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    Economics Kazakhstan

    German direct investment in Kazakhstan soars by 64% in 2023, reaching $770mn

    German direct investment in Kazakhstan soars by 64% in 2023, reaching $770mn

    German direct investment in Kazakhstan experienced a surge in 2023, reaching a record high of $770mn, representing a 64% increase, as reported by Akorda.

    Photo: President Tokayev welcomes Cathrina Claas-Mühlhäuser to Astana
    Source: Akorda

     

    President Kassym-Jomart Tokayev welcomed Cathrina Claas-Mühlhäuser, Chairwoman of the Board of the German Eastern Business Association and Chairwoman of the Supervisory Board of CLAAS Group, to the presidential palace in Astana. The meeting underscored the growing economic cooperation between Kazakhstan and Germany, with a particular focus on the agricultural sector.

    President Tokayev emphasized Germany's strategic importance as a partner within the European Union. He expressed satisfaction with the positive trajectory of trade and economic relations, underscoring the growing interest of German businesses in expanding their footprint within Kazakhstan.

    Photo: Focus on agricultural cooperation between Kazakhstan and Germany
    Source: Akorda

     

    A significant portion of the meeting was dedicated to exploring avenues for collaboration in the agricultural sector. President Tokayev reiterated his proposal to establish a Regional Centre for Sustainable Agriculture in Kazakhstan, aimed at fully harnessing the nation's agricultural potential through the transfer and commercialization of innovative technologies.

    Commending the contribution of the CLAAS assembling plant to Kazakhstan's agrarian development, President Tokayev emphasized the pivotal role of such initiatives in advancing the nation's agricultural capabilities.

    Photo: CLAAS assembling plant praised for its contribution
    Source: Akorda

     

    Kazakhstan-Germany Relations

    The bilateral relations between Kazakhstan and Germany have flourished since 1992, encompassing political, economic, and cultural spheres. With an embassy in Astana and a consulate general in Almaty, Germany maintains a robust diplomatic presence in Kazakhstan.

    Trade between the two countries surged to €8.75bn in 2023, with Kazakhstan emerging as Germany's most significant trading partner in Central Asia. Approximately 400 German companies are actively operating in Kazakhstan, facilitated by institutions such as Germany Trade and Invest (GTAI) and German business associations.

    Cultural and educational exchanges further enhance bilateral cooperation, with initiatives such as the Goethe-Institut and the Central Agency for Schools Abroad fostering academic and cultural ties between the two nations. The Kazakh-German University (DKU) in Almaty stands as a beacon of bilateral collaboration in higher education. Beyond bilateral engagements, Kazakhstan actively participates in German-led regional development projects in Central Asia, focusing on vocational training, sustainable economic development, and environmental conservation.

     

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    16.05.2024, 11:00   Comments (0)   951
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    On this topic

    Kazakhstan suggests to establish consortium for commodities to Germany

    29.09.2023, 20:49

    Kazakhstan's Vice-Minister spearheads investment talks in Germany 

    14.03.2024, 12:02

    Kazakhstan secures record $770 mn investment from Germany in 2023

    26.04.2024, 09:00

    EBRD supports expansion of Uzbekistan’s Star Group with $14mn loan 

    16.05.2024, 10:00

    Kazakhstan achieves $7.7 bn trade turnover with Central Asian countries in 2023 

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