Bilateral Trade - The Times Of Central Asia

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Bilateral Trade

Kazakhstan and Uzbekistan to Increase Bilateral Trade

On January 5th, the Minister of Investment, Industry and Trade of Uzbekistan, Laziz Kudratov met with the Minister of Trade and Integration of Kazakhstan, Arman Shakkaliev in Tashkent. The officials discussed the implementation of investment agreements and trade contracts signed during the recent visit of the President of Kazakhstan to Uzbekistan, as well as the further development of trade and economic relations and industrial cooperation between the two countries, the Uzbek Ministry of Investment, Industry and Trade said. The parties noted a growth of bilateral trade, stating that over the past six years, trade turnover has grown almost 2.5-fold from $1.9 billion in 2016 to more than $4.6 billion in 2023. The sides agreed on a number of measures aiming to bring bilateral trade to $10 billion in the coming years. In particular, they have agreed to establish a joint working group on the removal of barriers to bilateral trade. The parties also expressed readiness to support the activities of a joint foreign trade company, UzKazTrade, which will include an online trading platform for the sale of a wide range of goods in the markets of both countries. The ministers exchanged views on the development of industrial cooperation, referring to the practical aspects of establishing an International Center for Industrial Cooperation, "Central Asia". An agreement was also reached on taking joint measures to accelerate the establishment of the center and launching its operations.

Bilateral Trade

Uzbekistan and Turkey Aim to Increase Bilateral Trade to $5 Billion

Over the past five years, trade turnover between Uzbekistan and Turkey has grown 1.5-fold, and the leaders of the two countries have set the task of increasing bilateral trade up to $5 billion. This was stated during an Uzbek–Turkish business forum held in Ankara earlier this week, the Uzbek Ministry of Economy and Finance reported. The event gathered together around 300 representatives of the business community from both countries and was attended by Vice President of Turkey, Cevdet Yilmaz, President of the Association of Chambers and Commodity Exchanges of Turkey, Rifat Hisarciklioglu, President of the Council for Foreign Economic Relations, Nail Olpak, and Deputy Prime Minister–Minister of Economy and Finance of Uzbekistan, Jamshid Kuchkarov. Speaking at the forum, Turkish Vice President Yilmaz said that Turkish-Uzbek trade reached $3.5 billion in 2022, and Turkish investments in Uzbekistan amounted to $1.5 billion, Turkish media reported. At the forum, the Uzbek side, represented by the Ministry of Mining and Geology, the Agency for State Asset Management, the Ministry of Health, and the Chamber of Commerce and Industry, held presentations about opportunities created in Uzbekistan for foreign entrepreneurs, the Uzbek ministry said. The forum participants agreed that among the promising areas for cooperation between the two countries were pharmaceuticals, the leather and shoe industry, the jewelry industry, and the production of building materials, furniture and glass products. Today, approximately 1,800 enterprises with the participation of Turkish capital are operating in Uzbekistan. On the same day, the 7th meeting of the Uzbekistan-Turkey Intergovernmental Commission was held in Ankara, co-chaired by Uzbekistan's Deputy Prime Minister–Minister of Economy and Finance, Jamshid Kuchkarov, and Turkey's Vice President, Cevdet Yilmaz.

Bilateral Trade

Kyrgyzstan Seeks to Expand Ties with South India

On December 21st and 22nd, the Ambassador of the Kyrgyz Republic to India, Askar Beshimov paid a working visit to Chennai, Tamil Nadu state in southern India, discussing the possibility of using the port of Chennai in trade with the Kyrgyz Republic. The main event during the visit was a Kyrgyz-Indian business forum held on December 21st, organized by the Embassy of the Kyrgyz Republic in India jointly with the Indian Economic Trade Organization (IETO). The forum was attended by the Minister of Foreign Affairs of the state of Tamil Nadu, the consuls-general of a number of countries, the President of IETO, representatives of the business community, the academic sector, agencies in the field of education and human resources, and banks of South India. In his speech, Ambassador Beshimov focused on the main aspects of bilateral trade, economic, investment and cooperation, as well as interaction in the field of human resources, education, and tourism. He emphasized that investments and trade with Kyrgyzstan can open doors for Indian companies to the entire Eurasian Economic Union market. Indian ministers, the IETO President, and business representatives expressed their interest in expanding economic ties with Kyrgyzstan. As a result, an agreement was reached to organize a visit of a business delegation from South India to Kyrgyzstan in 2024.

