PM Bektenov: Investment cooperation expansion is important area of Kazakhstan-China interaction

PM Bektenov: Investment cooperation expansion is important area of Kazakhstan-China interaction
Photo credit: primeminister.kz

Prime Minister Olzhas Bektenov has held a meeting with Erkin Tuniyaz, Deputy Secretary of the Party Committee of the CPC XUAR of the People’s Republic of China, Chairman of the People’s Government of the XUAR. Erkin Tuniyaz arrived in Astana to participate in the II Forum of Exporters “New Approaches in the Development of Kazakhstan-China Trade Relations,” Kazinform News Agency reports citing primeminister.kz.

The meeting discussed cooperation in trade-economic and investment spheres as part of implementation of the agreements reached at the level of the two countries’ leaders.

China is a large foreign trade partner of Kazakhstan. In 2023, the bilateral trade turnover reached $31.5 billion. China’s Xinjiang Uygur Autonomous Region borders with Kazakhstan’s four regions. XUAR accounts for more than 64% (or $20.3 billion) of Kazakhstan’s total trade turnover with China.

The parties stated strengthening of the bilateral investment cooperation. The total inflow of Chinese investments to Kazakhstan has reached almost $25 billion since 2005. In nine months of 2023, the volume of direct Chinese investments increased by 37%. The current list of 45 Kazakh-Chinese projects provides for attraction of more than $14.5 billion of investments.

PM Bektenov: Investment cooperation expansion is important area of Kazakhstan-China interaction
Photo credit: primeminister.kz

“An important area of our interaction is the expansion of investment cooperation, with new joint industrial projects including in petrochemistry and metallurgy,” says Bektenov.

He pointed out significant potential for the diversification of trade relations.

The parties also spoke on transit-transport, cultural and interregional, as well as agriculture and tourism areas of cooperation.

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