Kazakh PM calls on Europe’s investment community for greater participation in joint projects

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Photo: primeminister.kz

Steps towards strengthening trade and economic relations of Kazakhstan and the EU came under discussion of Prime minister of Kazakhstan Alikhan Smailov and Vice President of the European Commission Margaritis Schinas, Kazinform News Agency cites primeminister.kz. 

As part of the meeting in Astana, the sides discussed the issues of expanding trade turnover, investment attraction, strengthening cooperation in transport and logistics, visa regime simplification, greater industrial cooperation, and others.

As the Kazakh Prime minister said, the EU represents around 30% of Kazakhstan’s foreign trade and around 40% of the investments attracted.

In 11 months of last year, the trade turnover between Kazakhstan and the EU rose 5% to around $38bn. In 2022, the amount of investment from the EU to Kazakhstan stood at $12.5bn, reaching the highest rate in the last 10 years.

As of now, there around 6 thousand joint enterprises, 130 of which joined last year, in Kazakhstan. Said Smailov, calling up the investment community of Europe to expand participation in joint projects.

The Kazah PM said that around 85% of the commodities from China to Europe pass through Kazakhstan. In particular, last year within the Trans-Caspian international transport route the volume of cargo turnover rose 65%. It is planned to increase the flow of goods via the route to up to 10 million tons in the midterm.

For his part, Margaritis Schinas noted the importance of the reforms initiated by President Kassym-Jomart Tokayev making Kazakhstan the key player in the region.

He also stressed the importance of the upcoming Investor Forum on Sustainable Transport Development between the CA-EU as part of the Global Gateway initiative. The forum is scheduled for January 29-30, 2024, in Brussels.

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