Deputy Prime Minister of Kazakhstan, Serik Zhumangarin, met with Shen Ying, Deputy Minister of the United Front Work Department of the Central Committee and First Vice Chairman of the All-China Federation of Industry and Commerce (ACFIC), to discuss expanding economic cooperation between Kazakhstan and China. During the meeting, Zhumangarin emphasized the high dynamics of relations between the two countries, particularly in trade and economic sectors.
Zhumangarin noted that China is one of Kazakhstan's largest trading partners and ranks among the top five foreign investors in the Kazakh economy. In 2022, trade between the countries increased by 30%, reaching a record high of $41bn. The trend continued in the first half of 2024, with trade turnover growing by nearly 20%.
Since 2005, Chinese investments in Kazakhstan have totaled almost $25bn, with direct Chinese investment increasing by 15% in the past year, amounting to over $1.6bn. The two countries are involved in more than 90 joint investment projects across various sectors, including energy, mining, metallurgy, agriculture, and transport infrastructure. Additionally, around 3,000 joint ventures with Chinese capital are currently operating in Kazakhstan, with nearly a quarter of these established in the past year.
Zhumangarin highlighted Kazakhstan’s interest in further strengthening cooperation, proposing investment in the construction of sugar factories and the expansion of deep grain processing enterprises. He assured Chinese investors that Kazakhstan would provide full support for these infrastructure projects.
Shen Ying, representing the ACFIC, acknowledged the robust partnership between Kazakhstan and China and expressed interest in exploring these investment opportunities. The ACFIC, founded in 1953, represents industrialists and businessmen across China and has over 5 million registered members.
Kazakhstan's trade turnover with China in 2023 reached $31.5bn, reflecting a 30.1% increase compared to the previous year, with $14.1bn recorded in the first half of 2024.
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