President Kassym-Joomart Tokayev approved the new government of Kazakhstan under the leadership of Olzhas Bektenov. The names of the ministers were published on primeminister.kz.

Most of the ministers remained from the old government.

Four ministers were replaced: Nurlan Baibazarov was appointed Deputy Prime Minister – Minister of National Economy instead of Alibek Kuantyrov, Madi Takiyev became Minister of Finance instead of Erulan Zhamaubaev, Akmaral Alnazarova was appointed Minister of Healthcare instead of Azhar Giniyat, and Chingis Arinov became the new Minister for Emergency Situations instead of Syrym Shariphanov.

Members of the government who remained in their positions included First Deputy Prime Minister Roman Sklyar, Minister of Foreign Affairs Murat Nurtleu, Chief of Staff of the Government Galymzhan Koishybayev, Deputy Prime Minister Tamara Duisenova, Deputy Prime Minister Serik Zhumangarin, Minister of Defense Ruslan Zhaksylykov, Minister of Internal Affairs Yerzhan Sadenov, Minister of Justice Azamat Yeskarayev, Minister of Energy Almassadam Satkaliyev, Minister of Agriculture Aidarbek Saparov, Minister of Digital Development, Innovation and Aerospace Industry Bagdat Mussin, Minister of Education Gani Beisembayev, Minister of Ecology and Natural Resources Yerlan Nyssanbayev, Minister of Science and Higher Education Sayasat Nurbek, Minister of Water Resources and Irrigation Nurzhan Nurzhigitov, Minister of Culture and Information Aida Balayeva, Minister of Tourism and Sports Yermek Marzhikpayev, Minister of Transport Marat Karabayev, Minister of Labour and Social Protection of the Population Svetlana Zhakupova, Minister of Industry and Construction Kanat Sharlapaev, and Minister of Trade and Integration Arman Shakkaliyev.

There are currently 26 members of the government. The composition was renewed for 16%. There are six deputy prime ministers left. 16% remained women.

President Kassym-Joomart Tokayev decided to resign the government of Kazakhstan on February 5. The duties of the Prime Minister of Kazakhstan were temporarily assigned to Roman Sklyar. The next day, the president said the government’s resignation was aimed at providing new impetus and meeting public expectations. In addition, the president promised that the new government will use new approaches.

The head of the Presidential Administration of Kazakhstan, Olzhas Bektenov, headed the government of Kazakhstan on February 6. His candidacy was proposed by the Amanat party, it was supported by the president, the majority of factions of political parties in the Parliament agreed to the appointment. Olzhas Bektenov replaced Alikhan Smailov, who had headed the Cabinet of Ministers since January 2022.

Source: Akipress

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The parties discussed the opportunities for Kazakh companies to list on the SGX and raise capital for investment in the growing economy of Kazakhstan. SGX is one of the leading and recognizable exchanges in the world, and deepening cooperation with Kazakhstan will raise the awareness of potential investors. We look forward to continuing our discussion and establishing fruitful cooperation soon.

Source: Kazakhstan Singapore Business Council

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When Kenes Rakishev embarked on the establishment of Oxus SPAC, a specialized entity aimed at acquiring and subsequently taking companies public on the American stock market, experts were filled with anticipation and conjecture regarding his targeted investments. Renowned for his diverse interests spanning robotics, battery technologies, communications, and groundbreaking concepts, Kenes Rakishev’s decision left everyone startled, as he delved into an exceedingly unforeseen realm: the food sector.

Kenes Rakishev, star investor, international entrepreneur, philanthropist and former special envoy of the Kazakhstan government, meets star chef, Gordon Ramsay and star manufacturer, Borealis Foods to change the international food market.

Kenes Rakishev executed a remarkable manoeuvrer by orchestrating the public offering of Borealis Foods. This particular enterprise had earned acclaim for its unwavering dedication to crafting ecologically responsible and pioneering merchandise. However, Rakishev’s aspirational strategies for continued expansion did not conclude there. To propel Borealis Foods towards uncharted pinnacles, he actively pursued an alliance with none other than the globally esteemed culinary virtuoso, Gordon Ramsay.

