Kazakhstan and Russia agree on 27 investment projects worth $4 billion

ASTANA (TCA) — Kazakhstan and Russia agreed on implementation of 27 investment projects in various sectors of the economy in the amount of about $4 billion during the 13th Kazakhstan-Russia Interregional Cooperation Forum held in Astana on October 4, the official website of the Prime Minister of Kazakhstan reported.

During the meeting between Kazakhstan’s National Economy Minister Kuandyk Bishimbayev and Russian Economic Development Minister Alexey Ulyukaev, the sides pointed out the stability of the Kazakh-Russian relations and the deepening of the integration process. They also discussed issues of bilateral trade and economic cooperation, and exchanged views on anti-crisis measures of the two governments.

“A protocol has been signed. It approves a joint action plan to strengthen joint economic and trade relations. 45 joint activities are planned. The direct effect is expected in 2017, it will provide for a growth of trade turnover up to $700 million. In the future, it will open up growth to the level that was before the crisis. The plan also considers 27 specific investment projects worth about $4 billion. These are engineering projects, metallurgy, agriculture, etc. It is specific arrangements, the implementation of which is either already underway or will begin in 2017,” Bishimbayev said.

At the same time, the Kazakh minister said that the trade turnover between Russia and Kazakhstan has dropped significantly in recent years.

“Our mutual trade has fallen by 25% in comparison with 2014, mainly due to the economic situation. In general, the economy began to consume fewer goods. Many questions are not connected with trade barriers but with general economic issues. Russia accounts for 20% of our trade turnover,” Bishimbayev said.

He stressed that it is necessary to further improve the mechanism of indirect taxation, traffic and logistics of Kazakh goods to the Russian market.

Sergey Kwan


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.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

View more articles fromTCA