The trade turnover between Kazakhstan and the KSA returns to pre-crisis volumes

The trade turnover between Kazakhstan and the KSA returns to pre-crisis volumes

According to the results of 7 months of this year, mutual trade between Kazakhstan and the Kingdom of Saudi Arabia increased by a third and almost reached doc-like volumes.

Thus, the trade turnover in 2019 amounted to 8.6 million US dollars, in 2020-4.2 million US dollars.

In January-July 2021, mutual trade amounted to $ 4.0 million, which is 36.5% higher than in the same period of the previous year ($3.0 million).

At the same time, exports from Kazakhstan to Saudi Arabia in January-July 2021 increased by 2.3 rubles and amounted to 1.6 million US dollars. (At the end of 2019, it amounted to 3.1 million US dollars, at the end of 2020 – 1.4 million.

Kazakhstan supplies the KSA market with ferroalloys, light industry products (men's, women's and children's textile and knitted clothing), fittings for pipelines, ferrous metal products, geodetic and topographic instruments and tools, etc. Imports to Kazakhstan consist of mechanical devices for spraying or spraying liquids or powders, fresh and dried fruits (dates, figs, pineapples, avocado, guava, mango), medicines, ethylene polymers, etc.

Currently, the shares of our countries in each other's foreign trade turnover are insignificant and we need to reverse this situation,

During the 5th meeting of the Kazakh-Saudi Intergovernmental Commission (the Kazakh side is co-chaired by the Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov, with the Saudi side-the Minister of Investment of the KSA Khalid Abdulaziz Al-Falih) a significant potential for expanding mutual trade was noted.

- We have a great untapped potential for cooperation in the trade, economic and investment spheres. We need to strengthen cooperation in the most promising areas: agriculture, energy, petrochemicals, nuclear industry, tourism and investment, " Minister of Trade and Integration of Kazakhstan Bakhyt Sultanov said, speaking at a meeting of the Kazakh-Saudi IPC.

 

For reference:

During the period from 2005 to the 1st quarter of 2021, Kazakhstan attracted 116.4 million US dollars of direct investment from Saudi Arabia.

During the period from January to December 2020, $ 6.8 million of direct investments from Saudi Arabia were attracted to Kazakhstan.

For the 1st quarter of 2021, the gross inflow of FDI from Saudi Arabia amounted to $ 4.6 million.

In 2020 and in the 1st quarter of 2021, there was no outflow of investments to Saudi Arabia from Kazakh direct investors.

As of August 1, 2021, 28 legal entities with the participation of Saudi capital were registered in Kazakhstan, of which 15 legal entities operate.