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Astana, Kazakhstan • 15 May, 2024 | 15:30

German Investments in Kazakhstan Reach $770 Million

President Tokayev received the Chairman of the Board of the Eastern Committee of the German Economy

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On May 15, President Kassym-Jomart Tokayev met with Cathrina Claas-Mühlhäuser, Chairman of the Board of the Eastern Committee of the German Economy and Chairman of the Supervisory Board of CLASS Group, to discuss the prospects for further deepening economic cooperation between their respective entities, the Akorda press service reports.

Highlights: President Tokayev emphasized Germany's status as a strategic partner of Kazakhstan within the European Union, noting positive trends in trade and economic relations. He highlighted the increasing interest among German businesses in expanding their presence in Kazakhstan, citing a significant increase of 64% in direct German investments last year, which reached a record high of $770 million.

The parties also discussed cooperation in the agricultural sector. President Tokayev reiterated his proposal to establish a Regional Center for Sustainable Agriculture, emphasizing its potential to maximize Kazakhstan's agricultural capabilities, promote the adoption of innovative technologies, and facilitate their commercialization.

Sidenote: President Tokayev praised the contribution of the CLASS assembly plant to the development of Kazakhstan's agrarian potential.

  • In January 2024, Nils Reutsch, CLAAS Regional Director for Eastern Europe, announced the company’s plans to produce new types of agricultural machinery in the North Kazakhstan region.

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