Kazakhstan, Germany sign agreements worth nearly $700M
Baku, Azerbaijan, Oct.8
By Nargiz Sadikhova - Trend:
Kazakhstan and Germany are planning on signing a number of documents for implementation of the investment projects within the framework of the official visit of the President of Kazakhstan Kassym-Jomart Tokayev to Germany in December 2019, Trend reports with reference to the press office of KAZAKH INVEST National Company.
The announcement was made during the Kazakhstan-German Business Forum held on October 7, 2019 in Berlin, Germany. The Kazakhstan delegation, which included representatives of government authorities and agencies, national companies and business interests, and was headed by Kazakh Deputy Prime Minister Roman Sklyar.
Within the forum, agreements to implement investment projects with German companies worth about $700 million were reached during negotiations with companies such as Linde Gas, SMS Group, CLAAS Group, Barit Gmbh and others.
“In order to move away from the raw material vector of economic development, Kazakhstan has begun to modernize and industrialize domestic economy. The foundation of the new policy is the creation of a base of industrial-innovative and green economy. In this context, the goal for Kazakh businessmen should be to attract companies from Germany to cooperate as leaders in the fields of new technologies and innovations. Development of new industries which to be created using digital technologies as well as the introduction of elements of Industry 4.0 is particularly relevant,” Sklyar said.
According to the information, Germany is one of the leading foreign economic partners of Kazakhstan. Over the past 14 years, German companies have invested about $5 billion in Kazakh economy. According to German statistics, trade turnover reached a historic high of 5.1 billion euros at year-end 2018.
“Today, Kazakhstan is full of new opportunities and potential for profitable business. We are very pleased that the positive development also had a beneficial effect on the German-Kazakh economic relations: during 1H2019 we exchanged goods worth 2.7 billion euros. Kazakhstan still accounts for more than 80 percent of Germany’s trade with the Central Asia,” said Manfred Grundke, member of the board of the Eastern Committee of the German Economy, General Partner of Knauf.
Furthermore, KAZAKH INVEST Independent Director Ulf Vokurka has expressed confidence that the negotiations held on the sidelines of the forum will lead to the start-up of production facilities and the creation of new joint ventures.
(1 USD = 389 KZT on October 8)
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