This unforeseen partnership serves as a testament to Kenes Rakishev’s strategic foresight and his readiness to navigate unexplored domains. The integration of Gordon Ramsay’s culinary mastery into the realm of Borealis Foods holds the potential to fuse innovation, sustainability, and epicurean brilliance in manners that could potentially redefine the landscape of the food industry.

Borealis Foods, a pioneering force in food technology innovations and the creative force behind beloved brands such as Chef Woo and Ramen Express, has made waves with its latest announcement: the enlistment of Gordon Ramsay, a world-renowned Michelin-starred chef and global business titan, as a consultant and esteemed brand ambassador.

The resonance of this partnership reverberates through the industry, as Reza Soltandez, the visionary founder and CEO of Borealis, expressed his excitement, stating: “With open arms, we welcome Gordon Ramsay as a strategic collaborator and advisor, infusing his culinary mastery, strategic acumen, and worldwide renown to propel us toward our ambitions.”

Soltandez underlines how Ramsay’s involvement is set to fortify their mission of tackling the intricate challenge of ensuring accessible, wholesome, protein-enriched meals for the many individuals navigating this issue in the United States and beyond.

Amidst this culinary excitement, Kenes Rakishev, a distinguished Kazakhstani entrepreneur with a remarkable track record of investing in high-tech startups, emerges as a pivotal figure. His establishment of Oxus Acquisition Corp. marks a new epoch for Borealis Foods. By the culmination of February, the strides made by Oxus Acquisition Corp. culminated in a transformative business consolidation accord. The aftermath of this deal will see the combined entity retaining the revered title of Borealis Foods Inc. Leading the company post-transaction, a dynamic duo will emerge—Reza Soltandez, the CEO and co-founder of Borealis, along with the astute Barthélémy Helg, Chairman and co-founder.

The strategic significance of this agreement, valued at an impressive $150 million, was endorsed by both the governing bodies of Borealis and Oxus. As this conglomerate embarks on a new trajectory, the industry waits in anticipation to witness the confluence of culinary innovation, cutting-edge technology, and astute business acumen that this union is poised to deliver.

Gordon Ramsay shared his thoughts on the collaboration, remarking, “Amidst the ongoing challenges posed by escalating living costs and the global surge in food prices, the matter of food security takes on greater urgency. My conversations with Reza illuminated our shared perspective on the significance of furnishing accessible, nourishing, and delectable offerings. With a tapestry of exciting concepts already brewing, I’m eagerly anticipating the collaboration with Borealis Foods’ team, especially in enhancing their Chef Woo range in the forthcoming months.”

Chef Woo Ramen: A Journey of Nutritional Accessibility

Chef Woo Ramen, a brainchild of Borealis Foods’ subsidiary Palmetto Gourmet Foods, was conceived with the noble mission of rendering wholesome, budget-friendly, and convenient meals to those who grapple with limited nutritional access. Boasting the distinction of being the world’s inaugural plant-based ramen noodles, Chef Woo Ramen delivers a substantial 20 grams of complete protein per portion.

Borealis Foods Inc. remains steadfastly devoted to the development of exceptionally nutritious and pragmatic culinary innovations that are economically viable and ecologically responsible. This steadfast commitment resonates harmoniously with Borealis Foods’ overarching objectives, which are poised to leave a positive imprint on both human lives and the ecosystem.

This strategic alliance with Gordon Ramsay is set to empower Borealis Foods Inc. to scale unparalleled heights and amplify its production capacities, all the while retaining its position as a trailblazing purveyor of premium-grade food products.

Borealis Foods and the trailblazing Oxus Acquisition Corp. are charting their course towards becoming publicly-listed entities on Nasdaq, a milestone they anticipate achieving by the close of 2023.

Kenes Rakishev’s Involvement in Social Initiatives and Philanthropy

During the World Rapid Chess Championship in Astana back in 2012, Kenes Rakishev assumed a leadership role, and SAT & Company, under his guidance, took on the significant mantle of being the primary sponsor of the event. This endeavour marked a key moment in his commitment to community involvement.

