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Economic cooperation has traditionally been one of the priorities for the development of relations between Kazakhstan and the United States.
The United States is the largest investor in the Kazakh economy. Gross US FDI inflows to Kazakhstan in 2022 increased by 82% compared to the same period of the previous year totaling to $5.1 billion.
Trade turnover for 2022 reached a record high of $3.05 billion, up 37% from the previous year. At the same time, exports grew by 32%, amounting to $1.15 billion, while imports increased by 40% to $1.89 billion dollars.
Among the most attractive industries for investment cooperation are the financial sector, energy, retail, mechanical engineering, mining, transport, communications, pharmaceuticals, real estate.
As of January 2023, there are 607 joint ventures and companies with US capital operating in the Republic of Kazakhstan. The increase in the number of enterprises for the year amounted to 8.4% (562 as of January 2022). At the same time, US companies continue to show interest in the Kazakh market.
An additional impetus for the development of bilateral economic relations is the active participation of large American companies (Chevron, ExxonMobil, General Electric, Philip Morris, JP Morgan Chase, Citibank, Baker Mackenzie) in the work of the Council of Foreign Investors under the President of the Republic of Kazakhstan.
The key mechanism in the field of economic cooperation is the Kazakh-American Business Council under the US Chamber of Commerce. On the sidelines of the 77th UN General Assembly in 2022, President Tokayev took part in the work of the Kazakh-American investment round table.
The event was attended by the heads of major American companies, including Chevron, ExxonMobil, Fluor, Shell USA, The Solar Turbines, S&P Global, Centrus Energy Corporation, Boeing, Amway, GE International Markets, Honeywell UOP, Philip Morris, Procter & Gamble, Baker Hughes, John Deere, Bechtel, Halliburton, Valmont, Champion Foods, PepsiCo, MasterCard, Citi, Microsoft, Coursera, StartX, EPAM, Wabtec Corporation, Zscaler, DoorDash, Amazon, Pfizer, Medtronic, Netflix.
In June 7, 2023 the first visit of a certified American trade mission to Kazakhstan led by the U.S. Chamber of Commerce, the U.S. Department of Commerce, as well as the Embassy of the Republic of Kazakhstan in the US, with the participation of more than 20 largest US companies, including ExxonMobil, Boeing, GE, Baker Hughes, Citibank, Google, Microsoft, Apple and etc.
As part of the agenda, the business delegation took part in the Kazakh-American investment round table, a meeting of the Foreign Investors’ Council under the President, the Astana International Forum and Astana Finance Days organized by the AIFC, and also held meetings in G2B and B2B formats.
Within the framework of the Strategic Energy Dialogue (SED), joint work is carried out in four areas: nuclear energy and safety; hydrocarbon resources; renewable energy sources and its efficiency; electric power industry.
The Kazakh delegation headed by the Minister of Energy of the Republic of Kazakhstan Bulat Akchulakov took part in the CERA Week conference in Houston on March 6-8, 2023.
During the visit of US Secretary of State Antony Blinken to Kazakhstan in 2023, a Memorandum of Understanding was signed between the Committee of Geology of the Ministry of Foreign Affairs of the Republic of Kazakhstan and the US Geological Survey. This document lays the institutional framework for cooperation in the field of critical minerals.
Active work is underway to attract new US agro-industrial companies to the Kazakhstan market. On January 12, 2021, an investment agreement was signed with Valmont company on the creation of a network of demonstration farms in Kazakhstan and the construction of a plant for the production of modern irrigation systems and crop yield management.
On September 6, 2022 with the assistance of the Embassy the North Kazakhstan University named after Kozybaev and the University of Arizona launched an international educational project, which is being implemented according to the model of strategic partnership.
On a regular basis, Kazakh delegations participate in the annual events of the World Bank and the International Monetary Fund.