Mutual trade between Kazakhstan and China grew by 4% and amounted to $15.4 billion

Mutual trade between Kazakhstan and China grew by 4% and amounted to $15.4 billion

Today, on April 27, 2021, the Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov held online talks with the Minister of Commerce of the People's Republic of China Wang Wentao on the development of trade and economic cooperation between the countries.

The agenda of the negotiations included a number of important issues aimed at further development of the partnership, the elaboration of which should ultimately have a positive impact on the volume of mutual trade between the countries and border regions.

Thus, China is traditionally one of the key foreign trade partners for Kazakhstan. The share of trade turnover with China last year amounted to 18.1% of the total trade of Kazakhstan.

By the end of 2020, mutual trade between the countries increased by 4% and amounted to $15.4 billion. At the same time, exports to China amounted to $9 billion, imports from China - $6.4 billion. In addition, China is one of the five largest investors in Kazakhstan, accounting for 4.7% of the total investment in Kazakhstan, the press service of the Ministry of Trade reports.

Thus, within the framework of the program of industrial and investment cooperation, it is planned to build 56 modern enterprises worth $24.5 billion. The number of joint Kazakh-Chinese enterprises in Kazakhstan has exceeded 700 units.

"We consider the signing of the Program for the Development of Trade and Economic Cooperation between the Government of the Republic of Kazakhstan and the Government of the People's Republic of China for 2020-2025 to be an important component of effective and mutually beneficial cooperation in improving bilateral trade," Sultanov Bakhyt said.

As Bakhyt Sultanov noted, in the process of development of information technologies and active use of the Internet for commercial purposes, there is a transformation and transformation of the trading system. The global COV1D-19 pandemic has unwittingly given a boost to e-commerce opportunities.

"Our departments have signed a memorandum of understanding and cooperation in the field of electronic commerce and we intend to continue working in this direction," said the Minister of Trade and Integration B. Sultanov.

To date, the Ministry of Trade of Kazakhstan is working on the development of existing and creation of new logistics services with the company AliExpress Russia (Alibaba group) and the logistics operator Tsainiao (a division of Cainiao Alibaba group), in particular, on the launch of mainline transportation from China to the Republic of Kazakhstan by land transport.

Interregional and cross-border cooperation is also an important aspect of the bilateral partnership.

One of the significant achievements in this direction is the Forum of Interregional Cooperation of the Republic of Kazakhstan and the People's Republic of China, which has become an additional mechanism for the development of bilateral trade and economic cooperation between the interested regions of Kazakhstan and China.

 

 

Press service of the MTI RK