Russia & Central Asia
Kazakhstan, China Strengthen Economic Ties With $2.5 Billion In New Investments
Kazakhstan has signed eight commercial agreements worth $2.5 billion with Chinese companies, significantly enhancing bilateral economic relations between the two countries. The agreements were signed on November 4 during Kazakh Prime Minister Olzhas Bektenov's visit to Shanghai. The agreements support a broader strategy by Kazakh President Qasym-Zhomart Toqaev and Chinese President Xi Jinping to double trade turnover, which reached a record $41 billion last year, the Kazakh prime minister's press service said. Bektenov's visit highlights China’s growing influence in Central Asia in light of Russia's traditional dominance. Click here to read...
Uzbekistan, ACWA Power agree on $1.1bn energy storage project at COP-29
The Ministry of Energy of Uzbekistan and Saudi Arabia's ACWA Power inked a $1.1bn deal at the COP-29 conference in Baku, Azerbaijan, to construct electricity storage systems with a total capacity of 2,000 megawatt-hours (MWh) across Uzbekistan. This project aims to bolster the nation’s energy infrastructure by introducing advanced storage solutions. Comprehensive studies of Uzbekistan’s energy system will guide the selection of regions where the systems will be gradually deployed. The initiative is set to generate over 1,000 jobs during construction, contributing significantly to local employment. Click here to read...
Kazakhstan, Azerbaijan and China Establish Joint Cargo Terminal in Baku
Azerbaijan, China, and Kazakhstan have signed an agreement to establish an intermodal cargo terminal in the Port of Alat in Baku, the Azerbaijani capital. The agreement was signed in Baku on November 12 by SK-AIH Investment Fund Ltd (Samruk-Kazyna, Azerbaijan Investment Holding), Kazakhstan Temir Zholy (Kazakhstan’s national railway company), Baku International Sea Trade Port (Azerbaijan), and Xi’an Free Trade Port Construction and Operation Co., Ltd (China). The project was made possible through Azerbaijan’s provision of a land plot, operational berths, and terminal facilities at the Port of Alat. This new terminal is expected to increase container train traffic between China and Europe along the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor, reducing delivery times, transportation costs, and transshipment time. Click here to read...
Tajikistan stands ready to consider joining green corridor between Azerbaijan, Kazakhstan, and Uzbekistan
Tajikistan is ready to consider joining the project of the green corridor between Azerbaijan, Kazakhstan, and Uzbekistan, the Minister of Energy and Water Resources of Tajikistan Daler Juma told Trend on the sidelines of COP29 in Baku. “This is a very interesting project, although our colleagues have not yet approached us with an official proposal. It is obvious that for Central Asian countries, such as Tajikistan and Kyrgyzstan, such initiatives are important and require development. We are generally ready to consider this issue," he noted. Juma emphasized that the prospects of creating a green corridor are very promising. Click here to read...
North Korea ratifies defence treaty with Russia
North Korea has formalized a mutual defense treaty with Russia, according to state media reports on Nov. 12. The agreement commits both nations to come to each other's aid in the event of an armed attack. The announcement follows reports of first clashes between the Ukrainian Armed Forces and North Korean soldiers stationed in Russia’s border region of Kursk. North Korea’s KCNA news agency confirmed that Kim Jong Un ratified the treaty as a decree. “The treaty will take effect from the day when both sides exchanged the ratification instruments,” KCNA reported. Russian lawmakers unanimously approved the treaty last week, and President Vladimir Putin signed it into law. The agreement, signed in June during Putin’s visit to Pyongyang, mandates immediate military assistance by either nation in the event of an attack. Click here to read...
U.S. Sanctions Uzbek Companies Supplying Russia with Equipment
The U.S. Department of the Treasury has sanctioned 275 individuals and entities involved in supplying Russia with advanced technology and equipment that it desperately needs to support its war machine. The Uzbek companies Uzstanex and The Elite Investment Group are among the sanctioned entities. Deputy Secretary of the Treasury Wally Adeyemo emphasized that the U.S. and its allies are committed to halting the flow of essential tools and technologies that enable Russia to pursue its unlawful war against Ukraine. “As demonstrated by today’s actions, we are unwavering in our resolve to weaken Russia’s military capabilities and to penalize those attempting to circumvent or evade our sanctions and export controls,” Adeyemo stated. Uzstanex is part of the StanexGroup holding. The company sells and adjusts machine tools in Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan. Click here to read...
European leaders call on Trump to support Ukraine, avoid trade wars
Nearly 50 European leaders attended the European Political Community Summit in Budapest, Hungary, on Thursday as they strained for unity after Trump emerged victorious in this week’s presidential election. The meeting also came just a day after the coalition government in Germany - Europe’s largest economy - fell apart when Chancellor Olaf Scholz fired the finance minister in an unexpected move. Trump's victory poses a significant challenge for Europe, ushering in a period of profound uncertainty just as the continent struggles to maintain unity, with Germany and France -Europe’s two largest powers- both in weakened states. Click here to read...
Iran and the South Caucasus
North Macedonia's ESM, SOCAR sign energy cooperation MoU
North Macedonia's ESM power utility and Azerbaijan's state energy company SOCAR signed a memorandum of understanding aiming to strengthen energy stability in the Balkan country. The cooperation will focus on improving the access and expanding opportunities for natural gas supplies to ensure a stable supply at competitive prices, the country's largest power producer said. It added that the memorandum was in line with state efforts to provide natural gas and with the SOCAR goal to increase its presence in the regional market. Click here to read...
Armenia: EIB Global signs €236 million loan to finance construction of Sisian-Kajaran road
The European Investment Bank’s global arm (EIB Global) has signed a loan of up to €236 million with Armenia to co-finance the construction of the Sisian-Kajaran road, a crucial segment of the north-south transport corridor. This project is set to become a gamechanger for Armenia and the South Caucasus region, significantly improving transport connectivity between the European Union, Middle East and Asia. The project will contribute to climate change mitigation, improve road safety and strengthen Armenia’s economic resilience. As a flagship project of the EU Global Gateway initiative and the EU Economic and Investment Plan for the Eastern Partnership, the construction of the Sisian-Kajaran road will bolster economic growth, regional security and environmental resilience. It will also be a key link in the Trans-European Transport Network corridor. Click here to read...
Armenia says peace deal with Azerbaijan ‘very close’
Since Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev held talks at a BRICS summit in Russia in October, both sides have expressed increasing positivity about the negotiations. As a result of the meeting, Pashinyan and Aliyev instructed their foreign ministers to finalise a peace deal ‘in the shortest possible period’. Peace talks have floundered since September, after Pashinyan proposed to sign an interim peace treaty based on articles already agreed upon. Azerbaijan refused despite similarly proposing to do so earlier this year, with Aliyev suggesting that the treaty would be signed ‘when we agree on everything’. Click here to read...
