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Economic cooperation has traditionally been a priority in the development of bilateral relations between Kazakhstan and the United States.
The most attractive sectors for trade and investment cooperation include finance, energy, agriculture, engineering, mining, transportation, pharmaceuticals, IT, and others.
Approximately 650 companies with American capital operate in Kazakhstan.
Bilateral economic relations have gained additional momentum through the active involvement of major American companies such as Chevron, ExxonMobil, GE, JP Morgan Chase, Citibank, and others in the Foreign Investors' Council under the President of Kazakhstan.
A key mechanism for fostering economic cooperation is the U.S.-Kazakhstan Business Council, which operates under the U.S. Chamber of Commerce. In 2022, during the 77th UN General Assembly, the President of Kazakhstan participated in the U.S.-Kazakhstan Investment Roundtable.
In collaboration with the U.S. Chamber of Commerce, a U.S. Trade Mission to Kazakhstan was organized in 2023, featuring 20 American companies, including Apple, Google, Microsoft, Pfizer, EPAM, Boeing, and others. On October 7-10, 2024 the U.S. Trade Mission visited Kazakhstan.
One of the key initiatives of the New York Declaration at the 2023 C5+1 Summit was the launch of the B5+1 business platform, a community of businesses from Central Asian countries and the U.S. To advance this initiative, in cooperation with the Center for International Private Enterprise under the U.S. Chamber of Commerce, the first B5+1 Forum was held in Almaty on March 13-15, 2024.
During U.S. Secretary of State Antony Blinken’s visit to Kazakhstan in 2023, a Memorandum of Understanding was signed between Kazakhstan’s Committee of Geology under the Ministry of Industry and Infrastructure Development and the U.S. Geological Survey. This document provides an institutional foundation for cooperation in the field of critical minerals.
In 2022, an international educational project was launched between North Kazakhstan State University and the University of Arizona, based on a strategic partnership model.
As part of the Strategic Energy Dialogue (SED), joint work continues in four areas: hydrocarbon resources, renewable energy, energy efficiency, and electricity.
Kazakhstan’s delegations regularly participate in annual events organized by the World Bank and the International Monetary Fund.
Ongoing efforts with the U.S. Congress and Government aim to remove Kazakhstan from the Jackson-Vanik Amendment and establish Permanent Normal Trade Relations (PNTR). These efforts also seek to include Kazakhstan in the list of beneficiaries if the Generalized System of Preferences (GSP) program is renewed.
Systematic efforts are also being made with the U.S. Department of Commerce to support American companies entering the Kazakhstan’s market. This includes participation in annual meetings under the Central Asia Trade and Investment Framework Agreement (TIFA) and the Enhanced Strategic Partnership Dialogue (ESPD).
On October 28, 2024 the “Kazakhstan Finance Day” Forum took place in New York City, organized by the National Bank of Kazakhstan in collaboration with the Embassy of Kazakhstan in the U.S. and the Consulate General, in partnership with Citigroup, Mastercard, Visa, Solidcore Resources, and the U.S. Chamber of Commerce.
The launch of this inaugural forum in one of the world’s top financial centers aims to strengthen economic ties and attract new investment to Kazakhstan as a promising economic destination.