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Monday, February 24th, 2020

Kazakhstan is Greece’s main partner in Central Asia

by February 5, 2018 Market

Today Astana has hosted the II Kazakhstan-Greece Business Forum, which saw participation of more than 70 representatives of business circles of the two countries – foreign experts and investors, representatives of the Government of the Republic of Kazakhstan, national companies, financial institutions, Kazakh and foreign businessmen.

Within the framework of the Forum, bilateral meetings were held with such companies as FREZYDERM S.A. (pharmaceutical products), Department of Cosmetics R & D (FREZYDERM), VIOHALCO S.A. (the leading holding group of metalworking companies in Europe), Upstream (a mobile commerce platform that accelerates trading in markets), PHARMEX S.A. (carries out various studies and works on the development of innovative products), VK Premium (provides advisory services in the private and public sectors), ADELCO S.A. (the largest Greek pharmaceutical company), METKA (construction of large-scale EPC projects (Engineering-Procurement-Construction), SABO S? (brick and tile industry).

In his welcome speech Deputy Minister of Investments and Development of the Republic of Kazakhstan Arystan Kabikenov spoke about the key tasks and objectives of the event.

I would like to separately note the message laid in the current Address of Elbasy Nursultan Nazarbayev regarding the course for the introduction of new technologies and the digitization of all sectors of the economy, primarily the industrial sector with high labor productivity, such as engineering, chemical, petrochemical, oil refining, metallurgical industries and construction industry. The Greek companies that came to today’s event all fit within these priorities, � the Deputy Minister said.

In the course of the Forum, the participants were presented with the investment opportunities of Kazakhstan and Greece; they discussed issues of bilateral cooperation and prospects for their development.

For reference:

In 2017, foreign trade turnover between our countries amounted to 980 million USD, having increased 10% compared to the same period in 2016. Import to Kazakhstan from Greece grew 25%, amounting to 16.5 million USD (2016 – 13.2 million USD).

The main imports are: medicines 5.3 million USD (34.8%), tobacco 1 million USD (6.6%), aluminum foil 1 million USD (6.4%), clothing items 0.9 million USD (6.1%) , personal hygiene products 0.8 million USD (5.1%), jams, pastes 0.7 million USD (4.4%), copper pipes 0.6 million USD (3.8%), fresh or chilled fish 0.5 million USD (3,4%), plastic ware 0,5 million USD (3,1%), lifts and skip hoists 0,4 million USD (2,6%), kiwi fruits 0,3 million USD (2,1%), and others.

Kazakhstan’s exports to Greece amounted to 963.5 million USD, which is 10% more than for the same period in 2016 (871 million USD), due to the growth of aluminum supplies.

More than 80% of exports are made up of oil, which demonstrates the great unfulfilled potential of mutual trade in other areas, including food and heavy industry.

The main export commodities are: crude oil 712.6 million USD (81.8%), aluminum 111.6 million USD (12.8%), tugboats and pusher vessels (temporary import / export) 29 million USD (3.3%), floating light signals (temporary import / export) 15.9 million USD (1.8%), internal combustion engines 1.1 million USD (0.1%), and others.

Source: Government of the Republic of Kazakhstan