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    Kazakhstan

    U.S investments in Kazakhstan's economy soar past $60 bn

    U.S investments in Kazakhstan's economy soar past $60 bn

    Kazakhstan's economic landscape has been significantly shaped by foreign investments, with the United States emerging as one of its most prominent contributors. As per a recent announcement by Ardak Zebeshev, the chairman of the Investment Committee of the Kazakh Foreign Ministry, the U.S. has invested a staggering $62.7 bn in Kazakhstan's economy since 1993. This investment milestone reflects a fruitful relationship between the two nations and underscores the growing potential for further collaboration in various sectors.

    Photo: A meeting between Chairman of the Investment Committee of the Kazakh Foreign Ministry Ardak Zebeshev, Kazakh Invest Chairman Meirzhan Yussupov and US Ambassador to Kazakhstan Daniel Rosenblum aims to develop bilateral investment cooperation
    Source: invest.gov.kz

    The news was reported by Kazakh Invest, the country's investment promotion company, on July 19, following a crucial meeting in Astana. The meeting involved high-level representatives from both countries, including Meirzhan Yussupov, Chairman of Kazakh Invest, and Daniel Rosenblum, the U.S. Ambassador to Kazakhstan.

    During the meeting, Ardak Zebeshev expressed Kazakhstan's keen interest in implementing ambitious projects across diverse economic sectors, such as manufacturing, mining, pharmaceuticals, and agriculture. The nation's commitment to fostering economic growth and attracting foreign investments has been evident through various initiatives and reforms.

    In response, Daniel Rosenblum highlighted the U.S.'s unwavering dedication to developing essential trade corridors and infrastructure within the Trans-Caspian International Transport Route. This commitment is part of the broader Partnership for Global Infrastructure and Investment, an influential flagship initiative proposed by the Group of Seven (G7) countries. Such efforts are expected to further enhance trade and economic cooperation between the U.S. and Kazakhstan.

    The meeting also celebrated the successful visit of the U.S. trade mission in June, which served as a testament to both parties' strong desire to deepen economic relations and explore new opportunities for collaboration.

    Meirzhan Yussupov, in his capacity as Chairman of Kazakh Invest, provided insights into the government's measures to support investors and the endeavors of multinational American companies investing in Kazakhstan. Notably, companies such as Honeywell, GE HealthCare, Wabtec, and Pfizer have ventured into the country with promising projects that are set to contribute significantly to Kazakhstan's economic growth.

    The two sides extensively discussed various promising areas for expanding bilateral cooperation, as well as the ongoing operations of enterprises functioning within Kazakhstan.

    Recent data shows a remarkable increase in the gross investment inflow from the U.S. to Kazakhstan. In 2022 alone, the investment figure surged by 82%, reaching more than $5.1 bn, compared to $2.8 bn in 2021. This exponential growth signifies the growing confidence of American investors in the potential of Kazakhstan's economy.

    Additionally, trade between the two nations has also witnessed substantial growth. In 2022, the total trade volume reached $3.05 bn, marking a 37.2% increase from the $2.2 bn recorded in 2021. Kazakhstan's exports to the U.S. surpassed $1.15 bn, while imports from the U.S. amounted to $1.89 bn.

    The remarkable investment figures and burgeoning trade volumes between the United States and Kazakhstan signal a flourishing economic partnership. As Kazakhstan continues to open its doors to foreign investors and foster a business-friendly environment, it is expected that the bilateral relationship will further strengthen, leading to mutual prosperity and progress for both nations.

     

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    21.07.2023, 22:36   Comments (0)   1372
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