Kazakhstan plans to open a trade office in Urumqi to bolster the export potential of domestic businesses to the Xinjiang Uygur Autonomous Region and other parts of China, QazMonitor reports citing the Ministry of Trade and Integration.
What happened: The Minister of Trade and Integration Arman Shakkaliyev discussed the bilateral trade cooperation at a meeting in Urumqi with Ma Xingrui, Communist Party Secretary of Xinjiang, and Erkin Tuniyaz, Chairman of Xinjiang.
Kazakh-Chinese cooperation: The Trade Minister directed the interlocutors' attention towards new approaches to trade promotion.
Casework is underway with each province [of China], and the development of a joint action plan to enhance trade and attract investment in key areas is progressing. Kazakh businesses are showing a growing interest in supplying products to the Chinese market.
He noted that local producers are ready to export over 250,000 tons of vegetable oil and various other products within the next two years.
In addition, Kazakh businesses have expressed interest in attracting Chinese investments for the development of dry feed lots, meat and cereal processing projects, and infrastructure construction.
Trade office: The parties also touched on the establishment of the trade office in Urumqi.
QazTrade Center for Trade Policy Development will identify potential importers to the Chinese market, negotiate with the business community in China regarding export-import relations, organize business missions for Kazakh representatives, and facilitate participation in international exhibitions and other events.
It's proposed that the opening ceremony take place during the upcoming July Meeting of the Council of Heads of State of the SCO in Astana.
QazTrade organization, subordinate to the [Trade] Ministry, will be involved in the activities of this trade office. In the future, it will serve as a bridge between our producers and Xinjiang companies interested in purchasing products.
China–Eurasia Expo: Established in 2011 and held annually since then, China–Eurasia Expo serves as a platform to bolster trade relations between Central Asia and China. Last year, Kazakh companies inked export contracts worth over $100 million during the Expo. The Kazakh side has confirmed its participation in the upcoming event scheduled for June 26-30.
Furthermore, during the Expo, the Chinese side will host the 3rd Forum on Cross-Border Cooperation between Kazakhstan and China.
Kazakhstan-China trade: China holds a prominent position in Kazakhstan's foreign trade landscape. In 2023, the trade turnover between the two countries surged to $31.5 billion. Region-wise, Xinjiang contributes significantly, accounting for $20.3 billion or over 64% of the total figure.