BAKU, Azerbaijan, June 2. Switzerland's private sector holds immense potential to make substantial contributions to Kazakhstan's transport and logistics industry, a source at Switzerland's State Secretariat for Economic Affairs (SECO) told Trend.
According to the source, as Swiss companies consider Kazakhstan to be the main transport and logistics hub in the Central Asian region, Switzerland's private sector is able to contribute to Kazakhstan's transport and logistics sectors.
Another prospering field between the two countries is trade and investments. According to the SECO, the trade turnover between Kazakhstan and Switzerland in the first quarter of this year amounted to $811.9 million. In 2022, this figure totaled $4.1 billion.
In a significant development, Kazakh Invest and the Joint Chamber of Commerce of Switzerland (JCC) signed a Memorandum of Understanding (MoU) on April 27. This landmark agreement took place during a business roundtable organized by JCC and the Embassy of Kazakhstan in Switzerland, focusing on the promising Foreign Direct Investment (FDI) opportunities in Kazakhstan.
As the source noted, the event titled "FDI Opportunities in Kazakhstan in the Spotlight at JCC Business Roundtable," aimed to foster closer ties between the two countries and encourage collaboration in various sectors.
"More than 40 Swiss companies are currently present in Kazakhstan, mostly in the form of a representation or local limited liability company," said SECO.
JCC, a prominent private sector organization in Switzerland, plays a crucial role in promoting business interactions between Switzerland and Eastern Europe (non-EU), Central Asia, and the South Caucasus.