Business in Kazakhstan

Overview

Kazakhstan has the most stable economy of the Commonwealth of Independent States (CIS), of which it is a member, and is leading all central Asian countries in terms of economic growth. The national currency of Kazakhstan is the Tenge. For around eight years, up until 2007, Kazakhstan recorded an average growth rate of about 10% per year, and although the aftershock of the global financial crisis hit hard in 2008, a remarkably healthy growth of 3-4% was still achieved. In 2014 Kazakhstan published ‘Strategy 2050’ with an objective to become one of the top 30 most competitive nations by 2050.

There are substantial opportunities in Kazakhstan for British companies, especially in the oil and gas sector and extractive industries, due to mass-expansion and development in the Caspian Sea. There are also planned investments in the power, transport, communications and agricultural sectors, as well as skills development, vocational training and retail sectors which all offer significant opportunities for British companies. British companies are well-represented in the financial and professional business services sectors, which are sophisticated for the region. Kazakhstan consists of five large economic regions:

  • North Kazakhstan — efficient grain economy, extraction of iron ore and coal, mechanical engineering, production of oil products and ferroalloys, and energy.
  • East Kazakhstan – efficient nonferrous industry, energy, mechanical engineering and forestry products.
  • West Kazakhstan is one of the largest oil and gas extraction regions.
  • Central Kazakhstan – efficient ferrous and nonferrous industries, mechanical engineering, and cattle breeding.
  • South Kazakhstan – cotton, rice, wool, grain, fruits, vegetables, grapes; efficient nonferrous industry, instrument manufacturing, light manufacturing, food production, fish farming, and forestry products.

Founding Members

Air Astana JSC KPMG Tax and Advisory LLC Rio Tinto Mining and Exploration Limited Shell Kazakhstan Development B.V. Tsesnabank JSC Wood Group PSN Kazakhstan