A meeting between Kazakh President Kassym-Jomart Tokayev and Russian President Vladimir Putin on November 27, focused on strengthening bilateral relations and enhancing trade cooperation. A key outcome of the discussions was the announcement of plans to increase the mutual trade turnover between the two countries to $30bn in the coming years.
Strengthening Economic Ties
During the talks, President Tokayev emphasized that Russia is one of Kazakhstan’s three largest investors and a vital trading partner. He noted that for the first time, Kazakhstan has become one of Russia’s largest trading partners. Tokayev expressed confidence that the positive trend in bilateral trade would continue, paving the way for surpassing the $30bn mark in the next few years.
As of now, Russian investment in Kazakhstan has exceeded $24bn. Notably, over $4.5bn of this investment has been made in the past two years, highlighting the growing economic collaboration between the two nations. On the other hand, Kazakh investment in Russia has reached $8.5bn, indicating a balanced economic relationship between the two countries.
Joint Projects and Investments
The two leaders also discussed the active development of joint projects that are further solidifying economic ties. Currently, there are 93 projects being implemented, with a total investment of $18bn. In addition, another 49 projects are in progress, with a combined value of nearly $30bn. These initiatives cover a wide range of sectors, including energy, infrastructure, and transport.
A focus of the discussions was the gasification of Kazakhstan’s regions, a project that is critical to improving the country’s energy infrastructure. The two countries also highlighted the ongoing construction of energy facilities and the development of transport corridors. Notably, the creation of a new highway to Mongolia and the utilization of the Trans-Afghan Transport Corridor are key components of the broader plan to expand regional connectivity.
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