About 40% of the attracted investments in the economy of Kazakhstan come from the countries of the European Union. This was stated by Prime Minister of Kazakhstan Alikhan Smailov at a meeting with Vice-President of the European Commission Margaritis Schinas, held in Astana on 15 January.
During the meeting, the sides discussed issues of increasing trade turnover, attracting investments, strengthening cooperation in the transport and logistics sector, simplification of the visa regime, building up industrial cooperation and a number of other topics, the press service of the Prime Minister reports.
Trade turnover and investments are growing
As the Prime Minister noted, the EU is one of the largest trade and investment partners of Kazakhstan.
It accounts for about 30% of foreign trade. The trade turnover in January-November 2023 increased by almost 5% and reached about US$ 38 billion.
In 2022, the volume of investments from the EU to Kazakhstan amounted to US $12.5 billion, showing the highest level in the last 10 years.
“Today there are almost 6,000 joint ventures operating in Kazakhstan, 130 of which have joined in the last year alone. These indicators underline the sustainability and attractiveness of our economy for European partners”, Smailov said.
He called on the European investment community to expand their involvement in joint projects in Kazakhstan.
About 85% of goods from China to Europe travel via Kazakhstan
Today, about 85% of goods from China to Europe are transported through Kazakhstan, the Prime Minister said.
In 2023, cargo transshipment via the Trans-Caspian International Transport Route flourished, increasing by a remarkable 65%. Plans are in motion to elevate this figure to 10 million tons in the near future.
To facilitate this ambitious goal, Kazakhstan actively collaborates with regional partners like Azerbaijan, Georgia, and Türkiye to streamline the route’s efficiency. Infrastructure upgrades, including railway and port modernization, along with increased rolling stock and merchant fleet, are also underway. Real-time cargo tracking via synchronized information systems further bolsters the route’s competitiveness.
Kazakhstan is a beacon of modernization and reform
For his part, the Vice-President of the European Commission noted that Kazakhstan is an important partner for the European Union.
Vice-President Schinas acknowledged Kazakhstan’s significant strides in modernization and reform, praising the initiatives spearheaded by President Kassym-Jomart Tokayev.
“Kazakhstan is a beacon of modernization and reform and my visit has confirmed this. Meetings with the country’s leaders covered our partnership which we will take from strength to strength,” Schinas wrote on X.
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Vice-President of the European Commission Margaritis Schinas visited Kyrgyzstan and Kazakhstan as part of a tour to Central Asia. Visits to Tashkent, Dushanbe and Ashgabat are expected. ///nCa, 16 January 2024