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Wednesday, October 21st, 2020

Kazakhstan and Russia develop project on expanding bilateral trade

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Minister of National Economy of Kazakhstan Kuandyk Bishimbayev and Minister of Economic Development of the Russian Federation Alexei Ulyukayev signed a protocol enacting a plan of joint actions.

“We have held negotiations and signed a very important document that enables us to overcome all those difficulties we have been facing for two years in trade (…) In fact, we see a significant potentials in increase of turnover, we hope that we will overcome this hole in bilateral trade which has developed in last 1.5 years, and to go further on growth,” Ulyukayev said after the meeting with his Kazakhstani colleague on the sidelines of the Interregional Cooperation Forum of Kazakhstan and Russia.

According to K.Bishimbayev, 45 joint events are planned to be held. 27 of them are investment projects worth 4 billion US dollars in the sphere of machine engineering, metallurgy, agriculture, etc. Part of the investment projects is already underway, the remaining part will be launched in 2017. He also noted that the Russian market consists of 20% of Kazakhstan’s trade turnover.

“Our mutual trade decreased by 20-25% compared to 2014 mainly due to the economic situation. Therefore, find it is more difficult for our manufacturers to enter the Russian market. Consumer demand significantly dropped in Russia as well () We expect the growth of trade to reach 700 US dollars million in 2017. In the future it will promote a growth to a level that was before the crisis,” Minister of National Economy of Kazakhstan said.

Source: Government of the Republic of Kazakhstan

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