Kazakhstan-EU partnership boosts trade and investments
The European Union is Kazakhstan’s top partner, responsible for more than 40% of investments and approximately 30% of foreign trade, the official information resource of the Prime Minister of Kazakhstan shared.
The 15th meeting of the Kazakhstan-EU Dialogue Platform took place under the chairmanship of Prime Minister Olzhas Bektenov, featuring the participation of Kestutis Jankauskas, Ambassador of the European Union Delegation to Kazakhstan, and the heads of EU diplomatic missions.
The meeting focused on expanding and strengthening trade, economic, and investment cooperation, particularly through joint projects in the transport and logistics sectors. Discussions prominently featured the development of the Trans-Caspian International Transport Route (TITR), a critical corridor for goods transit between China and the EU.
Given that 85% of goods from China to the EU pass through Kazakhstan, the TITR’s competitive delivery times (12-15 days) enhance its attractiveness for trade flows.
Participants expressed strong interest in the Middle Corridor’s potential, highlighting the establishment of the joint venture Middle Corridor Multimodal at the Astana International Financial Centre. The discussion also noted the European Global Gateway initiative, which presents new investment opportunities in the transport sector.
Prime Minister Bektenov emphasized the importance of the EU as a significant investment and trade partner, expressing appreciation for the EU’s ongoing cooperation efforts.
“The EU is a large and significant investment and trade partner of Kazakhstan. We are constantly working in all priority areas. The government highly appreciates the contribution and involvement in strengthening cooperation between our countries. We are always open to proposals aimed at building up a mutually beneficial partnership,” he stated.
EU Ambassadors Kestutis Jankauskas and Romania’s Madalina Lupu commended Kazakhstan’s efforts to improve its business climate and noted the country’s economic sustainability and appeal to European businesses. The meeting concluded with a mutual commitment to enhancing trade and economic relations, aiming to elevate the strategic partnership to new heights.
Trade turnover between Kazakhstan and EU countries saw a 36.2% increase from 2019 to 2023, reaching $41.4bn. Exports grew by 28.2% over five years, from $24.2bn to $31bn, while imports surged by 67.6%, amounting to $10.4bn in 2023.
In the first five months of 2024 alone, trade turnover hit $19.9bn, a 15.8% rise from the same period in 2023. Last year, EU investments in Kazakhstan totaled $10.4bn, with $2.8bn invested in the first quarter of 2024. The Netherlands, Belgium, France, Germany, Italy, Cyprus, and Luxembourg were the primary contributors.
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