Kazakhstan and Uzbekistan are the leading investors in Central Asia, with Kyrgyzstan receiving 63% of all regional internal investments. This information was disclosed by Timur Zhaksylykov, the Deputy Minister of National Economy of Kazakhstan, at the B5+1: Business Partnership and Regional Prosperity summit.
Highlighting the important projects in the region, Zhaksylykov drew attention to the Bozymchak copper and gold open pit mine in Kyrgyzstan. KAZ Minerals, a company based in Kazakhstan, invested $350 mn into this project.
The five Central Asian states' combined turnover reached $11 bn in 2023, a 2.5-fold increase over the previous ten years. The largest contributor to this total is Kazakhstan, which ships $5.5 bn worth of goods to Central Asia.
This amount is increasing more quickly than Kazakhstan's overall external trade, although it may not appear significant in comparison. We generate more employment the more we trade goods and services and contribute to the economic growth of our bordering states. This is an important factor since it speeds up the socioeconomic growth of our nations, according to the official.
Zhaksylykov emphasized that the Kazakhstani government is making efforts to simplify trading procedures to enhance trade with neighbouring countries. This includes international initiatives like the COVID-19 Active Response and Expenditure Support (CARES) Program by the Asian Development Bank.
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