Further steps to eliminate restrictions in mutual trade, remove administrative barriers, and simplify customs procedures were discussed by the Prime Minister of Kazakhstan Olzhas Bektenov and Chinese Ambassador to Kazakhstan Zhang Xiao on March 13th.
Related issues included the expansion of Chinese cargo transit via Kazakhstan along the Trans-Caspian International Transport Route, and plans to increase the supply of Kazakh agricultural produce to the Chinese market.
Trade turnover between Kazakhstan and China grew by 30% last year to $31.5 billion. Over 9 months in 2023, Chinese investments in Kazakhstan’s economy amounted to $1.4 billion and 45 joint Kazakh-Chinese projects worth over $14.5 billion are currently under implementation. In January-February 2024, the volume of Chinese container traffic through Kazakhstan increased 2.6-fold, demonstrating the potential for further expansion, joint investment, and diversification of trade.
The Kazakh prime minister hailed the rise in trade and economic partnership between the two countries and the successful operation of some 3,000 joint companies in Kazakhstan, with the added recommendation that future joint Kazakh-Chinese projects focus on marketable high-tech products. The Chinese ambassador confirmed the potential for cooperation in the above alongside projects on agriculture and energy transfer.
