Exports from Kazakhstan to Armenia increased by 66% and amounted to $ 7.3 million

On May 14, 2021, the Ministry of Economy of the Republic of Armenia hosted a meeting between Vice Minister of Trade and Integration of the Republic of Kazakhstan Kairat Torebayev and Minister of Economy of the Republic of Armenia Vahan Kerobyan.

The parties discussed the current state of bilateral trade and economic cooperation and further prospects in this area.

Despite the restrictive measures, in 2020, the trade turnover between Kazakhstan increased by 30.8% and amounted to $15.0 million ($11.5 million).

As Kairat Torebayev noted, there is a serious untapped potential in the system of bilateral trade.

"The Armenian market is of interest for the export of Kazakhstan's processed products. Kazakh companies are ready to expand the range of exports in the amount of $230.9 million, which is 50 non-primary goods in various industries: petrochemicals ($138.8 million), metallurgy ($23.1 million), food industry ($36.4 million)," Kairat Torebayev said.

Moreover, the Kazakh Export company can assist the Armenian partners in long-term trade financing and insurance of trade supplies. The services of this company are widely used by our partners in the CIS countries.

It is also noted that for the period from 2005 to 2020, the gross inflow of direct investment from Armenia to Kazakhstan amounted to $8.3 million, from Kazakhstan to Armenia - $56.3 million.

Following the talks, the parties agreed that the upcoming meeting of the Intergovernmental Commission (May 27-28 in Nur-Sultan) under the co-chairmanship of the ministers will give an impetus to bilateral trade and economic relations in order to overcome the negative consequences of the "coronavirus crisis".

Kairat Torebayev and Deputy Minister of Economy of Armenia Varos Simonyan also met with representatives of state bodies and business circles of Armenia to prepare for the upcoming meeting of the Commission and develop proposals for expanding trade and economic cooperation.

Today, Kazakhstan has more than 200 companies with Armenian capital in various sectors of the economy (manufacturing, construction, trade, services, etc.). There are 43 Kazakh-Armenian joint ventures.