Kazakhstan’s trade turnover with EU countries for 11 months of 2023 increased to $38 billion

Kazakhstan 16.01.2024

Source: The DairyNews

Further steps to strengthen trade and economic relations between Kazakhstan and the European Union were discussed by Prime Minister of the Republic of Kazakhstan Alikhan Smailov and Vice-President of the European Commission Margaritis Schinas. At the meeting in Astana, the parties discussed issues of increasing trade turnover, attracting investments, strengthening cooperation in the transport and logistics sector and others, The DairyNews reports with reference to the press service of the Prime Minister of the Republic of Kazakhstan.

Kazakhstan’s trade turnover with EU countries for 11 months of 2023 increased to $38 billion

Alikhan Smailov noted that the EU is one of the largest trade and investment partners of the Republic of Kazakhstan. It accounts for about 30% of foreign trade and about 40% of attracted investments.

Thus, trade turnover over the 11 months of last year increased by almost 5% and reached about $38 billion. In 2022, the volume of investment from the EU in Kazakhstan amounted to $12.5 billion, showing the maximum level over the past 10 years.

“Today there are almost 6 thousand joint ventures operating in Kazakhstan, 130 of which joined just in the last year. These indicators highlight the sustainability and attractiveness of our economy for European partners. We call on the European investment community to expand participation in joint projects,” commented Alikhan Smailov.

He also added that an important area of cooperation is the transit and transport sector. Today, about 85% of goods from China to Europe are transported through Kazakhstan. In particular, last year, within the framework of the Trans-Caspian International Transport Route, the volume of cargo transshipment increased by 65%. In the medium term, cargo traffic here is planned to increase to 10 million tons.

“To achieve this goal, road maps were signed with Azerbaijan, Georgia and Turkey to eliminate bottlenecks on this route. Along with this, a number of large projects are being implemented in Kazakhstan to modernize the railway and port infrastructure, build up rolling stock and the merchant fleet. We are also synchronizing our information systems, where the shipper can see the location of his cargo in real time,” said the head of the Government of Kazakhstan.

The Vice-President of the European Commission noted that Kazakhstan is an important partner for the European Union. “We know that you are undergoing major modernization processes. On behalf of the European Union, I would like to note the importance of the reforms initiated by President Kassym-Jomart Tokayev, which make Kazakhstan a very significant player in the Central Asian region,” said Margaritis Schinas.

Photo: press service of the Prime Minister of the Republic of Kazakhstan