There is every opportunity to bring Kazakhstan's trade turnover with EU to $50 billion by 2025 - President

Фото: Akorda 02.06.2023 17:52 1739

Head of State Kassym-Jomart Tokayev spoke at the second meeting of leaders "Central Asia - European Union", El.kz news cites the press service of the President of the Republic of Kazakhstan.      

The President noted the extensive prospects for cooperation between Central Asia and the European Union.

At the end of last year, the inflow of European investments increased by 23%, amounting to $12.5 billion. Of the $350 billion of foreign direct investment attracted to Kazakhstan over 30 years, almost half is of European origin.

“The European Union is Kazakhstan's largest trading partner, accounting for more than 40% of our foreign trade. Last year, the volume of mutual trade between Kazakhstan and the EU countries amounted to $40 billion. I believe that we have every opportunity to bring this figure to $50 billion by 2025," Tokayev said.

According to him, Kazakhstan's interaction with the European Union is actively developing in 29 main areas, bound by the Agreement on Enhanced Partnership and Cooperation with the Member States of the European Union.

“More than three thousand companies with European capital operate in Kazakhstan, including transnational corporations such as Shell, Eni, Total, Air Liquide, Alstom, Siemens and others. I am pleased to note that our comprehensive partnership is supported by new agreements in such promising strategic areas as the extraction of rare earth metals and the production of green hydrogen.

One of the breakthrough projects was the start of construction by the German-Swedish company Svevind of a plant for the installation of wind and solar power plants and the production of three million tons of "green" hydrogen in Kazakhstan. This is about 20% of the EU's needs for this product” the Head of State said.

The President recalled that in November last year, he and the President of the European Commission, Ursula von der Leyen, signed a Memorandum on Strategic Partnership in the field of sustainable raw materials, batteries and renewable hydrogen value chains.

“Our multifaceted cooperation has great potential for further development. Given its geographical location, Kazakhstan could use the full range of its trade, economic, transport and logistics capabilities to deepen mutually beneficial cooperation between Central Asia and the European Union”, Tokayev said.

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