Kazakhstan ready to increase supplies of goods to Azerbaijan by USD 300 mln

Kazakh National Economy Minister Alibek Kuantyrov met in Astana with Ambassador of Azerbaijan to Kazakhstan Agalar Atamonglanov, Kazinform Agency reports.

The parties debated trade and economic cooperation between the two nations. In 2022 the trade turnover made 500 million US dollars. In the future, the turnover may reach 1 billion US dollars.

The minister and ambassador highlighted the beneficial location of both nations along the key transport corridors. To this end, the Trans-Caspian International Transport Route bridging China and the European Union via Central Asia, Caucasus, and Türkiye progressively gains ground. Cargo transfer vis the route more than doubled.

Besides, the minister confirmed Kazakhstan’s interest in the exports of domestic processed products to Azerbaijan by 300 million US dollars. In his turn, the ambassador said that Azerbaijan is ready to increase supplies of farm products to Kazakhstan.

The sides also considered prospects for Kazakhstan-Azerbaijan multilateral cooperation as well as collaboration within the Organization of Turkic Countries. The countries were the first to ratify the agreement on the foundation of the Turkic Investment Fund. They also touched upon preparations for the forthcoming SPECA Forum slated for this November in Baku.