ASTANA, Kazakhstan, December 6. Kazakhstan and Russia will strengthen mutually beneficial trade, economic, and investment cooperation, Trend reports.
This topic was discussed during a meeting between the Minister of National Economy of Kazakhstan Alibek Kuantyrov and the Minister of Economic Development of Russia Maxim Reshetnikov in Moscow, Trend reports.
Kuantyrov noted that Russia is one of the important trade and economic partners of Kazakhstan.
Mutual trade turnover has increased by more than 30 percent in the last three years. Mutual commerce totaled about $19 billion at the end of the first nine months of 2023, a record figure.
Furthermore, the ministers of the two nations discussed concerns concerning the development of SMEs. According to Kuantyrov, the number of functioning SMEs in Kazakhstan has increased to 36.4 percent, with a target of 40 percent by 2030.
According to the minister, the increase in the number of functioning SMEs in Kazakhstan is linked to greater digitalization and government support.
Furthermore, the parties addressed government assistance measures to encourage international investment.
The volume of trade turnover between Kazakhstan and Russia in 2022 amounted to $26.123 billion. Kazakhstan's exports to Russia during the reporting period amounted to $8.78 billion, while imports amounted to $17.34 billion.