Kazakhstan turns to Turkish investors to support drive into China

Turkish investors were yesterday called upon to help their Kazakh counterparts make inroads into China as Astana struggles with the economic effects of the slump in oil prices. “From this podium, I am inviting you to come and work with us,” Kazakhstan’s Deputy Agriculture Minister Gulmira Isayeva told a group of Turkish businessmen and  women in Istanbul. “Let’s enter the big Chinese and Muslim markets together.”

S&P downgrade

Isayeva’s clarion call came a day after the S&P international credit rating lowered Kazakhstan’s long- and short-term ratings were lowered from BBB/A-2 to  BBB-/A-3, predicting that  “weak exports and shrinking consumption will significantly constrain the country’s economic prospects, with output stagnating in 2016, followed by an only modest recovery”.

Source: AKIpress