Kazakhstan becomes China’s key trade and economic partner in CA, President Tokayev
Addressing the plenary session of the Boao Forum for Asia in China, Kazakh President Kassym-Jomart Tokayev noted that today’s Kazakhstan-Chinese relations emerge as a model of effective partnership with Kazakhstan becoming a key trade and economic partner of China in Central Asia, Kazinform News Agency reports referring to the Akorda press service.
The Head of State said half of Chinese trade and investments in the region fall on Kazakhstan. Last year the commodity turnover between Kazakhstan and China reached a record high of 41 billion US dollars. Cargo carriage between the two countries grew by 22% in 2023 to make nearly 30 million tons. The One Belt, One Road grand megaproject was first presented during the visit of the China’s President to Kazakhstan more than 10 years ago. It is built as a key bridge between the East and West. 80% of all inland transportation between Kazakhstan and China runs through Kazakhstan. It is the greatest opportunity we should take advantage of.
The President stressed the country’s investments are strategically connected with the One Belt, One Road initiative and aimed at creating a modern multimodal, ecologically friendly, and sustainable infrastructure.
Kassym-Jomart Tokayev touched upon the new economic course of Kazakhstan.
Last year the country’s economic growth of Kazakhstan hit 5.1% which is twofold surpasses the anticipated growth rates in international economics. In the medium term Kazakhstan plans to maintain a growth rate of no less than 6% and double the country’s economy by 2029. To this end, the Head of State announced the new economic course aimed at carrying out structural reforms to build a stronger and more dynamic country. The policy of open doors, huge resources, and liberal market reforms in Kazakhstan attracted foreign companies, including Chinese.
The Head of State invited the Asian partners to invest in the country’s economy and reveal new ways for mutually beneficial cooperation.
Kassym-Jomart Tokayev believes the measures aimed at improving fiscal, monetary and credit systems, expanding flows of funds, and raising the quality of institutions will promote a market and competitive economy making it more transparent, reliable, and dynamic. At the same time, the President said the world needs a new multifaceted trading system based on the principles of equity and openness. Emerging trade barriers, protectionism, and volition of agreements pose serious threats to the global economy. He added new approaches should be also applied in the global financial system urging the international community to take more effective measures in the sphere of sustainable financing.
