Contracts worth $30mln are signed by Kazakhstan and Azerbaijan

The work of a regular trade and economic mission of Kazakhstan’s commodity producers has been started in the capital of Azerbaijan. According to Kazinform, the aim of the mission is to boost business contacts between the two countries. The Ministry of Trade and Integration of Kazakhstan and the Kazakh Embassy in Baku organized the event on the threshold of the visit of Azerbaijani President Ilham Aliyev to Astana and the regular 19th session of the Intergovernmental Commission for Trade and Economic Cooperation. Baku welcomed the representatives of more than 20 Kazakh companies arrived to the capital to showcase their goods and services to Azerbaijani partners. They have held talks since Tuesday. Interest in Kazakhstani companies’ products was shown by Azerbaijani companies. The Kazakh delegation was led by Vice Minister of Trade and Integration Kairat Torebayev. He said that Azerbaijan was one of the areas representing high trade and economic interest for Kazakhstan. Contracts worth at least 30 million US dollars are annually entered into by Kazakhstan and Azerbaijan. For example, last year an increase by 40% was shown by commodity turnover between Kazakhstan and Azerbaijan, making it reach 262 million US dollars. A growth almost by 15% was registered in January-February 2023. Today’s event is being attended by 23 companies representing machine building, agriculture, light industry and chemical sectors. Kazakhstan is the place of operation of more than 1,170 companies with Azerbaijani capital today. In its turn, Azerbaijan is the territory where 45 Kazakhstani companies are operating. Mainly floating equipment, railroad locomotives, rails, batteries, petroleum products, wheat, rice etc are exported by Kazakhstan to Azerbaijan. A significant demand for wheat (26% increase), oil products (increased by 3.5 times), margarine (rose up by 4 times) and confectionery (87% growth) was seen this year. Centrifuges and pipes are bought by Kazakhstan from Azerbaijan. The two countries’ businesses were called by the Vice Minister to communicate more actively and enhance bilateral trade ties. He noted that they had over 20 tools of exporters support and they were ready to help each other. As Kairat Torebayev says, Azerbaijani trade house was opened in Kazakhstan. This case was proved to be successful. A similar trade house in Almaty should be open. An opportunity of opening Kazakhstani Trade House in Baku Alongside needs to be considered. According to Ambassador of Kazakhstan to Azerbaijan Serzhan Abdykarimov, Kazakhstan’s economy has been driven mainly by small and medium businesses. They implement new rules complying with international standards. As Abdykarimov says, Azerbaijan is a key trade and economic partner for Kazakhstan in the South Caucasian region. The political dialogue between the two countries is trustful and intensive. The investment and economic ties are strengthened by lifting of pandemic-related restrictions and launch of direct flights. A number of bilateral documents were signed by the business structures of Kazakhstan and Azerbaijan and bilateral talks in B2B format were held after the mission. The event was attended by Chairman of Azerbaijan’s Small and Medium Business Development Agency Rufat Atakishiyev, Deputy Executive Director of the Export and Investments Promotion Agency of Azerbaijan (AZPROMO) Zohrab Gadirov and the representatives of KPMG and local businessmen. Establishing direct contacts, boosting trade relations between Kazakhstani enterprises and promising Azerbaijani importers, traders and distributors were the goals of the mission. As Head of State Kassym-Jomart Tokayev said at the meeting with Azerbaijani President in August 2022, efforts should be taken by both countries’ governments to raise bilateral commodity turnover to 1 billion US dollars in the nearest outlook.

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