Kazakh President Nursultan Nazarbayev unveiled a monument called "Kazakh handygy" Thursday in Kazakhstan's ancient city of Taraz, marking the beginning of the celebration of the 550th anniversary of the Kazakh Khanate.

Taraz, capital of Kazakhstan's southern Zhambyl region, is where the Kazakh Khanate was declared in 1465 by sultans Kerey and Zhanibek.

With the Kazakhs making up two-thirds of the populace of Kazakhstan, the focus of the anniversary is on the "Kazakhness" of the Khanate's formation. Yet Nazarbayev noted that the development of Kazakhstan so far is attributed to the friendship of more than 130 ethnicity.

"The celebration of the Kazakh Khanate's 550th anniversary is to make our descendants understand history and promote our culture," Nazarbayev said in a speech at the opening ceremony of the monument.

Events in Taraz are the final stage of festive activities to commemorate the Kazakh Khanate's 550th anniversary, as the country's other 13 regions have already hosted a number of events since the start of this year.

In Taraz, extensive programs have been prepared to mark the celebration, including a concert of masters of art from across the country, a historical theater costume show and a theatrical performance.

The statehood celebrations take place amid the recent devaluation of the Kazakh tenge as well as the ruble's plunge in neighboring Russia and low oil prices.

Yang Jin, an associate research fellow of the Institute of Russian, Eastern European, Central Asian Studies at the Chinese Academy of Social Sciences, believes the celebration is a chance to boost Kazakhstan's national esteem and confidence.

"It needs to establish a unified national identity to show ethnic dignity. This statehood declaration will add legality to the country's indisputable history as well," he told the Global Times.

The celebration runs from Thursday to Saturday.