Меню
Economic and trade cooperation
Türkiye is an important strategic partner and main trade, economic and investment partner of Kazakhstan.
According to the Ministry of Finance of the Republic of Kazakhstan, in 2022, from January to September, bilateral trade is $4.7 billion (Export $3.6 billion, Import $1.1 billion). Compared to the same period in 2021, total trade increased by 57.5% ($3.0 billion), exports ($2.1 billion) by 71%, imports ($0.9 billion) by 23 %.
In 2021, bilateral trade amounted to $4.1 billion (export $2.96 billion, import $1.14 billion). In comparison to 2020 total trade increased by 33% ($3.1 billion), exports by 39% ($2.1 billion), imports by 21% ($950 million).
If, in 2020 Türkiye was the 6th trading partner of Kazakhstan, then in 2021, according to the trade report, Türkiye became the 5th trading partner (after Russia, China, Italy and the Netherlands).
According to the Turkish Ministry of Commerce, in 2021, in the first half of the year, trade between the two countries amounted to $5.3 billion ($4 billion - imports, $1.3 billion - exports).
Investment cooperation
Investment cooperation between Kazakhstan and Türkiye is developing fruitfully. Between 2005-6 months of 2022 approximately $4.5 billion of investments were attracted from Türkiye to the economy of Kazakhstan. In turn, Kazakhstan has invested about $1.1 billion to the Turkish economy since 2005.
Almost half of the whole investment, 43.3% attracted in 17,5 years were attracted in last 4,5 years.
If the average annual volume of attracted Turkish investments for the period 2005-2010 is $159.3 million, for 2011-2016 it amounted $216.8 million, for the 2017-6 months of 2022 reached $408 million. The investments volume shows stable growth.
Within the framework of the state visit of the President of the Republic of Kazakhstan K.K. Tokayev to Türkiye (May 11, 2022), the meeting with 40 largest Turkish holdings and businessmen was held.
The total annual revenue of the Turkish businessmen participating in this event amounted to $95 billion, which occupy a leading position in various sectors. As part of this event, bilateral meetings were held between the Head of State and such business groups as Yildirim Holding, TAV Havalimanları Holding, Goknur Gida, Sembol and Koc Holding.
In addition, the President got acquainted with 16 major ongoing and promising investment projects of Turkish entrepreneurs in Kazakhstan.
During the visit of the Head of State, entrepreneurs of the two countries signed 20 investment agreements worth $1.4 billion and 10 Memorandums of Understanding.
Intergovernmental Economic Commission
An effective mechanism for the development of bilateral economic relations between Kazakhstan and Türkiye is the Intergovernmental Commission on Trade and Economic Cooperation (ICTEC).
The co-chairs of the ICTEC are the Prime Minister of the Republic of Kazakhstan A.Smailov and the Vice-President of Türkiye F.Oktay.
On 4 March 2022 in Astana, within the framework of the 30th anniversary of the establishment of diplomatic relations between Kazakhstan and Türkiye, the 12th meeting of the Joint Intergovernmental Economic Commission between Kazakhstan and Türkiye was held.
Based on the results of the work of the ICTEC, the parties approved the plan for economic cooperation between Türkiye and Kazakhstan for 2022-2023.
On 4 March 2022, a Kazakh-Turkish business forum was held with the participation of more than 250 representatives of state bodies, business and the quasi-public sector of the two countries as part of the working visit of the Vice-President of the Türkiye F.Oktay to Astana.