Bakhyt Sultanov held talks with KSA Investment Minister H. Al-Falah

Deputy Prime Minister - Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov held talks with the Minister of Investment of the KSA H. Al-Falih.

During the meeting, the sides discussed ways to expand mutual trade.

According to Bakhyt Sultanov, today there is a positive trend in trade. According to the results of last year, the trade turnover between Kazakhstan and Saudi Arabia increased by more than 2 times and amounted to $8.6 million.

"We have increased exports to Saudi Arabia by 3.8 times ($5.4 million), in turn, imports to Kazakhstan increased by 15.3% ($3.1 million)," Bakhyt Sultanov said.

The positive dynamics of the growth of trade turnover remains at the end of the 1st quarter of this year with an increase of 16.4% (amounted to $ 1.5 million). Exports increased by 50.7% and amounted to $1.3 million. Imports decreased by 42.8% and amounted to $281.4 thousand.

The parties noted that in order to maintain this trade dynamics, it is necessary to continue work on diversification and expansion of the range of goods supplied.

For reference: Following the results of the 5th meeting of the Intergovernmental Commission on December 24, 2021, a list of export-potential products for 100 commodity items totaling $398.5 million was sent to the diplomatic channels of the Republic of Kazakhstan. These are products of the metallurgical industries (worth $233 million), food (worth $97.4 million), chemical (worth $27.9 million), machine-building (worth $20.8 million), light (worth $8.1 million), pharmaceutical (worth $6.6 million), and construction goods (in the amount of $4.8 million).

The parties also discussed the issue of opening direct flights that would stimulate business and tourist activity.

It should be noted that in August last year, Saudi Arabia introduced a simplified visa regime for tourists from Kazakhstan. Kazakhstan, in turn, has also resumed the visa-free regime for KSA citizens.