In December 2014, he extended his influence by becoming the head of the development council for youth entrepreneurship at the National Chamber of Entrepreneurs of Kazakhstan. This strategic position allowed him to contribute to fostering the growth of young entrepreneurs in the country.

Beyond his business endeavours, Kenes Rakishev is a fervent advocate of the philanthropic foundation “Saby.” Co-founded by his spouse, Aselle Tasmagambetova, the foundation has undertaken a multifaceted approach to social betterment. Among its achievements are the provision of scholarships to gifted students within Kazakhstan, aiding over 300,000 individuals in accessing medical treatments, facilitating specially-equipped taxis for those with disabilities, and financing the construction of sports facilities, playgrounds, and gymnasiums.

Starting in 2013, the “Saby” foundation, with support from Kenes Rakishev and Vyacheslav Kim, has annually organized the “Build Your Business” competition for aspiring young entrepreneurs. The competition has proved transformative, granting financial assistance in the form of business development grants to winners. Over the initial five-year period, a total of 41 projects were awarded grants amounting to more than $1 million.

In 2017, the foundation achieved another milestone by financing the establishment of a private school named after Chokan Valikhanov in Almaty. This endeavour attracted investments surpassing 6 billion tenge, highlighting the substantial impact of Rakishev’s philanthropic vision.

In December 2018, Kenes Rakishev took on a pivotal role by assuming the position of Vice-President of the Kazakhstan Boxing Federation, overseeing international relations. Since 2019, he has held the position of President within the federation. In a remarkable achievement in 2021, the Kazakhstan women’s boxing team secured an impressive 8 out of 10 gold medals at the Asian Women’s Boxing Championship. In recognition of this triumph, Kenes Rakishev established an additional prize fund equivalent to the awards offered by AIBA, further enhancing the recognition and rewards for the champions and top performers of the championship. This move exemplified his commitment to uplifting sports and recognizing outstanding accomplishments within his country.

Source: Toinnov

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Source: Bizmedia

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Warsaw (21/08 – 60)

The amount of Russian oil to be piped through Kazakhstan to Uzbekistan in 2023 has been reduced to 180,000 tons, reported by the Head of the Transportation Department of Kazakhstan’s Kaztransoil pipeline monopoly.

In July, the company had announced an agreement to pump 300,000 tons of oil from Russia to Uzbekistan through Kazakhstan this year.

Kaztransoil reports Russian oil supplies in 2023 to Uzbekistan via Kazakhstan has been reduced to 180,000 tons. In July, the company had announced an agreement to pump 300,000 tons of oil from Russia to Uzbekistan through Kazakhstan this year.

Department Director, Abay Beisembaev commented that Kazakhstan had transported 48,500 tons of Russian oil to Uzbekistan in the first half of 2023 and a further 131,500 tons were planned in the second half of the year.

No reason was given for the reduction.

On February 1, Kaztransoil increased the tariff for the transportation of Russian raw materials through Kazakhstan to Uzbekistan to $27.9 per ton from $25.12 per ton.

Source

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Berlin, Warsaw (11/8 – 60)

The Russian invasion of Ukraine has yet to see an end. Russia has mobilized everything in its power to overcome Ukraine, including recruiting citizens of Kazakhstan to join its military forces. 

Russia lures Kazakh citizens through digital recruitment advertisements, recently prominent on a number of the country’s internet user pages. Several pop-up ads have started appearing on the internet pages of Kazakh residents, announcing openings for enlistment in the Russian army, with a joining-up bonus of more than USD 5,000. The advert cleverly targets the patriotic soft side of the Kazakhs, displaying flags of the two countries with the slogan “Shoulder to Shoulder”.

A one-time enlistment bonus payment of 495,000 rubles ($5,300) also promises a monthly salary of at least 190,000 rubles (or USD 2,000) and additional, unspecified benefits. Click on  the ad and you are redirected to a website offering potential recruits the opportunity to join the Russian Federation military, for service in the ultra-icy Sakhalin region of Russia.

