WEEKLY REVIEW: Kazakhstan’s economy shows good dynamics within Customs Union


WEEKLY REVIEW: Kazakhstan's economy shows good dynamics within Customs UnionKazakhstan continues to modernize the national pension system and the sphere of education. Kazakhstan’s economy shows good dynamics within the Customs Union.

On Monday, May 12, at the press briefing of the Central Communications Service under the President of Kazakhstan, Director of the International Economic Integration Department of the Ministry of Economy and Budget Planning Yernar Bakenov talked about the dynamics of development of Kazakhstan’s economy within the framework of the Customs Union.

In his words, Kazakhstan’s sales turnover with the CU member states has reached $24 billion. “Sales turnover between Kazakhstan, Russia and Belarus (CU member countries) has increased by 88% and hit the mark of $24 billion from 2009 through 2013. Moreover, Kazakhstan’s export to the CU member states has grown by 62%,” Mr. Bakenov told the briefing.

The same day Kazakh Minister of Labor and Social Protection Tamara Duissenova paid a working visit to the East Kazakhstan region where she met with local pensioners. During the meeting, Ms Duissenova stressed that standard pensions are the thing of the past. In line with the new instruction of President Nazarbayev, the scale of pensions in Kazakhstan will now depend on job tenure.

On Tuesday, May 13, First Vice Prime Minister of Kazakhstan Bakytzhan Sagintayev held a press conference at the Central Communications Service. He told mass media that President of Kazakhstan Nursultan Nazarbayev will pay a state visit to China from May 19 to 22 to attend the Shanghai Conference on Interaction and Confidence Building Measures in Asia (CICA). During the visit, President Nazarbayev will meet with his Chinese counterpart Xi Jinping. A declaration on further strategic cooperation between Kazakhstan and China is expected to be signed as well.

Minister of Education and Science Aslan Sarinzhipov announced on Tuesday that there will be more state educational grants for technical majors this year. “More grants will be offered to future specialists in the field of education and healthcare as well,” he added.

On Wednesday, May 14, Minister of Finance Bakhyt Sultanov presented a report on the implementation of the republican budget in 2013 at Majilis, lower chamber of the Kazakh Parliament. “National debt as of January 1, 2014 has totaled 4.4 trillion tenge or 12.9% of GDP,” he said.

On Thursday, May 15, Minister of Oil and Gas of Kazakhstan Uzakbai Karabalin participated in the 14th Ministerial Meeting of the International Energy Forum in Moscow. Minister Karabalin announced that the age of light oil is fading away. In his words, it becomes more important to apply the world’s best practice and technologies. “We gradually accumulate alternative sources of energy, but they should not be opposed to the traditional ones,” Mr. Karabalin said.

On Friday, May 16, Vice Prime Minister of Kazakhstan Gulshara Abdykalikova took part in the parliamentary hearings at Majilis dedicated to the quality of education. She announced drastic changes that are to take effect in the system of education. Ms Abdykalikova stressed that the system of education should offer students theoretical knowledge plus necessary skills for rapid adaptation in industries. According to her, colleges and vocational education institutions are to strengthen partnership with business.