The trade turnover between Kazakhstan and Saudi Arabia increased to $2.7 million in 4 months of 2021

The trade turnover between Kazakhstan and Saudi Arabia increased to $2.7 million in 4 months of 2021

Nur-Sultan – July 3, 2021. Today, the Minister of Trade and Integration of the Republic of Kazakhstan, Bakhyt Sultanov, met with the Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to the Republic of Kazakhstan, Mr. Abdulaziz Bin Abdullah Bin Abdulrahman Al-Daoud to discuss the prospects of bilateral cooperation.

Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov said that in 2020, the Ministry of Trade and Integration of the Republic of Kazakhstan was given the supervision of the IPC with Saudi Arabia and preparations for the upcoming 5th meeting of the Kazakh-Saudi intergovernmental Commission are currently in full swing.

"An important event in bilateral relations is the expansion of comprehensive trade and economic ties, assistance to the entry of Kazakh and Saudi exporters to the markets of the two countries, cooperation in the banking sector and renewable energy," Sultanov Bakhyt said.

The Kazakh side invited the Saudi side to consider the possibility of holding the 5th meeting of the Kazakh-Saudi intergovernmental Commission. in the autumn of 2021 in Nur-Sultan.

It is noted that Kazakhstan and the KSA are interested in joint projects for the production of meat and meat products, as well as in the production of cereals, flour, etc., which is relevant in terms of food security. Special attention is paid to the promotion of Kazakhstani food producers to the KSA markets, issues of synchronization of standards, the system of technical regulation and certification.

The proposals of SaudiExim Bank regarding the establishment of cooperation with Kazakh banks in the financial sector, joint financing of projects are of interest.

These and other issues will be considered in the agenda of the upcoming IPC.

In turn, the Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to the Republic of Kazakhstan, Mr. Abdulaziz Bin Abdullah Bin Abdulrahman Al-Daoud, said that the KSA seeks to improve trade and economic relations with Kazakhstan at a qualitatively new level, as well as to increase cooperation in the field of agro-industrial industry, in opening air links between the countries, attracting investment, etc.

Following the meeting, the parties expressed the opinion that the result of the current 5th meeting of the Kazakh-Saudi intergovernmental Commission will be the building of relations between the business communities of the KSA and Kazakhstan on the development of mutual trade.