A stride in investment cooperation between Kazakhstan and China was proposed on June 25 during a bilateral meeting held in Urumqi, the capital of the Xinjiang Uygur Autonomous Region (XUAR). Ma Xingrui, Secretary of the Party Committee of XUAR, extended an invitation to deepen ties with Kazakhstan, facilitated through large companies based in Hong Kong and Macau.
Ma Xingrui emphasized the burgeoning relationship between XUAR and Kazakhstan, underscored by frequent high-level visits over recent years. This ongoing engagement reflects the robust and multifaceted nature of bilateral relations, spanning various sectors.
"The upcoming third forum of interregional cooperation 'Kazakhstan - China' in Urumqi marks a pivotal moment in our enhanced friendship. We propose leveraging our connections to foster collaboration between Kazakhstan and Hong Kong via Xinjiang," stated Ma Xingrui.
He highlighted the interest of major Hong Kong and Macau enterprises poised for investment in Kazakhstan, particularly in sectors undergoing transformation.
In response, Serik Zhumangarin, Deputy Prime Minister of Kazakhstan, acknowledged the rapid development in bilateral ties, noting 2023 as a milestone year when China became Kazakhstan's largest trading partner.
"XUAR stands as a pivotal partner for Kazakhstan in China, accounting for nearly half of our bilateral trade. Our cooperation has immense potential across transport, logistics, agriculture, and investment," remarked Zhumangarin.
He also outlined specific areas for expanded collaboration, including tourism, railway development, and agricultural exports.
Discussions during the meeting encompassed plans for boosting tourism flows, enhancing logistical capabilities through new infrastructure projects, and addressing trade barriers to facilitate smoother commerce. Zhumangarin emphasized Kazakhstan's readiness to significantly increase beef exports to China, pending the resolution of regulatory challenges affecting livestock products.
Additionally, Zhumangarin proposed formalizing agreements between Kazakhstan's Food Corporation and Chinese state-owned enterprises for substantial grain and oilseed imports, aiming to reach up to 3mn tons annually.
In 2023, bilateral trade between Kazakhstan and China surged to $31.5bn, with projections showing continued growth in 2024. As both nations deepen their economic ties, the focus remains on fostering mutual prosperity through strategic cooperation and sustained dialogue.
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