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Astana, Kazakhstan • 21 July, 2023 | 16:11
1 min read

Kazakhstan Ready to Boost Exports to Gulf Countries by Nearly $400M

President Tokayev addressed the Gulf Cooperation Council – Central Asia Summit in Jeddah

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Unsplash/CHUTTERSNAP

On July 19, during the Gulf Cooperation Council – Central Asia Summit in Jeddah, President Kassym-Jomart Tokayev announced that Kazakhstan is prepared to increase exports of 100 commodity items to the Persian Gulf countries, amounting to approximately $400 million, QazMonitor reports citing Akorda.

Tokayev also highlighted that Central Asia experienced a notable increase of 40% in net investment inflows, totaling $10 billion, with Kazakhstan accounting for 60% of this amount, according to the report of the United Nations Conference on Trade and Development.

Over the years of independence, the Gulf countries have invested about $3.6 billion in Kazakhstan's economy. Therefore, we are keen on strengthening investment ties. To achieve this, we are implementing large-scale reforms focused on diversifying the economy and creating the most favorable conditions for foreign investment.

Kassym-Jomart Tokayev

He further emphasized the significance of the recently established business council between Kazakhstan and Saudi Arabia, which serves as a crucial platform to realize the trade and investment potential of both nations. Additionally, he invited the summit’s participants to actively utilize the resources of the Astana International Financial Center.

"We are ready to launch similar cooperation mechanisms with all member states of the Cooperation Council," concluded Tokayev.

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