ASTANA, Kazakhstan, December 26. The total volume of Chinese investments in Kazakhstan by the first half of 2023 amounted to $41.9 billion, Trend reports.
According to the Eurasian Development Bank (EDB), this volume is equivalent to around 19 percent of Kazakhstan's GDP.
Most of Chinese investment in Kazakhstan comes from large-scale projects of the China National Petroleum Corporation (CNPC). Thus, CNPC invested about $37.4 billion in the Kazakhstan's economy, or 89 percent of all Chinese investments in Kazakhstan.
CNPC projects in Kazakhstan include the development of hydrocarbon deposits in the Aktobe region (investments of more than $13.3 billion), the construction of the Kazakhstan-China gas pipeline across the Kazakh territory ($16.3 billion), part of the oil fields in the Mangistau region ($2 billion), 50 percent of the Shymkent Oil Refinery ($1.6 billion).
In addition, Chinese companies continue to implement large projects in Kazakhstan in 2023. Thus, the Jiaxin International Resources Investment company is implementing a project to develop the Boguty tungsten ore deposit and the construction of a mining and processing plant in the Almaty region ($270 million), the SPIC company is implementing a project to build a wind power plant in the Jambyl region ($130 million), and the China National Vehicle Import & Export Corporation - establishing automobile production with an annual investment of about $40 million.
Meanwhile, in 2022, Kazakhstan’s trade turnover with China amounted to $24.1 billion, which is 34.1 percent more than a year earlier.
Exports from Kazakhstan increased over the year by 34.7 percent, to $13.2 billion. The share of Kazakhstan's exports to China accounted for a significant 15.6 percent of the country's total trade turnover.
Imports from China to Kazakhstan grew by 33.5 percent over the year, to $11 billion. China's share in the structure of imports of the Republic of Kazakhstan amounted to 21.9 percent.