Kazakhstan
News Bulletin
Released weekly by the Embassy of the Republic of Kazakhstan
www.kazakhembus.com
                                               
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  No 10, October 3, 2007

POLITICS
Presidents of Brazil and Kazakhstan pleased with their first talks
President Nazarbayev advocates UN Peacekeeping Financial Fund and initiates Eurasian Energy            Supply Pact during UN General Assembly session
Kazakh parliament adopts a bill to toughening requirements for subsoil users

ECONOMY
Wiener Börse launches links with Kazakhstan Stock Exchange

OTHER NEWS
Kazakhstan to build super five star hotel in Sanya
Women in Business in Kazakhstan


Presidents of Brazil and Kazakhstan pleased with their first talks

Presidents Luiz Inácio Lula da Silva of Brazil and Nursultan Nazarbayev of Kazakhstan praised the first state visit by the Kazakh leader to Brazil.

“Our talks were extremely fruitful. They opened new opportunities for furthering our cooperation on bilateral and multilateral levels. I am pleased to see that we share common views and ideas on the majority of questions of regional and global policy,” Nazarbayev said on Thursday while speaking during an official breakfast at the Brazilian Foreign Ministry.

He highlighted that Kazakhstan, like Brazil “seeks secure and just world order founded on the principles of multilateralism, reinforcement the UN role in the international system.”

”We regard Brazil as an acknowledged leader of Latin America, able to express a consolidated opinion of the whole region and exert positive influence over the global development,” President Nazarbayev said.

He also noted the two countries are a driving force FOR development and integration in their regions.

In his turn, President Lula da Silva said that he regards Kazakhstan’s leader’s first visit to Brazil as a landmark in the history of bilateral relations. Kazakhstan is a regional power, a heart of Central Asia, and in recognition of this fact Brazil opened its first regional Embassy in Kazakhstan, President Lula da Silva added.

He also thanked Kazakhstan for its support of Brazil’s bid to join the ranks of permanent members of the UN Security Council.

On Thursday afternoon, President Nazarbayev met with Speakers and leading members of both chambers of the Brazilian Parliament, and with the Chair of the Brazilian Supreme Court.

A number of important documents, including one on Agreement on trade and economic cooperation were signed during the visit.


President Nazarbayev advocates UN Peacekeeping Financial Fund and initiates Eurasian Energy Supply Pact at UN General Assembly session

Kazakhstan’s President Nursultan Nazarbayev once again called for the world community to approve the UN Peacekeeping Financial Fund earlier endorsed by UN Secretary General.

“UN peacekeeping efforts remain the most efficient tool of peaceful settlement of regional conflicts”, President Nazarbaev said at the 62nd session of UN General Assembly.

“15 years ago, Kazakhstan from the same venue voiced the initiative of enhancing the UN peacekeeping potential. We suggested that the UN Fund should consist of voluntary contributions amounting to 1 per cent of countries’ defence budget programs.”

Nazarbayev also hailed General Assembly’s decision to make the climate change issue a priority topic for the current session and once again suggested that Aral Revival Fund should be given the status of a UN institution.

He once again called upon world leaders to pay attention to the Astana initiative voiced at the Johannesburg Sustainable Development Summit to create a UN register of environmental problems. “Such a document would help to work out mechanisms to respond to environmental disasters,” he said.

Explaining his country’s energy policy President Nazarbayev stressed that Kazakhstan favours stable energy supplies in Eurasia. “Kazakhstan is completely conscious of its responsibility for maintaining global energy balance and security”, he said.

“With a view to assist the further diversification of energy supplies and provide guarantees for energy producers, Kazakhstan suggests that a Eurasian Energy Supply Pact should be passed,” the Kazakh leader noted.

President Nazarbayev indicated that the Caspian region “plays a growingly significant role in the international energy market.” He reminded listeners that his country is currently ranked seventh in oil reserves in the world, sixth in gas reserves and second in coal reserves.

“By 2017 Kazakhstan will rank among top ten global oil producers. Kazakhstan is also ramping up gas production. With our significant uranium reserves, we will play a vital role in the nuclear power industry,” Nazarbayev highlighted.


Kazakh parliament adopts legislation to toughen requirements for subsoil users

The Senate (upper house) of the Kazakh Parliament approved draft amendments to the law “On Subsoil and Subsoil Use” imposing tougher requirements on the subsoil users at a plenary meeting on Thursday.

The document must be signed by the President to go into effect.

According to an executive summary to the draft law “On Amending the Law “On Subsoil and Subsoil Use” the document is designed to protect Kazakhstan’s interests in the country’s subsoil use.

“In compliance with Article 18.3 of the Law “On National Security” any contracts on the use of the strategic resources of the Republic of Kazakhstan must be monitored for compliance with national security requirements. The legislation relating to the economic security of Kazakhstan should be amended in order to create an efficient mechanism of ensuring compliance with the said requirements as far as the strategic resources are concerned,” the executive summary reads.

