China is now one of the top five investors in Kazakhstan, with cumulative investments of US$24 billion over the past 18 years. This was announced by Kazakh Prime Minister Alikhan Smailov at a meeting with Chinese Premier Li Qiang in Shanghai on 4 November 2023.
Smailov said that Chinese investment in Kazakhstan increased by 30% in the first half of 2023, to nearly US$750 million.
There are currently about 4,700 Kazakh-Chinese enterprises operating in Kazakhstan, with 730 of them established in the past year alone. These figures prove the strength and productivity of the two countries’ investment cooperation, Smailov said, inviting the Chinese investment community to participate in even more joint projects.
China is also one of Kazakhstan’s largest trading partners. Bilateral trade turnover with China grew by 35% last year to a record US$24.2 billion, according to Smailov. Trade volume has increased by another 21% this year.
“I believe that at this pace, we will soon be able to achieve the goal set by our leaders of bringing trade turnover to US$40 billion. We are ready to work with our Chinese colleagues on this ambitious task,” he said.
A visa-free regime between China and Kazakhstan will take effect on 10 November 2023. Prime Minister of Kazakhstan said that the visa-free regime will significantly boost business contacts, simplify trade, increase mutual investment, and promote tourism between the two countries.
Li Qiang, in turn, called on both countries to continue the high-quality construction of the Belt and Road Initiative, expand trade, deepen cooperation in production capacity and investment, accelerate negotiations and the signing of a new investment protection agreement, and unlock the potential of cooperation in the new energy sector.
He also said that China supports Kazakhstan in hosting the next China-Central Asia summit and its rotating chairmanship of the Shanghai Cooperation Organization (SCO), and hopes to jointly contribute to new successes of China-Central Asia mechanisms and cooperation within the SCO.///nCa, 6 November 2023
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