Azernews.Az

By Aynur Jafarova

China will participate in the project of establishing an industrial park in Kazakhstan's Almaty region.

This was announced by the Kazakh Industry and New Technologies Ministry on April 4.

"Kazakhstan and China have agreed on establishing an industrial park in the Almaty region," the ministry said.

The agreement was reached during a visit to China by a Kazakh delegation.

During the visit, the Kazakh delegation met with representatives of Chinese AVIC, SinoAgri, Tsinghua, CITICGroup, as well as CNPC companies.

They discussed the establishment of joint ventures including production of potash fertilizers, complex coal processing, oil and gas equipment manufacturing, agro-industrial complex and cooperation with financial institutions.

"During these meetings, the sides discussed expanding trade and economic cooperation," the ministry said. "Particular attention was paid to the Kazakhstan's exports and achieving presidents' goal to bring the total trade turnover up to $40 billion by 2016," the ministry added.

The parties also discussed expanding bilateral cooperation in the fields of new technologies and tourism.

Chinese bank to allocate funds to Kazakhstan

Kazakhstan's National Holding Baiterek said on April 4 that China State Development Bank will allocate a credit worth around $500 million to Kazakhstan Development Bank in the next two years.

A relevant agreement was reached during Kazakh delegation's visit to China.

It is expected that the two countries will sign a memorandum of understanding on modernization and reconstruction of Shymkent refinery during the upcoming visit of Kazakh President Nursultan Nazarbayev to China in May.

The Chinese - Kazakh relations have enjoyed rapid development since the establishment of diplomatic relations. China is the largest trading partner of Kazakhstan and Kazakhstan is China's second largest trading partner in the CIS region after Russia.