Kazakhstan, 19th Aug 2023, King NewsWire – Over 200 businesspeople from Shenzhen, the largest economic and industrial center in China, took part in the first Kazakh-Chinese business forum on August 14. The event, jointly organized by the Kazakhstan-China Trade Promotion Association and the Zshenzhen Cross Supply Service Association, brought together potential Chinese investors to learn about investment opportunities in Kazakhstan.
At the opening of the forum, Serik Zhumangarin, Deputy Prime Minister – Minister of Trade and Integration of Kazakhstan, noted the close and friendly relations between the peoples and cultures of the two countries.
“Our countries are closely linked by long-standing friendships and partnerships. The heads of both states prioritize the further development of our comprehensive cooperation. Today, we are close to establishing a visa-free regime. This will undoubtedly give a significant impetus to strengthening the development of cultural, humanitarian, and economic ties.”
Zhumangarin outlined three main areas for investment in Kazakhstan. The first is logistics, which includes the development of existing trade routes and the creation of new ones, as well as infrastructure and loading and unloading centers.
“Currently, a network of border trade and economic hubs and logistics centers is being created in our country. In each region of Kazakhstan there are special economic and industrial zones. They offer tax preferences and a special legal regime. In addition, an investment tax credit has recently been introduced, aimed at reducing the burden on investors in the initial period of their activity. As part of this loan, investors are given the opportunity to reduce corporate income tax and/or property tax payments by 100% for up to three years,” Zhumangarin said.
He noted that the special economic zone Khorgos – Eastern Gate on the border with China has been fully completed, which will facilitate unimpeded trade between the two countries.
The second area for investment is deep processing of products.
“We invite Chinese partners to participate in all areas of processing, particularly of natural resources,” the Minister of Trade and Integration of Kazakhstan pointed out.
The third area is Kazakhstan’s agriculture sector.
“We can offer a wide range of directions for investment in the agricultural sector of Kazakhstan, including the production of organic products. Kazakhstan has a huge potential to produce high-quality organic products. Over the past 10 years, our country has managed to build-up a large export potential in the field of agriculture. Kazakhstan’s goods are sold in the countries of Central Asia, the European Union, and the Middle East,” said Zhumangarin.
Mutual trade between Kazakhstan and China reached $24.1 billion in 2022, a record level. Export of Kazakhstan’s products to China increased by more than a third and amounted to $13.2 billion. Similarly, the demand for Chinese goods in Kazakhstan is growing. Imports increased by 33.5% and amounted to $11 billion. Trade between the two countries for the first half of 2023 showed an increase of 20.5%, reaching $13.6 billion, of which $6.3 billion is Kazakh export.
Organization: Ministry of Trade and Integration of Kazakhstan
Contact Person: Aliya
Release Id: 1908235637