Kazakhstani companies signed contracts to supply products to Saudi Arabia

In Riyadh from November 26 to 28 for the first time is held a trade mission of Kazakh entrepreneurs with the assistance of the Ministry of Trade and Integration of the Republic of Kazakhstan and the operator of non-financial export support measures QazTrade.

At the business forum with the participation of business circles of Kazakhstan and Saudi Arabia, Vice Minister of Trade and Integration of Kazakhstan Kairat Torebayev noted the strong relationship between our countries. Last year, the first Summit of Heads of State «Central Asia + Gulf Cooperation Council» was held in the capital of KSA. Today Saudi Arabia is one of the leading strategic partners of Kazakhstan in the Islamic and Arab world. Mutual investments have a positive impact on economic development and stimulate trade.

«With the Kingdom's support, projects worth 120 million dollars have already been introduced in our country. One of them was the construction of a large wind power plant with a capacity of 1 GW in the Zhetisu region. We are also open to discuss the implementation of new export-oriented projects in agriculture, pharmaceuticals, metallurgy and other areas», - said Kairat Torebayev at a business forum in Riyadh.

Mutual trade between Kazakhstan and Saudi Arabia has been growing rapidly in recent years. Trade turnover for the first 9 months of 2023 reached $13.4 billion. Exports of Kazakhstani products have already exceeded last year's volumes and amounted to $7.2 billion, increasing by 66.5%. Kazakhstan supplies to Saudi Arabia mainly products of mechanical engineering and metallurgical industry. Since last year, domestic companies have started exporting chilled mutton to the Saudi market. A total of 34 domestic producers of meat and honey products are included in the register of importers of KSA, 23 more companies are waiting to be included.

«Kazakhstani companies in the medium term are ready to additionally supply to Saudi Arabia more than 75 types of goods worth about $500 million. Producers of metallurgical and food industries have great export potential. High interest in cooperation with your companies expressed by service providers, especially in the field of IT», - said Kairat Torebayev.

According to him, some Kazakh producers are considering opening representative offices in Saudi Arabia for further development of trade. Therefore, our country is interested in accelerated inclusion of enterprises in the register of importers of Saudi Arabia, holding trade and economic missions, exhibitions to increase the recognition of products of Kazakh brands.

Within the framework of trade and economic mission Kazakhstan is represented by 25 companies producing meat and meat products, honey, flour and sunflower oil, construction materials, MMC products, as well as suppliers of IT and other services. Following business negotiations in Riyadh, Kazakhstani businessmen signed export contracts worth $18.2 million. In addition, Kazakhstani businessmen signed export contracts worth $18.2 million.