On November 26-28, the first Kazakh trade mission signed export contracts worth $18.2 million in the Saudi capital of Riyadh, QazMonitor reports citing the press service of the Ministry of Trade and Integration.
Speaking at the business forum, the Vice Minister of Trade and Integration, Kairat Torebayev, noted that Saudi Arabia is a strategic partner of Kazakhstan in the Arab world.
"With the Kingdom's assistance, projects worth $120 million have already been implemented in our country. One of them was the construction of a large wind power plant with a capacity of 1 GW in the Zhetysu region. We are also open to discussing the implementation of new export-oriented projects in agriculture, pharmaceuticals, metallurgy, and other areas," said Torebayev.
He stressed that the trade turnover between the countries in the first nine months of 2023 reached $13.4 billion. Furthermore, the export of domestic products to Saudi Arabia—mainly in mechanical engineering and metallurgy—has already surpassed last year's volumes, amounting to $7.2 billion and indicating a 66.5% increase.
Last year, Kazakh companies started exporting chilled mutton to the Saudi market. As of now, the Arab country has registered 34 domestic producers of meat and honey with plans to allow another 23 Kazakh enterprises into the market.
In the medium term, Kazakh companies are ready to send additional supplies to Saudi Arabia across over 75 goods worth about $500 million. Our metallurgy and food industries have great export potential. Service providers, especially in the IT sector, show a keen interest in cooperation with your companies.
The Trade Minister noted that several Kazakh producers are considering opening representative offices in Saudi Arabia to bolster trade further. In this context, Kazakhstan seeks to accelerate the inclusion of domestic enterprises, conduct trade and economic missions, and hold exhibitions to increase recognition of Kazakh brands.