Further steps to strengthen trade and economic relations between Kazakhstan and the European Union were discussed by the Prime Minister of Kazakhstan, Alikhan Smailov, and the Vice-President of the European Commission, Margaritis Schinas on January 15th in Astana. The parties focused on issues of increasing trade turnover, attracting investment, strengthening cooperation in the transport and logistics sector, easing the visa regime, and increasing industrial cooperation, Smailov’s press service reported.
The Prime Minister stressed that strengthening relations with the EU is of particular importance for Kazakhstan, with the new Enhanced Partnership and Cooperation Agreement and the new EU Strategy for Central Asia playing a significant role in the bilateral relationship. As Smailov noted, the EU is one of the largest trade and investment partners of Kazakhstan, accounting for roughly 30% of the country’s foreign trade and 40% of investment attracted.
Trade turnover over eleven months of last year increased by almost 5%, reaching around $38 billion. In 2022, investment from the EU in Kazakhstan amounted to $12.5 billion, a record high.
“Today there are almost 6,000 joint ventures [with European partners] operating in Kazakhstan, 130 of which appeared in the past year. This highlights the sustainability and attractiveness of our economy for European partners. We call on the European investment community to expand their participation in joint projects,” Smailov stated.
The Prime Minister added that an important area of cooperation is the transit and transport sector. Today, about 85% of goods coming from China to Europe are transported through Kazakhstan. Last year, the volume of cargo shipped along the Trans-Caspian corridor increased by 65%. In the medium term, cargo traffic is expected to increase to 10 million tons.
The Vice-President of the European Commission stated that Kazakhstan is an important partner for the EU. “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 Schinas.
