KAZAKHSTAN AND THE GREAT BRITAIN STRENGTHEN TRADE INVESTMENT TIES
The 5th meeting of the Kazakh-British intergovernmental commission on trade, economic, scientific, technical and cultural cooperation was held in Astana.
The Kazakhstani part of the intergovernmental commission was represented by the Minister for Investment and Development Zhenis Kasimbek, and the British part was represented by the Minister for Trade Policy and International Trade of Great Britain and Northern Ireland, George Hollingbury.
The event was attended by more than 50 representatives of the UK business community.
“The UK is one of the strategic and main partners in Europe. With great pleasure I would like to note the high dynamics of development of bilateral relations over the years, where high-level reciprocal visits play an important role,” - minister Kasymbek said.
The UK is in the top 10 trade partners of Kazakhstan in terms of turnover. At the end of 2017, the trade turnover between the countries increased by 2% and amounted to $ 1.3 billion (in 2016 - $ 1.262 billion).
“The UK and Kazakhstan are developing cooperation in many areas, including education, oil and gas, mining, financial spheres, the chemical industry, engineering, metallurgy and civil aviation. This meeting gives us the opportunity to strengthen our partnerships and open new areas for cooperation between the UK and Kazakhstan, as well as to promote the UK as a reliable partner for business,” - Minister J. Hollingbury noted.
Within the framework of the intergovernmental commission, meetings of two working groups in the field of energy and subsoil use were held, as well as a meeting of financial institutions “International Financial Center Astana” and “TheCityUK”.
Kazakhstan is already working with British companies offering advanced technologies, and the UK government is committed to promoting further technological and business cooperation. Currently, more than 400 British companies operate in Kazakhstan — primarily in the extractive industries sector, financial services, law, project management, education, and technology.
“As a long-term trading partner of Kazakhstan, British companies can offer unsurpassed experience and innovation in a wide range of industries that can support our Kazakh partners,” - Minister Hollingbury said.
At the meeting, in addition to discussing the oil and gas, financial and mining sectors, the participants discussed potential projects in the sectors of renewable energy, water supply, agriculture and recycling.
Following the meetings and sessions of the commission a protocol and a number of bilateral documents were signed.
Note:
Foreign trade turnover between Kazakhstan and the UK in the period from January to July 2018 amounted to $ 743.4 million. For the period from 2005 to 1st quarter of 2018, the gross inflow of direct investment from the UK to Kazakhstan amounted to 12.8 billion dollars. As of September 1, 2018, there are 403 legal entities, branches and representative offices with British participation in Kazakhstan.
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