The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size

Central Asia: A New Frontier for Business Opportunities

By Srimal Fernando, Global Editor, The Diplomatic Society 

24 March 2016

Enormous strides made by Central Asian countries in recent years with sustained periods of economic growth, characterised by record levels of Foreign direct investment (FDI), is seen as the new frontier attracting worldwide attention. The five independent republics of Central Asia, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan are at crossroads.

Pictured (l-r) Pakistani Prime Minister Nawaz Sharif, Afghan President Ashraf Ghani, Turkmenistan President Gurbanguly Berdimohamedov and Indian Vice President Muhammad Hamid Ansari jointly performed the groundbreaking of the 10 billion dollar trans regional energy project.

Central Asia is seen as the new frontier for multi nationals, retailers and consumer goods around the world with a rapidly expanding middle class. Central Asia’s abundant and diverse natural resources attract high level of foreign investment.  According to regional sources the confirmed Oil deposits in the region is estimated to be around 2.7 percent of all the confirmed deposits of the world. Pipeline politics is a unique mix of economic and political objectives. In the last decade new pipeline routes have emerged in Central Asia.

The 1814 kilometre Turkmenistan–Afghanistan–Pakistan–India (TAPI), gas pipeline is designed to cross four countries.The US$10 billion new pipe line project is implemented in accordance with the intergovernmental agreement made between the four participating countries.

Kazakhstan
Kazakhstan gained Independence from the Soviet Union on 16 December 1991. It is the miracle economy, one of the best performing in the region and is one of the fastest-growing countries in the world.  The country has attracted over US$ 500 billion in Foreign Direct Investments (FDI). Foreign companies investing more than US$ 12 million in Kazakhstan will enjoy certain tax preferences including exemption for corporate tax for 10 years for specific investments. In the year 2000 Kazakhstan produced 35 252 million metric tons of oil. The most significant deposits of Kazakhstan are at Karchaganak (black hole) in the north west of the country. It has large uranium reserves and zinc reserves.  In 2001 it produced 263,000 tons of metallic zinc. It currently has the world’s biggest reserves of tungsten.  Kazakhstan increased its gold production by 26.6 percent in 2015 compared to the same period in 2014. Kazakhstan increased its uranium production to 23.8 million tons. The country has already joined the ranks of the world’s top 50 economies.

Turkmenistan
Turkmenistan’s economy outpaced all forecasts to grow at the fastest pace in the near future. Turkmenistan’s GDP growth amounted to 6.5 percent in 2015 and industrial growth was at 3.1 percent. One half of its irrigated land is planted with cotton. Turkmenistan has the fourth largest reservoir of gas in the world. The countries oil production exports increased by 24 percent in 2005  The country is capable of supplying  natural gas through several gas pipelines in different directions . Turkmenistan’s government has diversified its economy into a host of other sectors.


Turkmen Foreign Minister Rashid Meredov, Kyrgyz Foreign Minister Erlan Abdyldaev, Kazak Foreign Minister Yerlan Idrissov, U.S. Secretary of State John Kerry, Uzbek Foreign Minister Abdulaziz Kamilov and Tajik Foreign Minister Sirodjidin Aslov take positions for a group photo before touring the Register in Samarkand November 1, 2015

Uzbekistan
Following Independence in December 1991 the entire economy of Uzbekistan has been transformed, spanning all sectors of the economy. Agriculture and Agro industrial sector contributes over 40 percent to the economy .According to ADB the external trade surplus for the first half of 2015 was US$ 83.4 million.

Tajikistan  
The Tajikistan’s economy is well placed and has grown at a stronger-than-expected pace. Agriculture employs over 30 percent of the economically active population. Over 400 mineral deposits and ore reserves that have been found in Tajikistan make it unique. The Bolshoi Konimanur is the world’s second largest deposit of silver and is likely to last for over 150 years.


Kyrgyzstan
Kyrgyzstan is a land locked county. More than half of it land mass is above 2500meters above sea land. The country has abundant hydroelectric capacity. The plant at Toktogul produces 1,200 MW s electric powers. More than 90 percent of the country’s electricity is generated by water. This clean energy capacity has created new and innovative growth opportunities for Kyrgyzstan where food processing accounts for15 percent of industrial production.

New surveys are showing a brighter future for the five countries in the region, with confidence increasing radically over the last few years. Central Asia’s oil boom has proven to be a great economic stabilizer. Central Asia has undergone enormous economic growth in the last 20 years, largely as a result of greatly increased international trade. Central Asia is on the rise and the revenue from oil, gas and extraction of natural resource has fuelled a series of economic booms.

 

 

 

More News

 



The Silver Jubilee Of Sri Lanka- South Africa Diplomacy 02/07/2020
article thumbnail

The Silver Jubilee Of Sri Lanka- South Africa  Diplomacy   By Srimal Fernando 2 July 2020
Marking the silver jubilee of diplomatic ties, Sri Lanka and South Africa have yielded solid acco [ ... ]


Diplomatic World Institute signs partnership with The Diplomatic Society in Pretoria, South Africa01/07/2020
article thumbnail

Diplomatic World Institute signs partnership with The Diplomatic Society in Pretoria, South Africa Brussels/Pretoria, July 1st, 2020 Diplomatic World Institute in Brussels has signed a partnership [ ... ]


Qatar Pledges Million for WHO to Combat COVID-19 Pandemic29/06/2020

Qatar Pledges Million for WHO to Combat COVID-19 Pandemic 29 June 2020 HE Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani announced on Saturday tha [ ... ]


Sanitizing the Air26/06/2020

Sanitizing the Air 20 June 2020 Human beings are fragile living creation’s, whom all live on a beautiful planet which is divided into various continents, with different languages, cultures and cr [ ... ]



 

 


 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
_________________________________________________

February/March 2020

 
 
.
_________________________________________________

Translater


 

 

 

 

 


 

 

 

 

  
 
 
 
 

 
 
                                                     
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

<|> <|> Indonesian Tourism responds to Millennials and wins Award 8 October 2019 "The challenge to the tourism world is not getting easier. It is not only the global economic slowdown, but also a change in... <|> A MEMORIAL, CORONATION, ENGAGEMENT AND A WEDDING: A ROYAL AFFAIR by Stella Sigcau 15 October 2019 September and October months were very busy in the royal calendars throughout South Africa... <|> Culture and Heritage Tourism Boost the Economy of the Mpondo Kingdom Mbotyi and Mngazi 15 October 2019 By Stella Sigcau Mpondo Kingdom is known for its cultural richness, beautiful... <|> SADC enhances cooperation with Indonesia 15 October 2019 ”Indonesia is ready to be part of the African development, especially in the southern African region” Photo: Ambassador of the Republic... <|> A rising star ready to make it internationally by Stella Sigcau 16 October 2019 Azemahle Lwanda Matebese a 13 year old, grade 8 scholar from Durban Girls High School has had a passion for dancing... <|> Korea calls for ease of doing business in SA 2 October 2019 This year marks Korea’s 4,352nd anniversary since its national foundation, and the 71st anniversary of its Armed Forces Day. In South... <|> Russia-Africa look to deepen scientific ties 14 October 2019 With a week to go until the first ever Russia-Africa Summit, Russia has emphasised the need to expand and deepen scientific ties between... <|> SA, Nigeria commit to condusive business environment 4 October 2019 The governments of South Africa and Nigeria have committed to creating a conducive business environment that will make it easier... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.