The US-Kazakhstan Business Association hosted a forum which was addressed by First Deputy Prime Minister of Kazakhstan Askar Mamin and US Secretary of Commerce Wilbur Ross. More than 100 Kazakhstan and American companies took part in the Forum.

“The United States is one of the leading investors in Kazakhstan, more than $ 40 billion has been invested in the economy of our country,” – A. Mamin said, noting successful cooperation with major American companies, including Chevron, Exxon Mobil, General Electric, Halliburton, in the development of power engineering and machine engineering , processing industry, mining sector.

The official visit of the Head of State Nursultan Nazarbayev to the USA in January 2018 was a new stage in the development of bilateral cooperation. During the visit, trade and investment agreements were concluded in the amount of about $ 7 billion. The agreements were aimed at implementing projects in the field of aviation and space research, the petrochemical and agricultural industries, as well as projects in the field of infrastructure development.

“The joint statement adopted by the Heads of our states and the agreements reached at the highest level allow us to significantly expand and deepen our strategic partnership in all key areas of cooperation,” – A. Mamin said.

Kazakhstan is the country with the most market-oriented economy in Central Asia. Kazakhstan accounts for 70% of all GDP and 80% of total FDI inflows into the region. Growing openness and integration into global and regional trade and production processes are one of the main factors driving dynamic economic growth.

The country's GDP grew by 4.1% as of September 2018 and is expected to continue its growth in the medium term. Foreign trade increased by 22% in 8 months of 2018. It is expected that the volume of foreign trade this year will reach $ 100 billion, while export will be 65% of the total trade.

“The Astana International Financial Center, established in July 2017, is the main institution for the protection of investors. AIFC embodies the best practices of leading financial centers in New York, Singapore, London and Dubai. The platform’s partners are the American stock exchange NASDAQ, the largest US financial organizations Morgan Stanley and Goldman Sachs,” – A. Mamin said and noted that 24 thousand companies with foreign participation lead successful business in Kazakhstan.

Over 700 of them are created in collaboration with American companies. These companies play an important role in attracting international capital and best practices to Kazakhstan, meeting the ever-growing demand for Kazakhstan's exports both in the region and internationally.

“The Government of Kazakhstan considers the visit of the American trade mission as an integral part of the practical implementation of the agreements of the Leaders of the two states,” – A. Mamin said.

The Secretary of Commerce noted that the United States intends to continue diversifying the areas of cooperation with Kazakhstan.

According to him, “if previously the main areas of American investment were the mining and energy sector of Kazakhstan, today we intend to invest in infrastructure development, processing, engineering, the agro-industrial complex, and a number of other high-tech industries”.

Mr. Ross also noted US intentions to increase trade in services as a mechanism for increasing employment and value added in the economies of the USA and Kazakhstan.

The US Secretary of Commerce stressed the importance of the further implementation of the agreements reached at the highest level, including the Agreement on the “open-skies” air traffic between Kazakhstan and the United States The document implies the lifting of restrictions on flights between the cities of Kazakhstan and the United States, which will significantly increase the volume of passenger and cargo traffic between the two countries in the near future.

8 documents were signed in the presence of the First Deputy Prime Minister of the Republic of Kazakhstan A. Mamin and US Secretary of Commerce W. Ross.

www.primeminister.kz

Published: 25 October 2018

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