan Yew's activities in the field of state government and economy development and took into account the experience of the "Singapore economic miracle" in carrying out Kazakhstan's economic reforms.
After studying the experience of 13 world state holdings, it was concluded that one of the resources of Kazakhstan in increasing the long-term value and capitalization of national companies is to improve corporate governance.
In August 2006 by the decree of the President of the Republic of Kazakhstan was founded JSC "Kazakhstan Holding of the State assets management "Samruk", an investment holding, whose mission was to improve the national welfare of the Republic of Kazakhstan and ensure the long-term sustainability of future generations.
First Board of Directors and Management Board of JSC "Kazakhstan holding on state assets management "Samruk" was approved by the President of Kazakhstan and consists of highly qualified top managers.
The first Chairman of the Board of Directors was the Head of the President Administration, Mr. Dzhaksybekov A., later this position was taken by Sir Richard Evans. The first Chairman of the Management Board was Mr. Mynbayev S., The Deputy Chairman of the Management Board was Mr. Kulibayev T.
As foreign specialists in the Holding were invited Mr. Vokurka Ulf from Germany and Mr. Stepanko Mihail from Russia.
At the first stage, only 5 national companies were included in the Samruk Holding, some of which are natural monopolies.
• JSC "national company "Kazakhstan Railways»
• JSC " national company "KazMunaiGas»;
• JSC "Kazakhstan company on management of energy networks of "KEGOC»
• JSC "Kazpost»
• JSC "Kazakhtelecom»
At the second stage, 17 national companies operating in the mining, energy sector, related to the sea and air transportation of goods and passenger transportation, generation and distribution of electricity, metallurgy and pipeline infrastructure were included in the Holding "Samruk".
The state holding focused its activities on the following main issues:
· coordination of positions of various ministries and departments to determine long-term goals and objectives of state companies;
· the selection, motivation, evaluation of managers of state-owned companies, development of their skills; planning, budgeting and approval investment of state-owned companies; monitoring the activities of state-owned companies and the adoption of corrective measures;
· advising the Government corporate Finance.
In 2009 Samruk merge with Investment Holding Kazayna.
Samruk-Kazyna (Kazakh: Samuryk-Qazyna), officially known as the National Welfare Fund "Samruk-Kazyna", is a sovereign wealth fund and joint stock company in Kazakhstan which owns, either in whole or in part, a number of major companies in the country. This includes the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and others. The state is the sole shareholder of the fund. It was created in October 2008 with the merger of two funds, "Samruk" and "Kazyna", by decree of the president of Kazakhstan, Nursultan Nazarbayev.
Prime Minister of Kazakhstan Bakhytzhan Sagintayev was appointed as chairman of the board of directors at the National Wealth Fund Samruk-Kazyna JSC by a government resolution dated September 28, 2016. Chief Executive Officer and Chairman of the Management Board of «Samruk-Kazyna» JSC-Umirzak Shukeyev.
Independent directors- Sir Richard Harry Evans, Alper Akdeniz, Wilhelm Bender.
The fund is a member of the International Forum of Sovereign Wealth Funds and are signed up to the 24 Santiago Principles which are a voluntary standard of best practice endorsed by the members for the management of the Sovereign Wealth Funds.Taxation in Kazakhstan
The main legal act establishing and regulating taxation in Kazakhstan is the Code of the Republic of Kazakhstan On Taxes and Other Obligatory Payments to the Budget (the “Tax Code”). The Tax Code was adopted on 10 December 2008 and came into effect as of 1 January 2009.