Kazakhstan looks to expand its export markets

Business Materials 5 August 2019 11:43 (UTC +04:00)

Baku, Azerbaijan, August 5

By Nargiz Sadikhova - Trend:

The Minister of Agriculture of Kazakhstan Saparkhan Omarov met with representatives of major Chinese company COFCO International to discuss issues of Kazakh goods’ export to China, Trend reports with reference to press office of the ministry.

“In accordance to the new strategy the COFCO company is planning to provide not only China but also other countries with food,” the report said.

“Currently the demand for Kazakh high-protein wheat for noodles manufacturing is increasing in China. Further increase of the demand is expected in the future, especially in North West part of China,” the statement said.

Thus, during the meeting Omarov proposed to look into investing the project on deep processing of flax on the territory of Kazakhstan. He further stated that the country has big potential in this sphere.

Kazakh party also proposed to attract microfinance institutions together with COFCO for Kazakh export of agricultural complex goods to enter new markets. Furthermore, COFCO is ready to hold negotiations with Kazakh companies on export of alfalfa.

Annual trade turnover of agricultural goods by COFCO amounts to 150 million tons. The assets of the company equal $13 billion. Some 100,000 employees work for the company, 12,000 people of which work in international branches in 35 countries worldwide.

(1 USD = 385.76 KZT on August 5)


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