The site names the “Resource Development Agency”, an organization established by local government in the Sakhalin region, as responsible for the offer. 

Any young buck tempted by this easy money should be aware that under Kazakhstan law it is illegal for a citizen to join any foreign military unit as a paid mercenary. However, the Minister of Information and Social Development of Kazakhstan has yet to comment on the advertisement.

Other ex-Soviet Central Asian country folk have told of the citizens of several partner countries have joined the Russian army or mercenary groups like Wagner. 

Kazakhstan is a former member of the Soviet Union (USSR), now an independent nation. It has traditionally stood as one of Moscow’s closest allies, and both the Soviet nuclear test program and their space program were sited in Kazakhstan.

It is important to note that Astana, capital and seat of Government, has never backed the Kremlin in its invasion of Ukraine; it has indeed frequently called for peace talks between the two countries.

Not only Kazakhstan is targeted for recruitment: Kyrgyz, Tajik, and Uzbek citizens are also of interest, given the sizable numbers who migrate each year to Russia in search of work – and the stark miserable condition of local economies – and their job prospects – back home. 

In the first quarter of 2023, 350,000 Tajik citizens migrated to Russia – 100,000 more than in the same period in 2022. More than 630,000 Uzbeks did the same, representing a 72 percent increase over the 366,000 that made the journey in 2022. Nearly 173,000 Kyrgyz nationals made the journey as well. 

Kazakhstan as a nation doing way better than its neighbors in the Central Asia. Its 2021 GDP stood at $197.1 billion, more than double that of Uzbekistan ($69.24 billion), and light-years ahead of Kyrgyzstan ($8.5 billion) or Tajikistan ($8.7 billion). There are fewer Kazakh migrants seeking work in Russia than from other nations in the region.

Central Asian governments have attempted to maintain some semblance of neutrality amid the ongoing conflict in Ukraine, while a host of difficult questions have arisen for national and regional governments alike, from intense grappling with a legacy of Russian imperial projects and Soviet colonialism to more pragmatic questions of how to manage and shift regional trade networks, when a significant economic partner turns itself into a pariah. 

The success rate of the Russian ads in Kazakhstan in terms of recruitment rates is not known, but the risk is clearly evident. It is noteworthy that both China and the USA face comparable difficulties in recruiting “Gen Z” youth. Those ready and willing to join the military recruitment (in the face of dismal employment prospects elsewhere) may be unhealthy, overweight or psychologically unfit.

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Kenes Rakishev, an international entrepreneur, philanthropist and former special envoy of the Kazakhstan government, is leading the charge for an upcoming Nasdaq listing of Borealis Foods Inc.. He is included in the “Top 50 Wealthiest Businessmen of Kazakhstan” and “Top 50 Most Influential Businessmen of Kazakhstan” lists by Forbes magazine. In Forbes’ list of the wealthiest businessmen in Kazakhstan for 2021, he holds the 9th position with a capital of 950 million dollars.  

Rakishev is President of Fincraft Group and Net Element; a global publisher of online destinations and business services on a custom technology platform for internet and mobile distribution. He is also a member of the Board of Directors of Fastlane Ventures, a Moscow-based investment company that focuses on developing the Russian online business sector. Rakishev is one of the founders of Singulariteam, a series of investment funds dedicated to assist and support early-stage start-up technology companies.

When Kenes Rakishev launched Oxus SPAC – a special purpose acquisition company designed to acquire companies and take them public on the American stock market, analysts speculated on what exactly he would invest in. Kenes Rakishev is known for his broad interest in robotics, battery technologies, communications, and innovations. No one expected Rakishev to choose an extremely unusual sector and put effort and money into the food industry. Kenes Rakishev took the company Borealis Foods public. The company is famous for its environmentally friendly and trendy products, and for its further growth, Kenes Rakishev enlisted the world-class culinary star Gordon Ramsay.

Borealis Foods, a company specializing in food technology innovations, responsible for popular brands like Chef Woo and Ramen Express, has announced the addition of Gordon Ramsay, a renowned Michelin-starred chef and international businessman, as a consultant and brand ambassador.

