Kazakhstan Belgium Business Council Held in Astana for First Time
Astana, June 5, 2023 – At the inaugural meeting of the Kazakhstan – Belgium Business Council in Astana, relevant issues of interaction between economic entities and state bodies in promoting trade and economic cooperation between the two countries were reviewed.
The event was attended by Ambassador of Kazakhstan in Brussels Margulan Baimukhan and Ambassador of Belgium in Astana Henri Vantieghem, heads and representatives of a number of public companies and more than 20 private business entities of the two countries, including those who arrived as part of a business mission organized by the Belgian institutions for the promotion of international trade and investment.
The agreement on the establishment of the Business Council was signed on May 17, 2023 by the Chamber of International Commerce of Kazakhstan and the Benelux Chamber of Commerce in the presence of the two nations’ Ambassadors and Members of the Parliaments of Kazakhstan and Belgium. The proposal to launch one was voiced by President of Kazakhstan during his official visit to Belgium in November 2021.
Opening the event, Ambassador Baimukhan noted 30 years of diplomatic relations between the two countries had laid a solid foundation for the further development of Kazakh-Belgian cooperation.
“Belgium is among the leading investors in the Kazakh market. We are open to further expanding cooperation in logistics, energy production, pharmaceuticals, digital technologies and other industries. We can make significant progress in these areas and contribute to the establishment of new Kazakh-Belgian joint ventures,” he emphasised.
Ambassador Vantieghem also welcomed the launch of a new dialogue platform. Speaking about the competitive advantages of Belgian companies to work in the Kazakh market, he also named transport, logistics, renewable energy among the priority industries. “We are interested in cooperation with Kazakhstan in many areas,” the Belgian diplomat added.
The event was also attended by Chairman of the Board of JSC Baiterek Kanat Sharlapayev, CEO of JSC Samruk-Kazyna Invest Saken Abilmazhinov, Head of SK-Pharmacy Yerkhat Iskaliyev, Chairman of the Board of the Chamber of International Commerce of Kazakhstan Ayan Yerenov, President of the Benelux Chamber of Commerce Denis Van den Weghe, Director for Greater Europe of the AWEX Walloon Agency for Export and Investment Yves Richard, representatives of JSC NC KazakhInvest, the International Financial Center Astana, other Kazakh and Belgian organizations and companies.
The speakers discussed practical aspects of expanding the presence of companies of the two countries in the Kazakh and Belgian markets, ways to improve the institutional environment for the implementation of joint projects in areas of shared interest.
It was noted that recently there had been a noticeable positive dynamics of political contacts between our countries, both at the highest level and through inter-parliamentary diplomacy, which contributes to the consolidation of bilateral trade and economic cooperation.
In general, the participants of the first meeting expressed confidence that it would mark the beginning of a useful and productive platform that would promote cooperation between Kazakh and Belgian business entities with the coherent support from government agencies of the two countries.
Before the conclusion of the event, the Benelux Chamber of Commerce and SK-Pharmacy signed a memorandum of understanding and cooperation, under which they agreed to promote the localization of the production of patented medicines in Kazakhstan and the regular exchange of experience and information for the development and implementation of joint initiatives.
It is assumed the Kazakhstan – Belgium Business Council will meet as needed in one of the two countries, approximately annually.
Belgium is a major trading partner in the EU for Kazakhstan and one of the important sources of investment and new technologies.
By the end of 2022, the trade turnover between the two countries amounted to 514.5 million USD, which is 23% higher than in the same period of the previous year (418.3 million USD). Exports of Kazakh products to the Belgian market amounted to 272.1 million USD, imports from Belgium to 242.4 million USD.
The main items of Kazakhstan’s exports to Belgium are flax seeds, titanium and products made from it, chromium oxides and hydroxides, ores and concentrates, coal, ethyl alcohol, other ferrous metal products, ferrous metal structures, waste obtained during the extraction of vegetable oils.
The main items of Kazakhstan’s imports from Belgium are medicaments, vaccines, tractors and tractors, surfactants, detergents and cleaning agents, putties, lubricants.
For the period from 2005 to 2022, the volume of foreign direct investment from Belgium to Kazakhstan amounted to about 11.5 billion USD.
Currently, more than 70 enterprises with the participation of Belgian capital operate in Kazakhstan. The larger among them are Solvay Chemicals International SA. (chemistry), Sarens Group (development of oil and gas industry infrastructure), Evolion (renewables), Carmeuse (mining), Ahlers (logistics).