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Ministers of Economy of Kazakhstan and Russia discuss prospects of bilateral cooperation

by October 4, 2016 Market

Minister of National Economy of Kazakhstan Kuandyk Bishimbayev discussed with the Russian Minister of Economy Alexei Ulyukaev relevant issues of bilateral trade and economic cooperation and measures aimed at expanding Russia and Kazakhstan bilateral trade in 2016-2017.

The Ministers’ meeting was held in the framework of the Forum of Interregional Cooperation of Kazakhstan and Russia held in Astana. The Ministers noted the stability of the Kazakh-Russian relations and deepening of the integration processes, discussed issues of trade, economic and investment cooperation, and exchanged views on issues of social and economic development and anti-crisis measures of the two Governments.

K.Bishimbayev informed that there was developed a draft List of actions aimed at increasing bilateral trade in 2016-2017. It is planned to implement 27 projects in various sectors of economy for more than 4 billion US dollars.

The parties agreed to hold business missions, integration of information systems and confrontation of bilateral trade data that will promote an additional impetus to growth of trade and create favorable conditions for business. These measures will allow in the medium term to increase the trade turnover between Kazakhstan and Russia from 5 to 11%.

The Russian side expressed an interest in supply of equipment and gas in the framework of the project on gasification of Kazakhstan’s regions. The Ministers also discussed the possibility of participation of the Kazakh enterprises in the programs of import substitution in Russia.

Source: Government of the Republic of Kazakhstan