On the sidelines of the Kazakhstan-Kyrgyzstan Business Forum, held on April 17 in Astana, a milestone was reached as businessmen from both nations inked commercial agreements totaling $300mn. The event served as a platform for fostering economic cooperation and strengthening bilateral ties between the two Central Asian neighbors.
Among the key agreements signed are ventures aimed at spearheading projects in various sectors including the construction of solar power plants, the establishment of a ferroalloy plant, the development of a distribution center within the Kyrgyz Republic's territory, and the facilitation of agricultural product supplies. These initiatives not only promise substantial economic growth but also underscore the mutual commitment towards sustainable development and energy diversification.
Deputy Prime Ministers of Kazakhstan and Kyrgyzstan, Serik Zhumangarin and Adylbek Kasymaliev respectively, participated in the opening ceremony of the event, highlighting the high-level governmental support for bolstering economic collaboration. The participation of prominent companies from diverse sectors such as mechanical engineering, industry, metallurgy, construction, logistics, agriculture, pharmaceuticals, investment, and services further emphasized the broad spectrum of opportunities for bilateral cooperation.
The forum, meticulously organized by the Ministry of Trade and Integration of the Republic of Kazakhstan and the "Center for Trade Policy Development - QazTrade," provided a conducive environment for fruitful discussions, networking, and exploration of potential business ventures. It served as a testament to the unwavering commitment of both nations towards fostering a conducive business environment and stimulating economic growth.
This development comes on the heels of an uptick in trade between Kazakhstan and Kyrgyzstan, with the trade turnover witnessing a substantial surge of 26% at the end of 2023 compared to the previous year, reaching an impressive $1.6bn. Kazakhstan exports constituted nearly 69% of the total trade volume, amounting to $1.1bn, marking an increase of 35.8%. On the other hand, imports from Kyrgyzstan amounted to $495.2mn, reflecting a commendable rise of 9%.
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