Kenes Rakishev is leading the charge for Borealis Foods and Oxus Acquisition Corp. to be listed as public companies on Nasdaq by the end of 2023. Borealis Foods is dedicated to developing highly nutritious and functional food products that are cost-effective and environmentally sustainable, with a focus on addressing global food security issues. Partnering with Gordon Ramsay will enable Borealis Foods Inc. to reach new heights and expand production, while remaining an innovative producer of high-quality food products.

“We warmly welcome Gordon Ramsay as a strategic partner and consultant, contributing his culinary expertise, business acumen, and global recognition to help us achieve our goals,” said Reza Soltandez, the founder and CEO of Borealis. “His partnership will strengthen our mission to address the challenge of providing accessible, nutritious protein-based meals, which many people in the USA and around the world face.”

Kenes Rakishev establishes Oxus Acquisition Corp.: A new chapter for Borealis Foods

Kenes Rakishev, a successful businessman from Kazakhstan and experienced investor in high-tech startups, has founded Oxus Acquisition Corp., which made significant progress by the end of February, finalising a business consolidation agreement. The resulting merged entity will retain the name Borealis Foods Inc. It’s anticipated that after the deal’s completion, Reza Soltandez, CEO and co-founder of Borealis, along with Barthélémy Helg, Chairman and co-founder, will lead the company. The proposed deal, valued at $150 million, received approval from the boards of directors of Borealis and Oxus.

Gordon Ramsay commented on the partnership, stating, “In the current crisis of rising costs of living and global food price growth, the issue of food security becomes more pertinent than ever. After speaking with Reza, I realized we share a common vision about the importance of providing nutritious and delicious products that are affordable. I already have several exciting ideas, and I look forward to collaborating with the Borealis Foods team on their Chef Woo products in the coming months.”

Chef Woo Ramen: A mission of nutrition and affordability

Chef Woo Ramen, developed by Borealis Foods’ subsidiary Palmetto Gourmet Foods, was created to offer healthy, affordable, and convenient meals for those who lack access to proper nutrition. Chef Woo Ramen is the world’s first plant-based ramen noodles, providing 20 grams of complete protein per serving.

Borealis Foods Inc. is dedicated to developing highly nutritious and functional food products that are cost-effective and environmentally sustainable, with a focus on addressing global food security issues. This mission aligns with Borealis Foods’ goals of making a positive impact on human life and the environment.

Partnering with Gordon Ramsay will enable Borealis Foods Inc. to reach new heights and expand production, while remaining an innovative producer of high-quality food products.

Borealis Foods and Oxus Acquisition Corp. plan to be listed as public companies on Nasdaq by the end of 2023.

Kenes Rakishev career development

• 1998-1999: Advisor to the Road Safety Fund under the Ministry of Internal Affairs of the Republic of Kazakhstan.
• 2000: Manager at JSC “KazTransGas.”
• 2000-2002: Specialist, Head of Marketing Department in the Materials and Technical Supply Department at JSC “Intergas Central Asia.”
• 2002: Head of the Renewable Energy Department at JSC “KazTransGas.”
• January-October 2003: First Deputy CEO for Export at LLP “Trade House KazMunayGas.”
• 2003-2004: Deputy CEO for Marketing at JSC “KazTransGas.”
• 2004-2005: CEO of LLP “Mercury.”
• Since March 2005: Vice-President of the Trade and Industry Chamber of the Republic of Kazakhstan, a member of the Board of Directors of Vyborg Shipbuilding and Astrakhan Shipyard.
• Since November 2006: Chairman of the Board of Directors of the industrial holding SAT & Company, from September 2007 to December 2019 – Chairman of the Management Board of SAT & Co (renamed to JSC “Fincraft Resources” in 2018).
• Since November 2007: Member of the Board of Directors of JSC “Kazakhstan Petrochemical Industries.”
• 2012: Member of the Presidium of the Business Association NEP “Union “Atameken .”
• 2012: Chairman of the Presidium of the Public Association “Association of Young Entrepreneurs of Kazakhstan.”
• 2013: Member of the Youth Policy Council under the President of Kazakhstan “Zhass Kenes.”
• February 14, 2014 – March 29, 2018: Chairman of the Board of Directors of JSC “BTA Bank.”
• 2014-January 2015: Independent Director of JSC “National Company “Kazakhstan Engineering.”
• 2015-2018: Member of the Board of Directors, Chairman of the Board of Directors of JSC “Kazkommertsbank.”
• Since 2019: President of the Kazakhstan Boxing Federation.
• Since 2019: External Advisor to the Minister of Foreign Affairs.
• Since February 2021: President of Fincraft Group.

