Expansion of business relations between Kazakhstan and Latvia

On 11-14 September 2023, a representative Latvian business delegation visited Astana with the support of the Embassy of Kazakhstan in Latvia and the Embassy of Latvia in Kazakhstan. The delegation included heads of the largest Latvian industry associations and unions, seaports, leading transport and logistics and IT companies, pharmaceutical companies.

The central event of the visit was the round table "Kazakhstan-Latvia: new prospects for cooperation", which was held at the International Financial Centre Astana. Representatives of business circles of the two countries not only exchanged views on the prospects of trade and economic cooperation between Kazakhstan and Latvia, but also agreed on joint actions to intensify and diversify areas of cooperation. In particular, joint work in the field of transport and logistics, implementation of projects in the machine-building and pharmaceutical industries, agro-industrial complex, as well as other areas of the processing industry were identified among the priorities.

Latvian businessmen were familiarised in detail with investment preferences in Kazakhstan in the light of the new model of economic development of the country, announced by the Head of our state in the Address to the people of Kazakhstan - "Economic course of fair Kazakhstan".

A series of bilateral meetings of Latvian business representatives with the management of "Kazakhstan Temir Zholy" (Қазақстан Темір Жолы), "SK-Pharmacia" (СК-Фармация), "Association of Mining and Metallurgical Enterprises", "KazakhInvest", "KazAzot" (КазАзот), Union of Transport Workers of Kazakhstan "KazLogistics", Association "KazEnergy", Kazakhstan Centre for Industry and Export "Qazindustry", "Centre for Development of Trade Policy "QazTrade", National Holding "QazBioPharm" and Aktau Commercial Sea Port.

Among the specific agreements reached during the visit were the signing in the near future between AIFC and the Latvian Stevedores Association (operating in Latvian ports), as well as the Latvian Automobile Association "Latvijas auto" of memoranda of co-operation on the registration of Latvian companies in AIFC and on mutual understanding on the creation of new supply chains, exchange of experience in the introduction of new technologies in the field of logistics. In addition, a number of entrepreneurs from the two countries identified promising projects in various sectors of the economy for their detailed elaboration with the aim of reaching the stage of practical implementation as soon as possible.

In general, representatives of Latvian business expressed deep satisfaction with the results of the visit, which was filled with concrete content and allowed them to be directly convinced of the great economic potential of Kazakhstan and favourable conditions for business vision in our country.