Bilateral Trade

Inaugural Meeting of Kazakhstan-Saudi Business Council Held in Riyadh

The first meeting of the Kazakhstan-Saudi Business Council took place on December 21st, 2023, demonstrating the deepening diplomatic and economic relations between the two countries. This event was organized by the Embassy of Kazakhstan to Saudi Arabia and the Federation of Saudi Chambers, as part of the 6th session of the Intergovernmental Committee between the two nations. In attendance were the Ambassador of Kazakhstan to Saudi Arabia, Berik Aryn, and Co-Chairman of the Business Council and General Director of GreyWolf Management LLP, Kanat Kudaibergen. Representatives from 46 Kazakh companies also participated in the meeting. Saudi Arabia was represented by the Ambassador of Saudi Arabia to Kazakhstan, Faisal Al-Qahtani, Co-Chairman of the Business Council and CEO of Alrajhi International Investments, Ahmed Al-Dakhil, as well as representatives from the Federation of Saudi Chambers and over 40 Saudi company managers and representatives. The establishment of the Kazakhstan-Saudi Business Council was formalized through an agreement signed between the National Chamber of Entrepreneurs of Kazakhstan, Atameken, and the Federation of Saudi Chambers during the Astana International Forum in June 2023.

Bilateral Trade Bilateral Relations

Kazakhstan and Saudi Arabia on Path to Strategic Partnership

Kazakhstan and Saudi Arabia on Path to Strategic Partnership On December 20th, the sixth meeting of the Kazakh-Saudi Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IGC) was held in Riyadh. The co-chairs of the Commission are Deputy Prime Minister-Minister of Foreign Affairs of Kazakhstan, Murat Nurtleu, and Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih. As part of the IGC meeting, a Kazakh-Saudi investment round table was organized with the participation of over a hundred business representatives from the two countries. Opening the event, Foreign Minister Nurtleu noted the strategic importance of intensifying cooperation between the public and private sectors of the two countries. The minister drew attention to the enormous potential of the Saudi market for strengthening trade and economic relations, as well as the unlimited prospects for expanding investment partnerships. Nurtleu stated that both countries have significant opportunities to further deepen contacts in such sectors as green energy, food security, transport and logistics, mining, petrochemicals, agriculture, finance, and tourism. Saudi co-chairman of the IGC, Khalid Al-Falih drew attention to the interest of the Kingdom’s leadership in strengthening a diverse array of ties with Kazakhstan, which is considered the leader of the Central Asian region. “Kazakhstan is the largest country with a vast territory, rich natural resources and human capital. It is extremely important for us today to bring relations with your country to the most serious level, which involves a confidential political dialogue, mutually beneficial trade and economic ties, as well as large-scale investments in your economy,” said the Saudi minister. The event also featured speeches from the heads of over thirty large companies in the Kingdom, including such giants as Saudi Aramco and ACWA Power. The latter is already starting to implement renewable energy projects in Kazakhstan. The parties agreed to open a joint innovation hub early next year, which will allow startup projects in Kazakhstan to gain access to the markets of the Middle East and North Africa, and will help promote the brand of Kazakhstan as an IT country.

Bilateral Trade

Kazakhstan’s Investment Opportunities Presented in Indonesia

Kazakhstan’s Investment Opportunities Presented in Indonesia An event was held at the Chamber of Commerce and Industry of East Java (Surabaya) on December 18th dedicated to presenting Kazakhstan’s attractive investment climate and its transport and logistics strategy. Officials from government bodies and business circles of Indonesia’s largest industrial region participated, representing sectors such as oil and gas, mining, chemicals, healthcare, wood processing, textiles, and agriculture. The Ambassador of Kazakhstan, Serzhan Abdykarimov, provided detailed insights into the successful socio-economic development of Kazakhstan. He spoke about the government’s efforts to attract foreign direct investment, legislative support for investors, the activities of the Foreign Investors Council, the Kazakh Invest national company, and the involvement of major international corporations in Kazakhstan. He also focused on the expansion of the country’s transport and logistics potential. The Ambassador stressed the effectiveness of Kazakhstan’s investment climate, including various tax incentives, preferences, and accompanying infrastructure provided by the state. A separate presentation on the transit and transport strategy of Kazakhstan was made during the meeting. This included information on the activities of 13 international corridors, sea and dry ports, railway and road networks that Indonesian entrepreneurs can utilize for trade with Kazakhstan, as well as for shipments and transit of goods between Asia and Europe. Acknowledging significant progress in the 30 years of bilateral relations between Astana and Jakarta, the Ambassador highlighted the substantial growth in bilateral trade, tourism, business contacts, and human interactions. He called on business circles in East Java to actively engage in investment and trade and economic cooperation with Kazakhstan, encouraging participation in the establishment of a Kazakhstan-Indonesia Business Council. Adik Putranto, Chairman of the Chamber of Commerce and Industry of East Java, praised the business climate in Kazakhstan. He relayed the region’s significant interest in expanding industrial and economic partnerships with Kazakhstan, considering the presence of Indonesia’s second-largest international seaport in Surabaya. In his words, Kazakhstan can serve as a transport and logistics hub and a financial center for Indonesia in Central Asia, making it highly attractive for the business community of Indonesia’s largest industrial region.