Source

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On June 20, after meeting with Kazakhstan President Kassym-Jomart Tokayev in Astana, German President Frank-Walter Steinmeier announced Germany’s recent endorsement of Kazakhstan’s efforts to create alternative trade routes and transport corridors to Europe while bypassing Russia. Steinmeier declared that such measures would further prevent the Kremlin’s ability to evade sanctions via Kazakhstan (Svoboda, June 20). However, Moscow’s moves to redirect trade through a new corridor that would circumvent Kazakhstan pose a challenge to Astana’s ambitions (see EDM, 5 July).

Since the collapse of the Soviet Union, both local governments, neighboring foreign states and international institutions have invested much effort and money in designing and then building regional and intercontinental trade routes. Regardless of where they originate, all of these plans are inextricably tied to the sponsors’ geopolitical as well as economic interests. Consequently, they invariably have become elements of bilateral, regional and international contestation. These plans have long served to bring together Asian, European and Central Asian states, including Afghanistan and the former Soviet republics (Unescap.org, accessed July 19).

Throughout history, Central Asia has been at the crossroads of civilizations and trade routes. Its strategic location has attracted the attention of various empires and powers seeking to control the potentially lucrative corridors between Asia, Europe and the Middle East. As a significant part of the Great Silk Road, Kazakhstan’s cities not only served as transshipment points for commodities traveling from China to Europe but also actively participated in joint production and trade, as well as the interchange of cultural values ??and ideas (Russian.people.com.cn, November 29, 2013; EL, March 18, 2017).

Therefore, it is unsurprising that such maneuvers have become a long-standing element in Central Asia’s international politics—not least in Kazakhstan, due to its geographical location as a link between Central Asia, the Caspian Sea, as well as Russia and China. For example, for the first time, in June 2023, Kazakhstan signed a series of agreements with Azerbaijan to bring energy and other natural resources and minerals through the Caspian and Azerbaijan to the Caucasus and European markets, which are eager to obtain these imports (Astana Times, June 22). Not least in these matters is the fact that these agreements bypass Russia thereby marking another step toward Kazakhstan’s economic and political independence from Putin’s Russia (Eurasianet, June 28).

These agreements are part of a larger grand design for Astana. Recently, Tokayev suggested that the German government could replace embargoed Russian oil with Kazakhstani oil (Radio Azattyk, June 3). He suggested that Kazakhstan could increase its exports of oil by 600 percent to Germany and presumably German-operated, but not Russian-owned, refineries in Germany could increase their capacity from 90,000 to 200,000 tons by the end of 2023 and then 900,000 to 1 or 2 million tons annually in the near future. Likewise, Italy is already importing oil from Kazakhstan, increasing its share of imports from 28 percent in 2022 to 38 percent in 2023.

These trade contracts clearly represent significant efforts by Astana to diversify its foreign economic relations. For example, Kazakhstan has signed accords with Beijing to enhance energy flows to China, and the aforementioned agreements with Azerbaijan likewise speak to that ambition (Kursiv.media, May 18; Upstream, May 19). Indeed, recently, the European Union has announced its intention to import “critical goods” from Kazakhstan via the Trans-Caspian International Transport Route, bypassing Russia (Kursiv.media, July 4). These goods include lithium, cobalt, titanium and other rare earth metals vital to the contemporary global economy, as well as defense manufacturing. For the EU, this is explicitly about reversing its excessive dependence on China and Russia for such goods; thus, its geo-economic and geopolitical intentions are clearly and openly stated.

