Member Article

Nurali Aliyev: Tech and Energy Investments to boost Kazakhstan’s economy

Kazakhstan’s changing economical and diplomatic structures have seen plenty of changes in the last few decades. The country which went through a Soviet leadership and now has emerged as a major partner to western powers for the progress of Central Asia has evidently started focusing on better energy investments along with an aesthetic pitch around the country’s economy.

Commenting on the country’s growth prospect, Nurali Aliyev stated that the changes could reflect the future ambitions of the country and bring around interesting economical boosters. Nurali Aliyev who is a founder and shareholder of Capital Holding JSC is associated with Zhanartu, a foundation focusing on startup and school based developments in the country.

With certain developments in play, Kazakhstan can leverage its resources to bolster its growth and still not worry about the investments incurred in technology and education. Currently Kazakhstan is hoping to strike a deal with some of the world’s largest oil producers on restraining its crude production due to a need to crank up output at its Kashagan field. The country managed to increase its oil and gas condensate output by 9.9% in January to July 2017 to 49.9 milion tonnes (1.7724 barrels per day. Kazakhstan is now looking to alter the terms of the deal to reflect the changes in the market.

Apart from the Asian developments, Kazakhstan is looking to expand its purview through partnerships with the United States of America. Both countries support universal access to affordable and reliable energy and recognize the importance of open, competitive markets for improving energy security.

“The U.S. and Kazakhstan will work together to advance civil nuclear power that is safer and more secure from proliferation, recognizing its importance as a zero-emissions, baseload source for electricity,” added U.S. Deputy Secretary of Energy Dan Brouillette said.

With investments of around $55 billion, Kazakhstan was expected to produce 13 million tonnes next year (260,000 bpd), while other oil projects in the country could see their output reduced. That said the oil and energy developments in the nation can help the country focus on more pivotal aspects of development with thorough focus on Technology and Education.

This was posted in Bdaily's Members' News section by Alina Niyazov .