Kazakhstan and Romania enhance economic cooperation

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ASTANA (TCA) — Within the framework of the meeting of the Kazakh-Romanian intergovernmental commission on trade, economic, scientific and technical cooperation, which was held in Astana this week, representatives of business circles of Romania had talks with the Atameken National Chamber of Entrepreneurs (NCE) of Kazakhstan to discuss enhancing cooperation between the NCE and the Romanian Chamber of Commerce and Industry, developing trade relations between companies of Romania and Kazakhstan, and bilateral support of new companies, Atameken reported on its website.

The Romanian delegation was led by Claudiu Vryncheanu, State Secretary of the Ministry of Economy, Trade and Business Environment of Romania.

Deputy Chairman of NCE Atameken Tulemis Shotanov said that Romanian business has great potential of cooperation with the Kazakh agriculture sector. According to him, Kazakhstan mainly exports oil, gas and minerals, but now, due to the fall in commodity prices, the country is looking for new drivers of economic growth, and one of the most promising areas is the agricultural sector.

Claudiu Vryncheanu named several areas in which they could work together with Kazakhstan, in particular, the power industry, information technology, and the agro-industrial sector. “We have three areas: trade, exchange of information and experiences, organization of exhibitions both in your country and our country,” said the Romanian guest.

In 2015, trade turnover between Kazakhstan and Romania amounted to US $1.420 billion, including exports of Kazakhstan to Romania at $1.343 billion and Kazakhstan’s imports from Romania at $76 million.

Compared to 2014, the trade turnover between the two countries decreased almost threefold ($3.164 billion in 2014).

The lion’s share (96.7%) of Kazakhstan’s exports to Romania is crude oil ($1.299 billion).

The remaining 2% of Kazakhstan’s exports to Romania accounted for liquefied propane gas ($29.5 million).

Romania’s export to Kazakhstan mainly includes medicines, valves for pipes, and boiler equipment.

As of April 2016, Kazakhstan had registered 33 joint ventures with the participation of Romanian capital.

Sergey Kwan

TCA