Kazakhstan and Kyrgyzstan to increase trade to $1 billion by 2020

BISHKEK (TCA) — The Prime Minister of Kazakhstan Askar Mamin paid an official visit to Kyrgyzstan on July 12, where he met with the President of Kyrgyzstan Sooronbai Jeenbekov and took part in the 8th Meeting of the Kazakh-Kyrgyz Intergovernmental Council.

The Meeting discussed bilateral cooperation, identified promising areas and outlined joint plans aimed at deepening trade and economic cooperation. Special attention was paid to the development of industrial and investment cooperation, the water and energy sector, the strengthening of cross-border interaction, as well as the implementation of joint projects in the field of digitalization and the space sector, the press service of the Prime Minister of Kazakhstan reported.

“The Republic of Kazakhstan is one of the main trading partners of Kyrgyzstan. Kazakhstan’s share in the trade turnover of the Kyrgyz Republic is more than 11%,” said the Prime Minister of Kyrgyzstan Mukhammedkaliy Abylgaziyev.

In 2018, the volume of trade between the two countries increased by 13% and amounted to about $850 million. Currently, the Governments of Kazakhstan and Kyrgyzstan are working to increase the volume of trade to $1 billion a year by 2020.

The Prime Minister of Kazakhstan noted the significant potential in the sphere of bilateral and regional trade and stressed the importance of combining the joint efforts of countries to attract investment in the Central Asian region by improving the business climate and supporting small and medium-sized businesses.

“We have all the opportunities to uncover the existing potential for a significant increase in [trade] turnover,” said Mamin. “The decisions adopted at the meeting of the Intergovernmental Council will make a significant contribution to the further deepening of cooperation between our countries and will give a serious impetus to the development of bilateral economic cooperation.”

The Governments of Kazakhstan and Kyrgyzstan agreed to increase trade and expand the range of goods supplied, and intensify work on the creation of joint ventures in priority sectors of the economy.

Sergey Kwan

TCA

Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
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Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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