WEEKLY REVIEW: Foreign exchange reserves of Kazakhstan increased

On Monday, June 16, speaking at the Government Hour in the Majilis Deputy Prime Minister - Minister of Industry and New Technologies Asset Issekeshev noted that the concept of Kazakhstan tourism industry development till 2020 provides for three scenarios for the development of tourism. According to the pessimistic scenario, it is expected that USD 2 billion in private investment will be attracted in the industry by 2020; tourism will account for a 1% share in GDP; about 56 - 60 thousand jobs will be created. Tuesday, June 17 Minister of Economy and Budget Planning Yerbolat Dossayev said that gross international reserves of Kazakhstan grew by 8.2% and reached USD 103.4 billion. Minister of Agriculture Asylzhan Mamytbekov announced plans to increase the land tax rate 5 times. According to him, as a result for agricultural producers who efficiently use land plots the overall tax burden remains at the same level, while the share of the land tax increases. On the same day Defense Minister Serik Akhmetov reported on the current activities of the ministry, measures aimed at further professional development of Kazakhstan's army, military-industrial complex development.

Besides, Akhmetov briefed on the results of participation in the Council of CSTO Defence Ministers, recently held in Moscow. On Wednesday, June 18, President Nursultan Nazarbayev has received Chairman of the Agency for Communications and Information Askar Zhumagaliyev. A. Zhumagaliyev reported to the President on the current work of the Agency, as well as plans for the development of the national information space taking into account the implementation of the tasks of the state program "Informational Kazakhstan - 2020".

On Thursday, June 19, president of JSC "Center for International Programs" Gani Nygymetov told a briefing in the Central Communications Service that it was planned to train more than 3.5 thousand engineers and technicians at foreign universities under the program "Bolashak" in 2014-2016. On Friday, June 20, Joint session of the Kazakh Parliament chambers - Senate and Majilis - has started took place in Astana. The session with the participation of Prime Minister Karim Massimov focused on two main topics - constitutional law in Kazakhstan and government and accounted committee's reports for control over execution of the republican budget in 2013. Kazakhstan is set to channel KZT 100 billion allotted by the National Fund into the development of food-processing industry, Prime Minister Karim Massimov said at the joint session of the Kazakh Parliament chambers in Astana. The head of the Government reminded that President Nazarbayev had initiated a range of unprecedented measures to support Kazakhstan's economy financially. "The National Fund has allotted a total of KZT1 trillion to this end. The first KZT 100 billion out of that sum will be spent to develop food-processing industry and attract foreign investments into that sector," Mr. Massimov noted.

He also added that Kazakhstan imports food industry products worth of nearly $3 billion annually.