Kazakhstan has also repeatedly criticized Moscow’s war against Ukraine, something Putin and his subordinates will not soon forget (Tengrinew.kz, June 20). And one way Moscow can get back at Astana is to exclude Kazakhstan from newly proposed trade routes running from Central Asia through the Caspian to Russia (see EDM, July 5). This trade route from the Turkmenbashi Seaport in Turkmenistan to Astrakhan on the Caspian has been on the table for several months. Clearly, it represents an attack on Kazakhstan, with the Kremlin alleging that Astana is blocking other Central Asian traders from exporting their wares.

Russian sources also allege that this planned trade route is linked to Moscow’s ambitious north-south transit project to connect Russia, Central Asia, Iran and India and could lead to the mutual supply of dual-use goods among its members (Orda.kz, July 7). It also appears that Uzbekistan, which has been much quieter, though nonetheless unhappy about the war, and has recently improved ties with Russia, was strongly lobbying for this trade route to avoid its own excessive dependence on Kazakhstan (Ratel.kz, July 12). Thus, this corridor, along with the others proposed by Kazakhstan, reveals the intertwining of economic and political motives for strategically critical region ranging from Europe and the Caucasus to Central Asia and China.

India can also be included among these states, a proposed beneficiary and terminus of the projected north-south route and a state with its own active program to build trade with Central Asia and major European markets (ORF, February 2020). Indeed, China has consistently sought to minimize Indian exposure to those trade routes and markets as part of its own long-standing efforts to suppress India’s rise to the status of a great power (Nikkei, January 29).

Undoubtedly, as India, China, Russia and smaller but nonetheless critical regional actors strive to expand their economic and political influence globally, and Europe seeks to develop viable and long-lasting trade routes with Asian markets, the contestation over these corridors will grow. This rivalry will not be confined to Kazakhstan but will engage every Central Asian state for years to come, as the countries in the region are entering a period of enhanced trade and geopolitical rivalries. Therefore, the struggles and rivalries depicted here will be part of the regular agenda and landscape of international affairs in both their political and economic dimensions in Central Asia for the indefinite future.

Source: Yahoo

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The head of Antikora spoke about the agency’s plans to return assets illegally withdrawn from the country in the Interview program.

According to Askhat Zhumagali, the money will go to the state treasury in one of the criminal cases.

The head of the department noted that through joint efforts, state bodies have already returned more than 850 billion tenge to the budget of the republic. All finances will go to the construction of schools and hospitals.

“In July, a law on the return of assets was adopted. Now this activity will be carried out more actively. Where there is no sufficient justification, so to speak, for wealth of one kind or another, it will be recognized as unjustified enrichment and measures will be taken to turn it into state revenue. There there is a certain procedure. It has been discussed more than once. We are actively working and it will continue,” Askhat Zhumagali assured.

Return of illegally withdrawn assets to Kazakhstan

Last summer, an interdepartmental commission was established to carry out comprehensive work to return funds illegally exported by citizens of Kazakhstan abroad. The commission was headed by the Prosecutor General of the country Berik Asylov.

In November, after his inauguration, Tokayev signed a decree on measures to return illegally withdrawn assets to Kazakhstan. At the same time, speaking at the inauguration, the head of state announced the need to return all illegally withdrawn assets to the country.

At the end of 2022, the head of Antikor reported to the President of Kazakhstan that over 11 months of 2022, the return to the state of illegally acquired property assets and funds in the amount of more than 600 billion tenge was ensured .

At the end of April this year, the Ministry of Finance reported that illegally withdrawn assets worth 670 billion tenge were returned to the country .

Prosecutor General Berik Asylov said that assets worth 760 billion tenge were returned to the country , including $575 million from foreign jurisdictions.

Later, the Minister of Finance of the Republic of Kazakhstan, Yerulan Zhamaubayev, explained the information about the creation of a separate department in the structure of the Prosecutor General’s Office for the return of illegally withdrawn assets.

“A special department, an authorized body will be created that will directly carry out this work. A certain fund will be created.

This fund may be a separate account, perhaps it will be a separate enterprise that will have an account,” he said.

