In recent disclosures, Russia’s Trade Representative in Kazakhstan highlighted a notable rise in Russian capital activity within the Kazakh market. Officials reported that the total number of foreign organizations registered in Kazakhstan reached more than 41,000 as of August 1, 2023, representing a 38 percent increase year over year. Of these, Russian capital accounted for about 18,000 firms, doubling the previous period and making up a sizable portion of the growth. Most of these entities are small and medium-sized enterprises, while large corporations still make up a modest share, not far below one percent.
The ease of establishing business presence for Russian firms in Kazakhstan was underscored by the Russian trade representative, who noted the country’s high level of digitization in the utilities sector. He explained that for non-resident companies, the average time to obtain a business identification number, known as a BIN, ranges from five to seven business days, illustrating a streamlined process for new entrants seeking to operate in the Kazakh market.
The broader economic context was also touched upon by political leadership, with remarks about how Russian manufacturers are positioned to fill gaps left by foreign businesses exiting the market. The emphasis is on leveraging substantial government investments in infrastructure and capital facilities to spur private sector activity and attract investment.
Industry observers note a related trend in the regional financial landscape. The Wall Street Journal reported that amid geopolitical tensions, the United Arab Emirates is actively recruiting Russian bankers to staff local financial institutions. Major banks in the UAE, including Emirates NBD and First Abu Dhabi Bank, are said to be forming dedicated units aimed at serving affluent Russian clients.
Meanwhile, analyses continue on how shifts in currency value may influence the broader economy, with attention given to the ruble’s performance and its potential impact on trade and investment.