Tuesday, April 9 2024 14:11
Alina Hovhannisyan

Kazakhstan`s potential exports to Armenia total $350mln - minister 

Kazakhstan`s potential exports to Armenia total $350mln - minister 

ArmInfo. According to preliminary calculations, the list of potential exports from Kazakhstan to Armenia amounts to more than 125 processed goods worth $350 million, Kazakh Minister of Trade and Integration Arman  Shakkaliev stated at the opening of the Armenian-Kazakh business forum, which was held in Yerevan on April 9.

Noting that trade turnover between the countries is growing  significantly, he added: "There are good indicators and reserves in  aluminum rolling, trade in batteries, great interest in the supply of  agricultural and food products, including wheat, wheat flour, rye  flour, sunflower oil, safflower oil, various additives to  confectionery products, the confectionery product itself." 

Along with trade, according to him, investment relations are also  developing. Thus, the volume of direct investments from Armenia to  Kazakhstan amounted to $18.6 million, from Kazakhstan to Armenia -  $56 million. "This is, of course, not the limit. These amounts only  set a certain vector, a guideline for us to further increase,"  Shakkaliev emphasized. He also noted that today there are more than  380 companies with Armenian capital and 72 Kazakh-Armenian companies  operating in Kazakhstan in various sectors of the economy.

He named the construction sector and the production of building  materials as a promising industry in the context of cooperation. "We  have built up significant competencies and experience in the  construction of infrastructure, residential, social and other  facilities. Our companies are showing interest in implementing such  projects in Armenia," said the Kazakh official.

Car production, development of digital solutions, and processing of  agricultural products, according to the minister, are also promising  industries for cooperation. In this regard, Arman Shakkaliev  suggested that Armenian businesses consider the possibility of  processing agricultural products in Kazakhstan, especially in the  western regions of the state.

At the same time, the minister said that today, together with the  Embassy of Armenia in Kazakhstan, work is underway to use the  capabilities of the International Center for Cross-Border Cooperation  "Khorgos" by Armenian manufacturers, which is the gateway to China.  "I am confident that Armenian manufacturers, especially jewelry and  alcoholic beverages, will, of course, find their buyer in China," he  emphasized.

Referring to the results of the meeting of the Armenian-Kazakh  intergovernmental commission held the day before, Shakkaliev  expressed confidence that in the near future a road map will be  signed between the parties, which sets out the issues of creating  favorable conditions for mutual trade.

"You and I are in the same economic union. All legal foundations have  been laid for the development of relations. Now we need to show all  these opportunities to Armenian and Kazakh businesses so that they  know where and what we can help with," he said.

During the business forum, issues related to the development of trade  and economic relations, tourism and logistics between Armenia and  Kazakhstan were discussed. Meetings were held between business  representatives of the two countries in the B2B format, and a number  of agreements were signed. In addition, memorandums of understanding  were signed by the Foreign Trade Chamber of Kazakhstan and the  Chamber of Commerce and Industry of Armenia, Kazakh Invest JSC and  the Investment Promotion Agency of Armenia, Kazakh Tourism National  Company JSC and the Tourism Federation of Armenia.

According to the RA Statistical Committee, the foreign trade turnover  between Armenia and Kazakhstan in 2023 jumped 2.4 times, amounting to  $100.5 million. In particular, a significant increase in exports of  3.8 times was accompanied by an increase in imports by 23.6%, the  volume of which amounted to $71.3 million and $29.2 million. As a  comparison, we note that in 2022 growth was also recorded in the  direction of Kazakhstan, but then imports were at a high rate - 3  times with an increase in exports by 67.4%, which increased foreign  trade turnover by 2.2 times between Armenia and Kazakhstan.  

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