The symbiotic relationship between China and Kazakhstan in the realm of trade and economic cooperation has witnessed remarkable growth, significantly fueled by Kazakhstan's strategic role in the Belt & Road Initiative. Recent developments and statements from key officials highlight the robust trade dynamics, shared interests, and expanding collaborations between the two nations, SilkRoadBriefing mentioned in the report on August 28.
Trade relations and central role of Kazakhstan
Cheng Yikun, Deputy Director of the "Department of Europe and Central Asia of the Ministry of Foreign Affairs of China," emphasized the strategic importance of collaboration between China and Central Asian states. Cheng noted that Kazakhstan's pivotal role in the region, coupled with the dynamic growth of trade turnover and the development of transport routes, underpins the strengthening partnership between the two countries.
The bilateral trade turnover between China and Kazakhstan reached a historic milestone of $31 bn in the previous year, reflecting a considerable upsurge in trade dynamics. The year 2023 also demonstrates record growth, with China's goods exports to Kazakhstan surging by 53% year-on-year, amounting to $7.3 bn in the first half of the year.
Kazakhstan's strategic vision and integration with China
Kazakhstan's Minister of Trade and Integration, Serik Zhumangarin, emphasized China as a pivotal Central Corridor for enhancing commercial cooperation on a global scale. Zhumangarin highlighted Kazakhstan's intent to leverage Chinese ports for exporting goods to diverse regions such as South Asia, Europe, and North America. Kazakhstan's aspiration to increase processed exports to $88.2 mn by 2025 underscores the nation's strategic approach to trade expansion.
Kazakh President Kasym-Jomart Tokayev's call for member countries to collaborate in economic, trade, transport, and investment projects through corridors like the North-South and East-West routes underscores the significance of regional integration and cooperation.
Prospects for cooperation
This year marks the 10th anniversary of the Belt & Road Initiative, originally introduced by Chinese President Xi Jinping during a speech in Kazakhstan. The jubilee year is anticipated to witness the implementation of various bilateral agreements, including a program on trade and economic cooperation, a memorandum of understanding on e-commerce, and initiatives in production capacities and investments.
China's interests span across e-commerce, big data, artificial intelligence, and 5G, with indications of Chinese state-owned enterprises entering the Kazakhstan market. Concurrently, Kazakh companies are experiencing success on China's electronic marketplaces, capitalizing on growing demand for healthy lifestyle products.
Kazakhstan's participation in China's electronic marketplaces, exemplified by the Jingdong Kazakhstan National Pavilion, underscores the nation's capacity to capture Chinese consumers' preferences. The sale of products like wheat flour and dry camel milk points to Kazakhstan's advantage in promoting healthy lifestyle choices in the Chinese market. This trend aligns with China's thriving health food market, which is projected to surpass $1 bn in 2023.
Earlier Daryo reported that China's CMC is interested in developing energy projects in Kazakhstan.
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