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00:30We're highlighting business and economic developments in Kazakhstan and the wider Central Asia region, connecting with Europe and beyond.
00:37It's been six years since Kazakhstan adopted its Open Skies policy, opening the door to greater global connectivity.
00:44The fifth freedom of the air now allows foreign airlines to stop in Kazakhstan en route to a third country.
00:50As of last year, the policy covers 15 airports nationwide.
00:53Recently, the EU removed Kazakhstan from its aviation blacklist.
00:57The country's compliance with global safety standards now stands at 82% above the world average.
01:03It is on par with EU members like Denmark and Poland, placing it first in the Commonwealth of Independent States region.
01:10One thing Kazakhstan was missing but is setting up now is a specialized air incident investigation center.
01:16It is one of the key safety indicators tracked by the International Civil Aviation Organization, or ICAO.
01:22It became especially relevant after the crash of an Azerbaijani Azaal Airlines aircraft near Akdao in December last year.
01:29Kazakhstan and ICAO are drafting a civil aviation master plan through 2050, covering everything from airport development and air navigation to safety and airline expansion.
01:39Within five years, the Ministry of Transport expects passenger traffic to hit 26 million, with 200 international routes and a fleet of over 220 aircraft.
01:50Last year, Kazakhstan's air companies opened 12 new international routes, including Mumbai, Prague and Jeddah, with 16 more expected this year, including Rome, Shanghai and Belgrade.
02:00Kazakhstan's aviation sector comprises of the national carrier, Air Astana, its low-cost arm, Flyaristan, Private Scott Airlines and Kazakh Air.
02:09Kazakhstan is the only country in Central Asia to list its national airline, Air Astana.
02:15Now the region's leader by market share and awards is headed by CEO Peter Foster, who shared his insights on the industry's growth.
02:25Mr. Foster, welcome.
02:26Thank you.
02:27How do you assess investor sentiment following Air Astana's IPO and what strategies do you plan to implement to maintain shareholder value?
02:33We have recently announced a very substantial dividend, in fact, the largest dividend that we've ever paid, and one of the largest dividends in the airline industry today.
02:43And that's a reflection of the strong performance, of the strong balance sheet, of the strong cash balance.
02:48The key really is to keep focused on cost and keeping cost competitive, to maximize service levels, to ensure top class safety standards.
02:56You've outlined major strategic opportunities for growth in the Gulf, Western Europe, China, Korea and Japan and India.
03:05What would these partnerships entail?
03:07So we're presently in discussions with China Southern in China.
03:11We're having discussions with carriers in India.
03:13We've recently signed a co-chair with Japan Airlines for the Japanese market, other areas in which we can cooperate.
03:21In maintenance, for example, here we're having this interview in our hangar, which has a full MRO maintenance capability for Airbus Fleet.
03:30We've just established a new company, Aerostana Terminal Services, which will provide a range of airport services at airlines in Kazakhstan and perhaps beyond Kazakhstan as well.
03:42Mr. Foster, thank you so much for your time today.
03:44Not at all. Thank you.
03:45The government is opening its skies to foreign low-cost airlines such as India's SpiceJet, South Korea's E-Star Jet and T-Way Air and Thailand's AirAsiaX.
03:57Kazakhstan's sovereign wealth fund Samru Kazana oversees major deals involving the country's airlines.
04:02Let's take a closer look.
04:06Aerostana's value has surged 50-fold since 2001 to over 700 million euros.
04:11It became the first Kazakh company to list shares on three exchanges, London, Astana and Kazakhstan, through an IPO led by Samru Kazana.
04:18The airline has topped Skytrax rankings in the region for 14 straight years.
04:22In comparison to other grand majors, we are doing quite well.
04:26Our EBITDA margin is 26%, which is one of the highest in the sector.
04:31Our revenue growth in comparison to 2023 amounted to almost 13%.
04:37EBITDA went up 16.1%.
04:40These numbers are testimony to the professionalism of our team and the testimony of value which we are creating for Air Astana.
04:48Air Astana has helped open Kazakhstan to global tourism.
04:51Since COVID-19, flights to India have jumped nearly 60%, with Almaty now a top destination.
04:57Indian citizens now rank among the top three foreign flyers, alongside Russians and Chinese.
05:02We have a network of routes which exceeds 70 destinations.
05:07We view Air Astana as a catalyst for economic growth in the region because not only we employ more than 6,000 people,
05:15we also create value by bringing in tourists in Kazakhstan, developing hospitality sector,
05:22and developing business connections between our country and the rest of the world.
05:27Samruk Kazanai and Air Astana are proud to lead this shift, driving connectivity and positioning Kazakhstan as a key transit hub between east and west.
05:35Kazakhstan plans to nearly triple processed cargo volumes to 500,000 tons within five years.
05:43Six airports, including Astana, Almaty, Aktau, Aktau, Karaganda, Shemkent, are set to become key hubs to boost air traffic and cargo capacity.
05:53Astana Airport will undergo a nearly 1 billion euro upgrade by a UAE aviation services provider,
05:59adding a second runway, a third passenger terminal, a cargo terminal,
06:03and a large airport city with logistics zones, hotels, retail, and freight facilities.
06:08To discuss the developments in Kazakhstan's aviation sector, we are joined by the Vice Minister of Transport, Talgat Lastaev.
06:18Mr. Lastaev, welcome.
06:19Thank you.
06:20How advanced are the plans to develop an intermodal hub in Kazakhstan and how would that strengthen the country's transit potential and its role as a regional logistics hub?
06:28Our aviation industry last five years shows an absolutely incredible growth, annually 10 and 15 percent growth.
06:38If we're talking about Almaty, one of the biggest airports in Central Asia,
06:43TAF Group preparing to invest $362 million for further development.
06:48It will be a multi-modal transportation, track to air.
06:52Another big opportunity, Aktau Airport, Turkish company UID,
06:56planning to invest more $1 billion to create a multi-modal hub.
07:01What will Kazakhstan's aviation sector look like 10 to 15 years down the line?
07:05Kazakhstan's aviation industry will grow at least triple times,
07:11and it will be very modern, digital, providing an excellent level of the services.
07:18It will be hubs for whole region for cargo and passenger flights.
07:23Kazakhstan, with our nature condition, with our territory,
07:27it will be the best place to realize the projects for the drones.
07:31In the upcoming five, I think, years, we will see air taxi services.
07:36Kazakhstan will be one of the best places for the aviation services and industry,
07:42not only in our region, but for the whole world.
07:45Looking forward to that. Mr. Alstayv, thank you so much for your time today.
07:48Thank you so much.
07:51Kazakhstan skies are opening wider. Bye for now, and join us next time on East-West Connect.
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