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Astana, Kazakhstan • 13 March, 2024 | 17:26
2 min read

Kazakhstan, China Implement 45 Joint Projects

Trade turnover between the two countries surged by 30% reaching $31.5 billion in 2023

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Prime Minister Olzhas Bektenov discussed the implementation of agreements reached at the level of heads of state of the two countries with Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Republic of Kazakhstan Zhang Xiao, QazMonitor reports citing the press service of Prime Minister.

Agenda: The parties discussed issues of further development of trade and economic, investment, transit and transport partnership, and cultural and interregional cooperation. The parties discussed strengthening the partnership in the field of education and science, and technology transfer.

Trade figures: Bilateral trade turnover between Kazakhstan and China grew by 30% last year, reaching $31.5 billion. The volume of Chinese investments in the economy of Kazakhstan for nine months of 2023 amounted to about $1.4 billion. Kazakhstan and China are implementing 45 joint projects with investments of over $14.5 billion. In January–February 2024, the volume of container traffic increased by 2.6 times. The existing potential of trade relations demonstrates prospects for further diversification of trade turnover and expansion of investment cooperation.

Streamlined trade procedures: In the course of negotiations, the sides considered measures to eliminate restrictions in mutual trade, remove administrative barriers, and simplify customs procedures.

Agriculture: The parties affirmed readiness to increase the supply of highly processed agricultural products from Kazakhstan to the Chinese market.

Transit and transport: The parties discussed the construction of the new Bakhty–Tachen railway checkpoint, the potential of the Trans-Caspian International Transport Route (TITR), and the development of regional integration.

Air space: The issues of increasing the number of passenger flights were considered.

Business partnership: Prime Minister noted that trade and economic partnership between Kazakhstan and China is on the rise.

"Kazakhstan-China joint projects allow to create high-tech enterprises to produce high-quality and marketable products. Today, 3,000 joint companies are successfully operating in our country. This shows the sustainability and productivity of the partnership of business communities of the two countries,"

Bektenov said.

The Ambassador confirmed the high dynamics of the development of a strategic partnership between the two countries.

"Today our relations are developing in all directions on an upward path. Visits of President Kassym-Jomart Tokayev to China have given a powerful impetus to the deepening and development of our bilateral relations. We highly appreciate the large-scale economic reform program announced by the President of Kazakhstan. We believe that the ambitious goal of doubling Kazakhstan's GDP by 2029 is achievable,"

Zhang Xiao said.
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