Kazakhstan almost certain to emerge as one of vital avenues for private US business engagement on the New Silk Road, R. Hormats
"As the New Silk Road develops, Kazakhstan is almost certain to emerge as one of the vital links - and vital avenues for private U.S. engagement - across the region," Hormats said in prepared remarks at a House Foreign Affairs Subcommittee on Europe and Eurasia hearing on Tuesday, Silk Road Newsline reports.
According to Hormats, the U.S. Department of State and the U.S. Embassy in Astana have been actively using "the tools of diplomacy" to support trade and leverage the expertise of the U.S. private sector in the U.S. economic engagement with Kazakhstan.
"Embassy Astana provides critical support to U.S. businesses seeking to benefit from Kazakhstan's growing commercial potential, its intensified efforts to complete accession to the WTO, and its central role as a transit hub for EU-China trade," he said. "Over the course of fiscal year 2011, our mission had 57 concrete export successes valued at $7.8 million and two commercial diplomacy successes valued at $3.4 million. On February 5, 2012, Air Astana, the national flag carrier of Kazakhstan, announced that it has agreed to purchase seven Boeing aircraft worth US $1.3 billion."
According to Hormats, "In Kazakhstan, technical assistance co-funded by the United States and the Government of Kazakhstan helped to regularize the use of international standards for financial reporting. This helped improve the climate for investment, including substantial investments by U.S. energy companies."
"We have established a number of bilateral dialogues, including the U.S. - Kazakhstan Energy Partnership, which is chaired by Deputy Secretary of Energy Poneman and Minister of Oil and Gas Mynbayev, an agreement on science and technology cooperation, and a memorandum of understanding on agricultural cooperation," he said. "U.S. exports are rising by 13 percent - from about $730 million in 2010 to more than $825 million in 2011. We are working with Kazakhstan to further integrate it into the world economy by supporting its negotiations to join the WTO, which should help to level the playing field and increase opportunities for U.S. firms in that market."
