Bilateral Trade - The Times Of Central Asia

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Bilateral Trade

Georgia to Help Kazakhstan Develop Olive Production

Kazakhstan’s ambassador to Georgia, Malik Murzalin recently visited olive plantations in the Georgian region of Kakheti. Olive tree seedlings from this region are to be planted in several regions of Kazakhstan, the Foreign Ministry has reported. Georgian businessman, George Svanidze, who was the president of the International Olive Council in 2020, showed Murzalin the olive production and processing industry in Georgia, and spoke about plans to develop an olive industry in Kazakhstan with the support of Georgian specialists. These plans include planting the best varieties of olive trees, creating plantations, launching a processing plant, and obtaining an international certificate necessary for exporting Kazakh olives abroad. To date, an experimental planting of olive tree seedlings has been completed in Kazakhstan’s Zhetysu and Mangistau regions. This year, it is also planned to send Georgian olive tree seedlings to the Turkestan region. Svanidze stated that Georgia is ready to share its knowledge, experience and innovations in growing olives in Kazakhstan. He also promised to assist Kazakhstan in obtaining membership of the International Olive Council, the organization that controls 90% of the world's income from olive oil and 74% of its trade.

Bilateral Trade

Uzbek-Japanese Forum Held in Tashkent

On January 10th, an Uzbek-Japanese business forum was held in Tashkent within the framework of the visit of Japan's State Minister of the Economy, Trade and Industry, Ryosuke Kozuki. The forum gathered together the heads of key ministries, industry associations, as well as representatives from around 200 major companies from the two countries, the Ministry of Investment, Industry and Trade of Uzbekistan has reported. Minister Kozuki and the Minister of Investment, Industry and Trade of Uzbekistan, Laziz Kudratov delivered the opening remarks at the forum. Kudratov outlined Uzbekistan's key achievements in economic development and the improvement of the investment climate, highlighting the introduction of effective legislative norms aimed at protecting the rights of investors, the availability of energy resources, and the possibility of duty-free exports to EU markets within the framework of the EU’s GSP+ program for Uzbekistan. Both sides emphasized the importance of intensifying direct contact between representatives of the business circles of the two countries. Alternative energy, IT, education, medicine, tourism, and digitization were named the most promising areas for joint investment projects. The forum also included panel discussions on the topics of "Prospects for Energy Transformation," and "Digital Transformation in Industrial Development: Japanese startups as a tool for the development of Uzbekistan's economy." Fourteen cooperation documents in the fields of education, IT-technologies, alternative energy, medicine, and the use of space technologies in geodesy and cartography were signed.

Bilateral Trade

Kazakhstan Participates in Summit in India

The Deputy Minister of Trade and Integration of Kazakhstan, Kairat Torebayev spoke at the country session of the 10th Global Summit, “Vibrant Gujarat”, which is taking place from January 10th to the 12th. The Gujarat Summit has been held in Gandhinagar since 2003 on the initiative of Prime Minister of India, Narendra Modi. Within the platform, participating countries discuss issues of socioeconomic development and promising projects for foreign investment. In February, Kazakhstan and India will celebrate their 32nd anniversary of cooperation since the establishment of diplomatic relations. Trade relations between Kazakhstan and India continue to develop: in 2022 mutual trade turnover reached $2.5 billion, though from January-October 2023, this figure decreased to $811.2 million. “Kazakhstan is the main trading partner of India among the Central Asian nations and is ready to further increase trade turnover in the amount of $148.1 million,” Torebayev stated. “Having significant natural resources in the energy sector, our country is a reliable partner for India in ensuring the supply of oil, gas, and other energy resources. In turn, the capacious Indian market is interesting to Kazakhstan's exporters of goods and services.” Torebayev went on to say that enterprises can increase the supply of products from the metallurgical, chemical, food, construction, and machine-building industries. The Deputy Minister also spoke about deepening cooperation between the two countries, as well as increasing mutual investments and implementing joint projects in areas with great potential, such as digitization, innovation, healthcare, education, and tourism. Today, approximately 400 legal entities backed by Indian capital are registered in Kazakhstan. The inflow of foreign direct investment from India to Kazakhstan over the past 25 years totals $414 million.

Oil and Gas Bilateral Trade

Turkmenistan and UAE to Expand Oil and Gas Cooperation

On January 4th and 5th, the National Leader of the Turkmen people, Chairman of the Halk Maslahaty (People’s Council) of Turkmenistan, Gurbanguly Berdimuhamedov made a working visit to the United Arab Emirates. On the 4th in Abu Dhabi, Berdimuhamedov had a meeting with the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, during which they discussed the intensification of bilateral cooperation in a number of promising areas, the Turkmen Foreign Ministry stated. On the second day of the visit, in Dubai, the Berdimuhamedov held a meeting with the Chairman of the Board of Directors of Dragon Oil, Saeed Al Tayer, during which they discussed the possibility of expanding bilateral cooperation, taking into account the accumulated experience of prior joint work and Turkmenistan’s plans for the further development of its fuel and energy sector. Berdimuhamedov emphasized that the energy policy pursued by Turkmenistan aims at increasing the volume of production and refining of oil and natural gas, as well as exporting more energy resources and finished oil and gas chemical products. For that purpose, Turkmenistan is engaged in the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, designed to give impetus to the socio-economic development of the entire region. The third stage in the development of Turkmenistan’s giant Galkynyş gas field is expected to become the source for ensuring the supply of natural gas through this pipeline. Berdimuhamedov invited partners and investors from the UAE to participate in the implementation of new energy projects for the construction of gas pipeline infrastructure intended for the export of Turkmenistan’s natural gas. During the visit, a Memorandum of Understanding was signed between the State Concern Türkmengaz and the Abu Dhabi National Oil Company (ADNOC), stating the intention of the parties to attract strategic partners for the development of the third stage of the Galkynyş field and their possible participation in the implementation of energy projects related to the construction of gas pipeline infrastructure.

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.