British Chamber of Commerce in Kazakhstan
12 Samal, 16th floor, Business Center "Astana Tower", Astana 010000, Kazakhstan
Tel: 8 (7172) 552 888
To find out more about opportunities in Kazakhstan:
The first British Chamber in Central Asia, British Chamber of Commerce in Kazakhstan is a dynamic and independent business network offering customized B2B services and networking opportunities for British business community in Kazakhstan.
The objective of the Chamber is to facilitate growth opportunities for UK business selling goods & services into Kazakhstan and increase the value of business generated by British companies. The Chamber is located in the capital of Kazakhstan, Astana with its affiliates in Almaty and Atyrau.
British Chamber of Commerce in Kazakhstan was launched on 14 September 2015 with the support of high-profile British and Kazakh businesses: Air Astana, KPMG, Rio Tinto, Shell, Tsesna Bank and Wood Group.
The Chamber has over 40 members representing British business community in Kazakhstan and aims to increase the number of members in the course of the further development.
Services for Exporters
As the Chamber aims to achieve the Association of British Chambers of Commerce trade services quality mark, in addition to members’ services, the Chamber plans to deliver customized chamber services for UK and Kazakhstan companies, all designed to meet their needs in the local market and to raise export awareness of products and services from the UK as follows:
According to World Bank measures, Kazakhstan is a middle-income country. Its economy is more than twice the size of its Central Asian neighbours (Uzbekistan, Tajikistan, Turkmenistan and Kyrgyzstan).
In December 2012, President Nazarbayev launched a new ‘Kazakhstan 2050’ strategy, an effort to take Kazakhstan into the top 30 most developed countries in the world. As with previous development plans this focuses on the eco and social development of Kazakhstan with an emphasis on stable growth, the development of a middle class, and increasing emphasis on the role of innovation and new technologies.
In 2015 the Kazakh economy slowed from 4.3% in 2014 to 1.2%. The fall in global oil prices, falling Russian rouble and weak demand from China were the key factors in this slowdown. These factors also put pressure on the national currency, the tenge. In August 2015, the National Bank of Kazakhstan took the decision to move to a free-floating exchange rate for the tenge. By the end of 2015 the tenge had depreciated by 85%. This has increased inflationary pressures and inflation for 2015 was 13.6%.
Over the last couple of years, the Government of Kazakhstan has launched two economic support programmes. The first programme for 2014-15 provided for 1 trillion tenge ($5.5 billion) to be used primarily to relieve credit problems in the banking sector by addressing a long-standing issue with non-performing loans (NPLs) and providing subsidized loans to small- and medium-sized enterprises (SMEs).
The programme “urly Zhol” (Bright Path) for 2015-17 is a stimulus package to help the economy overcome the drop-in oil revenues. $14 billion of investments - half of which to be financed by international financial institutions - will be used to build transport and social infrastructure and continue providing subsidized credit to SMEs. This programme is associated with the “One Belt One Road” programme initiated by China.
In January 2015, the Eurasian Economic Union (EaEU) came into effect. Its members are Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan. The EaEU provides for “four freedoms” (for goods, services, labour force and capital) and a common external trade policy and coordinated macroeconomic policy. A Common market in pharmaceuticals will start functioning from 2016, and in electric power in 2019. Common markets in finance and energy sectors will not be created until 2025.