The trade turnover between Kazakhstan and Pakistan in the first nine months of 2022 increased by 17.9% and reached $57 million, QazMonitor reports citing the press service of the Kazakh ministry of trade and integration. Trade turnover last year was $48.3 million.
A Pakistani delegation visited Kazakhstan to participate in the second meeting of the Joint Working Group in the field of trade and investment.
Vice Minister of Trade Kairat Torebayev called Pakistan an important trade partner of Kazakhstan in South Asia. Kazakhstan's priorities right now are cooperation in agriculture, mining, non-ferrous metallurgy, mechanical engineering, energy, light industry, transport, and communications.
According to the minister, the potential for trade and economic cooperation between the countries is not fully developed. He claimed that our “weak point” lay in a narrow commodity nomenclature of mutual trade that needs expanding.
Exports in the period of January–September 2022 increased by 19.8% to $31.8 million. Imports also increased by 15.7% to $25.2 million.
The total inflow of foreign direct investment from Pakistan to Kazakhstan from 2011 to the first quarter of 2022 amounted to $16.7 million. Despite the global crisis and pandemic, trade turnover between the countries in the last five years increased 3.7 times (from $25.6 to $95.1 million).
In order to increase exports by Kazakh businesses, the Ministry of Trade of Kazakhstan has proposed to work on the issue of supplies of processed goods. Based on official calculations, Kazakh companies are ready to supply the Pakistani market with 80 processed goods of various industries worth $411.9 million.
The meeting concluded with the Vice Minister reiterating the country’s readiness to establish mutually beneficial cooperations in order to strengthen and expand the Kazakh-Pakistani dialogue.