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Kazakhstan, Russia intend to boost mutual trade

Kazakhstan Materials 8 December 2023 09:40 (UTC +04:00)
Kazakhstan, Russia intend to boost mutual trade
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, December 8. Kazakhstan and Russia intend to increase mutual trade and investment, Trend reports.

This topic was discussed during a meeting between Minister of National Economy of Kazakhstan Alibek Kuantyrov and Assistant to the President of the Russian Federation Maxim Oreshkin.

As Kuantyrov noted, the most important guidelines for the further development of bilateral cooperation were outlined during the recent meeting of the presidents of Kazakhstan and Russia.

Thus, during the meeting, agreements were reached on new strategic joint projects in energy, industry, mechanical engineering, transport industry, etc.

The countries maintain a high level of investment interaction. Russian direct investment over the past 18 years has exceeded $20 billion. In turn, the volume of Kazakh investments since 2005 has reached $6 billion.

Kuantyrov noted that all the necessary conditions have been created for foreign investors in Kazakhstan, and work is underway to increase the share of small and medium-sized businesses in the economy.

Following the meeting, the parties expressed readiness to maintain close contacts in order to further develop mutually beneficial cooperation.

From January through August 2023, the volume of trade turnover between Kazakhstan and Russia amounted to $17 billion. Exports to Russia amounted to $6.389 billion, and imports from Russia amounted to $10.611 billion.

At the same time, 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.

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