According to the draft law, in case the subsoil users’ operations adversely affect the economic interests of Kazakhstan so that national security is under threat, the Government will have a right to demand that the subsoil users change and/or amend the terms and conditions of the contract in order to reinstate the economic interests of the republic.

Contracts could be terminated if: the subsoil user does not agree in writing to conduct negotiations to amend the contract terms and conditions or refuses to enter into negotiations within two months after receiving the relevant notification; the parties fail to reach an agreement within four months after the subsoil user agreed to enter into negotiations; the parties do not sign amendments and/or supplements to the contract terms and conditions within 6 months after agreement on reinstatement of Kazakhstan’s economic interests was reached.

“Such an approach, when dates are fixed, will allow investors to make a decision within a year,” the executive summary notes.

“The government will be authorized to define the strategically important areas of subsoil use (fields) and, thus, Article 7 of the law “On Subsoil and Subsoil Use” will be amended accordingly,” says the executive summary.

Kazakhstan is currently in talks with Eni Company, the operator in international consortium Agip KCO developing the Kashagan oil field in the Caspian Sea, and demands that the foreign investors fulfill their contractual obligations in the interests of Kazakhstan’s national security.


ECONOMY

Wiener Börse launches links with Kazakhstan Stock Exchange

(Mondo Visione, 28 September, 2007)

In the future Wiener Börse and the Kazakhstan Stock Exchange will work together: The President of the Kazakhstan Stock Exchange, Azamat Joldasbekov, and the joint CEOs of Wiener Börse, Michael Buhl and Heinrich Schaller, signed a Memorandum of Understanding to this effect in Vienna yesterday afternoon.

The Kazakhstan Stock Exchange was created in 1993 as a market for foreign exchange trading. LOCATED in Almaty, the financial center of Kazakhstan, IT is one of the emerging markets of the Asian region. Today, the Kazakhstan Stock Exchange is also a market for municipal and corporate bonds, stocks and derivative products. At present there are 107 companies listed. Since the end of 2006, market capitalization on the Kazakhstan Stock Exchange has risen sixfold to USD 67.4bn (as of the end of August 2007), and the average monthly trading volumes have risen from USD 83m to USD 696m.

The Kazakhstan Stock Exchange has joined the ranks of the numerous new cooperation partners of Wiener Börse: These include the exchanges of Banja Luka, Belgrade, Budapest, Bucharest, Podgorica, Sarajevo, Skopje, Sofia, Zagreb; the State Agency, the National Depositary and PFTS Exchange in the Ukraine as well as Shanghai and Dubai.


OTHER NEWS

Kazakhstan to build super five star hotel in Sanya

(ChinaHospitalityNews, 28 September, 2007)

Luo Baoming, Hainan provincial governor, has reportedly met with the president of the Kazakhstan Commercial Bank to discuss plans for a super five-star resort in Sanya.

The building cluster will include one five-star hotel, one super five-star hotel and one six-star hotel to be equipped with convenient facilities to meet different requirements of guests around the world. Kazakhstan expects these hotels will be one of the ideal vacation resorts in the Asia region.

Luo has told local media that the local government is very interested in this hotel project and will create good conditions for the investment. He hopes that it will be the friendship bridge between Hainan and Kazakhstan.

Kazakhstan Commercial Bank was founded in 1990 is the largest privately owned financial company in Kazakhstan.


Women in Business in Kazakhstan

Women in Business International in partnership with the Kazakhstan Businesswomen's Association will be STAGING the first Women in Business Forum in the Caspian region in Almaty, Kazakhstan on 22nd October 2007.

The event is part of an initiative looking at mainstreaming the economic role of women in society as well as establishing and maintaining support networks to assist development of women owned small and medium enterprises (SMEs) not just within Kazakhstan but internationally by exchanging best practice information and know-how.

Women in business Forums are internationally renowned business to business Forums attracting investment and business opportunities within a community of businesswomen with gross assets of over $100billion. Past events in Syria, Turkey and South Africa have attracted investment and business activity.

Speaking of the Forum in Kazakhstan – Women in Business Founder Ahmed Suleiman MBE says “we are excited at the prospect of developing the initiative further in the region. Kazakhstan is an ideal base for our activities because not only is it an important emerging world economic power, but on the issue of women it is also a potential leader. This leadership comes from the President, who is on public record of his support for women’s economic empowerment.”

The Forum will look to share experiences between businesswomen from the region and internationally as well as developing partnerships for trade and development.

The event is gathering support from the governments of Kazakhstan and the UK Local partners include, UNDP, The British Council , The British- Kazakh Society, and the Kazakh British Technical University who have all expertise given their great support for the ethos of the project.

Sponsors of the event include Shell, Deloittes and Denholm Zholdas, and Air Astana





News Bulletin of the Embassy of the Republic of Kazakhstan
Contact person: Askar Tazhiev
Tel.: 202-232-5488 ext 106; Fax: 202-232-5845
E-mail: info@kazakhembus.com
Web-site: www.kazakhembus.com  


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