Demand for Kazakh goods in Azerbaijan is growing
Export contracts worth $ 55 million were concluded by Kazakhstani companies following the results of the trade and economic mission held on April 4-6 this year in Baku.
On the eve of the 19th meeting of the Kazakh-Azerbaijani Intergovernmental Commission in Baku, QazTrade organized a trade mission, which was attended by more than 20 Kazakhstani producers in various areas: food production, metallurgy and metalworking, IT services, chemical, construction industry and mechanical engineering. More than 100 enterprises visited the trade and economic mission from the Azerbaijani side.
Bilateral negotiations in the B2B format with the participation of national companies and business circles of the two countries, meetings with major retail chains and distributors of the Republic of Azerbaijan were organized for representatives of Kazakh business.
According to Vice Minister of Trade and Integration of Kazakhstan Kairat Torebayev, B2B meetings allow strengthening trade and economic cooperation of Kazakhstan with other countries.
«Kazakh entrepreneurs are interested in the Azerbaijani market. But the potential of our mutual trade is not even half used. And this is despite the fact that there is a demand for Kazakh goods in the Azerbaijani market and Azerbaijani goods in Kazakhstan. We can also explore the markets of third countries together. Moreover, important international transport corridors pass through our territories, - Kairat Torebayev said.
From the Azerbaijani side, representatives of the top management of the Agency for the Development of Small and Medium-sized Businesses of the Republic of Azerbaijan, the Agency for the Promotion of Exports and Investments of the Republic of Azerbaijan AZPROMO and other large companies spoke at the trade mission site.
Following the results of the trade and economic mission in Baku, agreements were reached with Azerbaijani counter-partners for the supply of batteries, sheet steel, and food. The total amount of contracts concluded in Baku has already amounted to $ 55 million. Entrepreneurs continue the negotiation process on the supply of their products to Azerbaijan.
For reference:
The trade turnover between Kazakhstan and Azerbaijan in 2022 amounted to 461.9 million dollars, which is 39% higher than in the same period of the previous year (332.2 million dollars).
Exports from Kazakhstan to Azerbaijan in 2022 increased by 30.4% and amounted to 375.3 million dollars.
The increase in exports to Azerbaijan is justified by an increase in the supply of such goods as crude oil, wheat, petroleum products, rails, cargo and passenger ships, ferries and others.