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Vice minister reveals volume of Turkish investments in Kazakhstan (Exclusive)

Finance Materials 19 November 2018 17:51

Baku, Azerbaijan, Nov. 19

By Rashid Shirinov – Trend:

In the first half of this year, the gross inflow of direct investments from Turkey to Kazakhstan amounted to about $149 million, Vice Minister for Investment and Development of Kazakhstan Arystan Kabikenov told Trend.

This is 21 percent more than in the same period of 2017, when the inflow of direct investments from Turkey totaled about $110 million.

"At the same time, in the first half of 2018, the gross outflow of investments in Turkey amounted to $5.5 million, while in the first half of 2017 it was $32 million," the vice minister said.

Kabikenov also spoke about companies with Turkish capital operating in Kazakhstan.

"As of October 1 this year, 1,579 legal entities, branches and representative offices with Turkish capital operate in Kazakhstan," he said.

Of these, 1,529 are small, 26 are medium and 24 are large enterprises.

It is worth noting that since Kazakhstan gained independence, Turkey has invested more than $3 billion in the country. Moreover, Turkey is among the top ten trade partners of Kazakhstan. Trade turnover between the two countries in 2017 increased by 27 percent and amounted to almost $2 billion.

During the official visit of the President of Kazakhstan Nursultan Nazarbayev to Turkey in September this year, the heads of state agreed to increase the trade turnover to $5 billion in the future.

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