Nursultan and Riyadh discuss deepening cooperation

Today, the 5th meeting of the Kazakh-Saudi Intergovernmental Commission is being held in Nur-Sultan. The Kazakh side is co - chaired by the Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov, and the Saudi side is co-chaired by the Minister of Investment of the KSA Khalid Abdulaziz Al-Falih.

The Kazakh side noted that Saudi Arabia has always been and remains a reliable partner of Kazakhstan on the Arabian Peninsula, with which we are connected by ties of friendship and constructive political dialogue.

The Intergovernmental Commission noted that during the global economic crisis, including the covid, the pace of development of trade and economic cooperation between the two countries slowed down. However, Kazakhstan and the Kingdom of Saudi Arabia have a great untapped potential for cooperation in trade, economic and investment spheres.

- It is necessary to give a new impetus to our relations in order to enter the trajectory of sustainable growth, - said Bakhyt Sultanov, speaking at a meeting of the IPC.

The parties discussed the prospects for increasing mutual trade, including expanding and strengthening cooperation on access to the markets of our countries.

Thus, the possibility of replacing imported goods in our markets by increasing the share of products produced in Kazakhstan and Saudi Arabia in mutual trade was discussed.

Kazakhstan announced its readiness to expand the range of exports in the amount of $398.5 million, for the supply of 100 processed goods in various industries. The list includes products of mechanical engineering, ferrous metallurgy, food industry, etc.

The parties agreed to deepen cooperation between the business circles of the two countries and work out the organization of joint events, including the opening of temporary or permanent exhibition pavilions (showroom) for familiarization and sale of products of one party on the territory of the other party. Kazakhstan and the KSA also agreed to assist each other in finding potential buyers in their countries.

Kazakhstan also expressed interest in attracting Saudi companies to implement joint export-oriented investment projects in such areas as agriculture, petrochemicals, tourism, mining and metallurgical complex and finance.

So, in particular, Bakhyt Sultanov informed his Saudi counterpart about the launch of a project to create a commodity distribution system in Kazakhstan with the connection of the potential of neighboring states.

"The creation of a large food chain in our region will allow us to overcome logistical obstacles that limit trade exchange, establish transit and transportation routes, which will promote mutually beneficial exports of products between Central Asia and the Middle East, "the Minister of Trade and Integration of Kazakhstan said, inviting state structures and business of Saudi Arabia to"study in detail all opportunities for cooperation in this area."

The parties agreed to exchange quarantine phytosanitary requirements when trading agricultural products and cooperate in the field of plant quarantine.

And also to make efforts to accelerate the receipt by Kazakhstan of all permits from the Saudi Food and Drug Authority (Saudi Food and Drug Authority) for the export of Kazakh livestock and poultry products to the Saudi Arabian market.

The direction of the "green economy"can become a major area of cooperation. Riyadh noted that there is a potential for implementing joint projects, exchanging technologies, and training personnel. The parties agreed to discuss ways of cooperation in the field of alternative and renewable energy, including solar, hydrogen energy and peaceful atom.

Following the results of the 5th meeting of the Kazakh-Saudi Intergovernmental Commission, the parties signed the final Protocol, which is aimed at enhancing cooperation in all spheres of bilateral relations.