Kazakhstan and Thailand sign agreement on trade and economic cooperation
Minister of Trade and Integration of the Republic of Kazakhstan Arman Shakkaliyev and Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai of the Kingdom of Thailand signed an agreement on trade and economic cooperation between the two countries today in Astana, El.kz reports with reference to the press service of the ministry.
The agreement is aimed at developing bilateral economic relations on a long-term basis. Kazakhstan gets the opportunity to attract Thai investors to its special economic zones, offering conditions such as exemption from taxes and customs duties. This contributes to the creation of new industries and jobs, having a positive impact on the country's economy.
The trade turnover between Kazakhstan and Thailand increased by 35.9% and reached $367.7 million, while the export of Kazakh products increased to $55.3 million.
Minister of Trade and Integration Arman Shakkaliev noted the importance of developing trade and economic relations with Thailand.
"Thailand is a key trading partner of Kazakhstan in Southeast Asia. We see significant potential for increasing exports of more than 100 commodity items worth over $900 million, including metallurgical products, chemical products, agriculture and mineral resources," Arman Shakkaliyev emphasized.
In turn, Kazakhstan can offer Thailand supplies of honey, caviar, meat delicacies, high-quality alcohol and other goods.
The parties discussed cooperation in the field of industry, including the creation of joint projects in the processing of sheep wool, the production of fabrics, leather and footwear. Kazakhstan has offered a number of benefits and preferences for new investment projects.
The Minister of Trade of Kazakhstan also proposed to develop air cargo to increase trade in high-margin goods and stressed that a favorable visa regime between our countries should contribute to the intensification of business activity.
In turn, Deputy Prime Minister and Minister of Trade of Thailand Phumtam Wechaiyachai proposed to open a Representative Office of Thailand for the Promotion of Foreign Trade in the Republic of Kazakhstan as a mechanism for the development of bilateral trade relations and increasing mutual trade. He also invited Kazakh entrepreneurs to take part in a trade exhibition in Thailand.
"Thailand and Kazakhstan have always maintained good relations, and we hope that both countries can further improve and strengthen their economic, trade and investment relations. Over the past 5 years, the total investment of Thailand and Kazakhstan amounted to $100 million, and in 2017, Kazakhstan ranked 2nd in the ranking of Thailand's partners in the EAEU with a total trade volume of $172 million," said the Deputy Prime Minister and Minister of Commerce of Thailand.
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