Kazakhstan and Italy expand investment partnership

Milan, 26 April 2023 - Milan today hosted the Kazakh-Italian business forum “Kazakhstan - The Country of Great Opportunities”, organised by Kazakh Invest national company, the Embassy of Kazakhstan in Italy, and the Kazakh-Italian Chamber of Commerce. It was attended by more than 100 Italian companies representing sectors such as agricultural industry, light industry, logistics, tourism, engineering, energy, among other spheres.

The Kazakh side was represented by the leadership of Kazakh Invest, Baiterek National Management Holding, national postal service Kazpost, as well as representatives of government agencies and private companies.

The venue of the forum is not accidental. Milan is the capital of the Lombardy region, the leader of Italian business and the most industrialized and richest region in Italy. Many international and Italian companies are headquartered here. Lombardy is attractive not only for business, but also for tourists from all over the world.

Speaking at the opening of the business forum, Ambassador of Kazakhstan to Italy Yerbolat Sembayev noted the high dynamics of the development of trade and investment relations between the two countries. He noted that Italy is one of the key trade partners of Kazakhstan in the world.

“Today, Italy is the main trading partner of our country in Europe and third in the world. Our mutually beneficial cooperation is built within the framework of the Treaty on Strategic Partnership between our countries,” the Ambassador said.

The Kazakh diplomat outlined current investment projects being implemented between the two countries.

“Work has begun on the assembly of Deutz-Fahr agricultural tractors and combines under the brand ‘Made in Kazakhstan together with Italy’, launched by Agromash Holding KZ together with the Italian transnational holding SDF Group. In addition, Italian company PetrolValves, engaged in the production and maintenance of valves, and Kazakh company Merlion Development Group have created a joint venture LLP PetrolValves Kazakhstan and this year they have already launched a plant for the production of valves,” said the Ambassador.

Meirzhan Yussupov, Chairman of the Board of Kazakh Invest, provided the forum participants with detailed information about Kazakhstan, outlining the investment potential of the country, including its advantages, and described the conditions that have been created for investors, as well as state support measures.

“Italy remains the third strategic trading partner of Kazakhstan after Russia and China with a share of more than 11.1% in the total volume of foreign trade. Today, more than 260 businesses with the participation of Italian capital are successfully operating in the country, which testifies to the high confidence of Italian business in our country,” Yussupov said.

In turn, representatives of the Italian side noted the high potential for trade and investment cooperation between the two countries. According to the President of the Committee of Justice of the Chamber of Deputies of the Italian Parliament, Ciro Maschio, Kazakhstan is an important trade and economic partner of the country. Both sides have every opportunity to expand bilateral cooperation.

Views on the expansion of Kazakh-Italian trade and investment relations were also shared by Gianluca Grandi, Plenipotentiary Representative of the Ministry of Foreign Affairs and International Cooperation of Italy, Davide Caparini, President of the Lombardy Region Budget Committee, Paolo Ghirelli, Chairman of the Kazakh-Italian Chamber of Commerce, Marco Beretta, Chairman of the Italian-Kazakhstan Trade Association, among others.

Salvatore Parano, Head of the Trade and Investment Agency in Kazakhstan, Nurbolat Aidapkelov, First Deputy Chairman of Baiterek Holding, Luca Passariello, Head of the Supply Chain and Business Promotion Department of SACE, Temirlan Mukhanbejanov, Chief Director for Client Relations at the Astana International Financial Centre, Semyon Pak, Managing Director for International Business of Kazpost, and Francesco Formisano, Commercial Director of Bonifiche Ferraresi, also spoke at the panel sessions of the forum.

A Memorandum on cooperation in the development of e-commerce between Kazpost and the Italian company NEOS was signed within the framework of the forum.