WEEKLY REVIEW. Kazakh Government summed up results of socio-economic development for 9 months

WEEKLY REVIEW. Kazakh Government summed up results of socio-economic development for 9 monthsASTANA. October 15. KAZINFORM /Muratbek Makulbekov/ This week the Government of Kazakhstan summed up the results of the country’s socio-economic development for nine months of 2010. On Monday Prime Minister Karim Massimov received Chairman of the Iranian Parliament Ali Larijani.

 The issues of further strengthening of bilateral trade, economic and investment cooperation as well as regional interaction between Kazakhstan and Iran were discussed.

On Tuesday, October 12, the Government held a regular sitting. Deputy Chairman of the National Bank Bissengali Tadjiyakov informed that following the results of nine months the inflation made 6.7 percent.

According to Minister of Economic Development and Trade Zhanar Aitzhanova, foreign trade turnover of the country in January-August 2010 grew by 27.6% and made USD 55 bln. Export of goods rose by 52.3% against the same period in 2009 and made USD 38.4 bln. Import of goods comprised USD 16.6 bln and lowered by 7.2%, primarily, due to reduction of import of investment goods.

Trade surplus was positive and made USD 21.7 bln having increased almost threefold in comparison with the last year. “In the past 8 months foreign trade turnover of Kazakhstan with Russia made USD 8.5 bln and with Belarus this figure reached USD 800 mln and grew by 11.8% and 5.6% correspondingly against 2009”, the Minister resumed.

According to the Statistics Agency of Kazakhstan, industrial output in the country in January-September 2010 was increased by 10.4%.

Thus, extraction of crude oil, gas, coal and ore mine has been significantly increased in this period. Production of foods, oil products, construction materials, textile, metallurgical, chemical industry and engineering items has grown too.

The growth of production was observed in 14 regions. West Kazakhstan and North Kazakhstan oblasts, on the contrary, faced decline in this sector.

Besides, the Statics Agency presented data on the size of wages in Kazakhstan. In August 2010 the average nominal wage in Kazakhstan made KZT 80, 789 having risen by 17.7% compared to the last year, Kazakh Statistics Agency says.

Ore-mining industry workers get the highest wage – KZT 157, 300, then come  financial and insurance sectors –  KZT 156, 000, scientific and technical sectors – KZT 141, 400 and services – KZT 131, 600.

The lowest wage is given to the workers of agriculture, fishery and forestry and makes KZT 38, 600. Residents of Atyrau oblast receive the highest wage in the country – KZT 152, 200. In Zhambyl oblast this figure makes KZT 53, 100. 

On Wednesday Kazakh Prime Minister Karim Massimov met with his Singapore’s counterpart Lee Hsien Loong and Singapore’s Foreign Minister George Yeo in the course of his official visit to Sigapore.

The issues of expansion of bilateral relations in trade and economic sphere were discussed.

Then the Prime Minister of Kazakhstan visited Information & Communication Agency of Singapore and took part in talks on the issues of cooperation in IT-field and raising effectiveness of ‘e-government’. Besides, K. Massimov visited medical university and industrial island Jurong.

Then Mr. Massimov met with Singapore Minister Mentor Mr. Lee Kwan Yew. The parties exchanged opinions on the current global economic situation and further prospects of trade-economic interaction between the two states.

Next day K. Massimov also held a number of meetings in Singapore. The issues of cooperation in the field of modernization of Kazakhstani industrial enterprises were discussed by K. Massimov and Peter Seah, Chairman of Singapore Technologies Engineering Ltd. The issues regarding cooperation in the sphere of aviation, particularly opening of direct flight between Kazakhstan and Singapore were considered at the meeting with Stephen Lee, Chairman of Singapore Airlines.

Besides, the Prime Minister held talks with President of the Republic of Singapore Sellapan Ramanathan. They discussed the issues of expanding bilateral Kazakh-Singaporean trade-economic relations.

Then the Prime Minister paid official visit to Hong Kong. He took part in a meeting with representatives of business community of the country. Besides, K.Massimov took part in the ceremony of singing agreement on establishment of the Kazakh-Hong Kong Fund of Direct Investments between “Kazyna Capital Management” and “Cheung Kong Holding Limited” companies.

On Friday, October 15, Chairman of the National Bank of Kazakhstan Grigory Marchenko met with Michel Mordasini, Executive Director at the World Bank and Rene Weber, Executive Director of the International Monetary Fund. During the talks they discussed the issues connected with the transition of Kazakhstan from November 1, 2010 to the Swiss Group of the IMF and World Bank Group.

The Government of Kazakhstan decided to join the Swiss group at the International Monetary Fund and World Bank Group, through the signing of a Memorandum of Understanding and Cooperation. This entitles Kazakhstan to vote for a candidate suggested by Switzerland during the regular and mid-term elections of Executive Directors of the IMF and World Bank Group.

G. Marchenko also took part in the conference of JPMorgan and Bank of America Merrill Lynch, where he told about the antirecessionary measures of the Kazakhstan Government. Then the Chairman of the National Bank delivered a lecture at Georgetown University in Washington on the Kazakhstani experience of restructuring the external debt of banks.