ASTANA – Kazakh economy has demonstrated higher adaptability in spite of unprecedentedly higher inflation prices worldwide, raise in interest prices, and disruptions in worldwide 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 Occasions.

“We managed to retain good financial development. According to preliminary information, in 2022, our economy expanded by three.two % year-on-year, with an raise in investments and foreign trade getting the most important drivers,” stated Kuantyrov. 

According to the minister, the redirection of trade flows resulted in a important raise 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 methods to reduce the adverse effects of Western sanctions against Russia on the Kazakh economy. Kuantyrov stated that as portion of this function, the nation is in a dialogue with representatives of the United States (US) government agencies, like the U.S. Embassy in Kazakhstan, the Treasury Division, the Division of State, and the U.S. Congress.

 “We retain standard get in touch with with our Western partners to go over present concerns of the effect of financial sanctions on the financial agents of Kazakhstan. The effectiveness of this function 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 due to the fact of Kazakhstan’s geographical place and historical background, it has close financial relations with all neighboring nations, like 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 a variety of firms are not utilizing our territory to bypass them. At the very same time, getting a complete member of the Eurasian Financial Union (EAEU) and the Planet Trade Organization (WTO), we will continue trade relations with Russia and other nations,” he stated.