Tag Archives: business

Russians prefer to holiday in Azerbaijan and Georgia

TBILISI, MARCH 23 2017 (The Conway Bulletin) — Baku and Tbilisi are among the top five destinations for Moscovites to choose to holiday in during this year’s spring break in April/May, the Vestnik Kavkaza website reported by quoting the RoomGuru.ru hotel and apartment booking website.

The data, based on bookings made for April 29 – May 10, may be anecdotal but they are more evidence of the growing popularity of both cities as tourist destinations for Russians. Both Baku and Tbilisi represent far cheaper options compared to Europe and are almost certain to guarantee sun, an important draw for Moscovites breaking out of a long cold winter.

Russians have also steered away from holidaying in Europe since sanctions were introduced in response to Russia’s annexation of Crimea in 2014. This, combined with a collapse in oil prices, triggered a recession which has reduced Russians’ spending power.

Maya Lomidze from the Association of Russian Tour Operators, told Vestnik Kavkaza that it was no coincidence that Baku and Tbilisi had grown in popularity.

“Azerbaijan and Georgia are actively developing inbound tourism, creating comfortable conditions for tourists and the potential for this is far from being exhausted,” she was quoted as saying.

Georgia’s tourism board has been working hard to try to entice Russians back to the country after direct flights were resumed in 2014, after being scrapped in 2008 during a war between the two neighbours.

The Georgian tourism agency said that just over 1m Russians visited Georgia in 2016, figures don’t distinguish between tourist and business trips, a 12% rise on 2015.

ENDS

(News report from Issue No. 322, published on March 27 2017)

Swedish fashion brand H&M opens first store in Kazakhstan

Leave a Reply

ALMATY, MARCH 18 2017 (The Conway Bulletin) — Confounding the sluggish economic outlook, Swedish fashion retailer H&M opened its first shop in Kazakhstan in one of Almaty’s biggest shopping malls, Mega Alma-Ata.

Young Kazakh fashionistas had been waiting since July last year when H&M said it was going to open the store, to start shopping at one of the most recognisable global high street brands.

Azamat, a civil servant, was walking with H&M bags through the Mega mall.

“It is very well-known brand, I have heard of it. And here is the only shop that has opened in Kazakhstan, in Almaty, so I came here and I’m glad,” she said.

Gaukhar, a student, reflected on other high-profile openings over the past couple of years. “I saw many people came to the opening, it was a bit wild. Just like the first months of Starbucks here,” she said.

Kazakhstan has developed something of a reputation as shopping Mecca in Central Asia. Ten years ago there were few international brands in Kazakhstan, now a European shopper would feel at home browsing the shops of Almaty’s main streets or a shopping mall in Astana.

Kazakhstan’s economy has been in limp mode since mid-2014. The tenge has halved in value and people’s living standards have fallen, but Aigerim Karimova, marketing specialist at the Mega shopping mall said that H&M’s entry into the Kazakh market showed that the economy had turned a corner.

“The very fact that H&M has entered the Kazakh market is already a modest victory,” she told said.

And the head of H&M’s business programme in Central Asia, Milena Yershova said in July that the company will be aggressive.

“H&M opens large stores which offers customers choice,” she said.

ENDS

(News report from Issue No. 322, published on March 27 2017)

LSE de-lists Kazakhstan focused oil producer

Leave a Reply

MARCH 24 2017 (The Conway Bulletin) — Tethys Petroleum the Canada- based, Kazakhstan-focused oil producer applied to de-list its shares from the London Stock Exchange. In a statement it said that it was too expensive and of little benefit to maintain its listing on both the London and Toronto Stock Exchanges. It will maintain its listing on Toronto’s Stock Exchange. The de-listing is planned for May 2.

ENDS

(News report from Issue No. 322, published on March 27 2017)

Azerbaijan airline to connect regions with Moscow

Leave a Reply

MARCH 20 2017 (The Conway Bulletin) — AZALJet, the budget airline of Azerbaijan Airlines, said it had started direct flights from Ganja and Qabala to Moscow’s Vnukovo airport. The routes are an important part of the transport network that connects migrant workers in Azerbaijan and the rest of the former Soviet Union, with jobs in Russia. Starting up the routes is a sign that people are starting to have more faith in the region’s economies. Like the rest of the South Caucasus/Central Asia region, Azerbaijan’s economy relies on remittance flows from Russia.

ENDS

(News report from Issue No. 322, published on March 27 2017)

Roxi wants merger in Kazakhstan

Leave a Reply

MARCH 23 2017 (The Conway Bulletin) — London-listed Roxi Petroleum said that it was trying to merge with Switzerland-based Baverstock to create a new company called Caspian Sunrise. Under the offered deal, Baverstock which already owns 10.45% of Roxi, would take control of an additional 41% stake in the new company. The new company’s main asset is the BNG contract area in Kazakhstan.

ENDS

(News report from Issue No. 322, published on March 27 2017)

Fertiliser plant to open in Turkmenistan

Leave a Reply

MARCH 22 2017 (The Conway Bulletin) — Turkmenistan will finally start operations at the Garlyk Mining and Processing plant in its north-eastern Lebap province, Turkmen media reported by quoting senior officials at Belgorkhimprom, the Belarusian constructor who has been building the site since 2009. Garlyk is a major potassium salt field and the plant is designed to produce fertilisers. Turkmen president Kurbanguly Berdymukhamedov has said that he wants to diversify the country’s economy away from gas exports.

ENDS

(News report from Issue No. 322, published on March 27 2017)

IMF says needs to develop private sector in Turkmenistan

Leave a Reply

MARCH 21 2017 (The Conway Bulletin) — The IMF concluded a working visit to Turkmenistan by calling on the government to do more to develop the private sector. It also said that Turkmenistan needed to reduce the size of its external debt and that the economy was still struggling to deal with the fall in gas prices. Accurate economic data on Turkmenistan is tough to source but anecdotal evidence suggests the economy is struggling.

ENDS

(News report from Issue No. 322, published on March 27 2017)

Armenia joins China-led AIIB

Leave a Reply

MARCH 23 2017 (The Conway Bulletin) — Armenia was one of 13 new members to be approved by the China-led Asian Infrastructure Investment Bank (AIIB). This was the first new intake of members at the AIIB since its inception in January 2016 and brings its total to 70. In the Central Asia/South Caucasus region, only Turkmenistan has declined to join the AIIB. The US, a non-member, sees the AIIB as an attempt by China to try to extend its influence.

ENDS

(News report from Issue No. 322, published on March 27 2017)f

Fruit exports to Kazakhstan to increase

Leave a Reply

MARCH 24 2017 (The Conway Bulletin) — Uzbekistan is looking to boost the value of its fruit exports to Kazakhstan by 30% to $410m this year, media reported quoting Uzbekzokovaktovholding, the state- linked holding company. The 2017 target is an indication of the improved relations between Uzbekistan and its neighbours since Pres. Shavkat Mirziyoyev took over from Islam Karimov in September.

ENDS

(News report from Issue No. 322, published on March 27 2017)

ABD demands reforms from Tajikistan

Leave a Reply

MARCH 20 2017 (The Conway Bulletin) — The Asian Development Bank (ADB) has linked another $50m loan to Tajikistan to reforms that it said the government needs to make to 14 areas to improve economic conditions, mainly focused on protecting businesses from tax inspections and official pressure, media reported. Tajikistan’s economy is under pressure from a recession in Russia and it has been looking for handouts from international lenders.

ENDS

(News report from Issue No. 322, published on March 27 2017)