At the end of May, Majilis deputy Snezhanna Imasheva told how and by whom the decision on the return of illegally withdrawn assets to the state would be made.

Meanwhile, MP Maharram Maharramov explained how the illegally acquired assets would be returned to the state. According to him, the decision on confiscation will be made by a Kazakh court or a foreign court, depending on the circumstances of the case.

In the middle of last month, the president signed into law the law “On the return to the state of illegally acquired assets” with accompanying amendments.

Source

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Kenges Rakishev, international entrepreneur, philanthropist and former special envoy of the Kazakh government, is leading the charge for an upcoming Nasdaq listing of Borealis Foods Inc., a fast-growing food tech company imbued with a mission to serve growing consumer needs. Rakishev intends to tackle global food challenges by developing nutritious, sustainable, and affordable ready-to-eat meals. This product is currently on sale in US and Canadian markets, with ambitious, imminent plans for a European market invasion. The Company stands at the forefront of innovation, having pioneered the world’s first plant-based ramen meal on a mass scale, boasting 20 grams of comprehensive protein per serving.

Bear in mind that passing the multiple hurdles necessary for approval of food-grade imports in western countries is a major challenge, and an expensive one. Matching food and pharmaceutical standards is exacting, but Borealis has done it.

Rakishev serves as Non-Executive Chairman of Central Asia’s first “Special Purpose Acquisition Company” (SPAC), listed as the “Oxus Acquisition Corp.” (NASDAQ:OXUS) IPO. Under Rakishev’s leadership, together with the acumen and dedication of CEO Kanat Mynzhanov, the firm has successfully navigated Oxus Acquisition through the complexities of a SPAC formation and listing, setting the stage for its upcoming partnership with Borealis Foods, set to go public before 4Q 2023.

Following the successful completion of Central Asia’s first Special Purpose Acquisition Company (SPAC), Oxus Acquisition Corp.’s IPO, Non-Executive Chairman Kenges Rakishev aims for upcoming Nasdaq listing of Borealis Foods Inc. Rakishev’s leadership roles have not been confined to Oxus Acquisition alone. Since March 2021, he has served as the President of Fincraft Group LLP, a diversified holding company listed on the Kazakhstan Stock Exchange.

This listing marks a significant milestone for the Central Asian business landscape and a landmark achievement in Rakishev’s investment career.

With a significant history of acquiring and investing in over 50 businesses in industries as varied as metals & mining, oil, petrochemicals, banking, fintech, information technology, ecommerce, logistics and insurance, Rakishev’s diverse investment portfolio includes some ten global-scale companies, demonstrating his knack for successfully identifying and driving growth in businesses anywhere.

Rakishev’s leadership roles have not been confined to Oxus Acquisition alone. Since March 2021, he has served as the President of Fincraft Group LLP, a diversified holding company listed on the Kazakhstan Stock Exchange. Rakishev has also been the Chairman of the Board of Fincraft Resources JSC since September 2008, a diversified holding focused on natural resources and disruptive technology industries. Furthermore, up until December 31, 2021 he held leadership positions at Battery Metals Technologies Ltd., an electric vehicle battery metals firm.

From 2013 to May 2018, Rakishev served as a Non-executive Director of Central Asia Metals Plc and was the controlling shareholder and Chairman of Kazkommertsbank JSC, the largest Kazakh commercial bank, from March 2015 to June 2017.

According to Forbes national rating, Rakishev burst into the ranks of the “Top-50 businessman of Kazakhstan” in 2013. Now he has ascended to the “Top-10”, keeping his highly diversified empire under control.

Rakishev has committed his time and energy to a variety of philanthropic activities, alongside his wife Aselle Tasmagambetova, through their Saby Foundation, the oldest charity fund in Kazakhstan, established in 2002. Saby supports young people seeking access to optimal education and career opportunities, as well as healthcare upgrading in Kazakhstan; it also empowers young entrepreneurs and business owners to develop their ventures. In 2020, Saby Foundation joined an ambitious battle to save the endangered Caspian seal from extinction.

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