Germany intends to co-op with Kazakhstan in strategic fields
By Aynur Karimova
The German business community intends to cooperate with Kazakhstan in five strategic fields, in particular, textile, car industry, chemical industry, glass production, food industry and agriculture.
This intention was expressed at a meeting of the Kazakh-German Business Council held in Berlin, Kazakh Baiterek Holding reported on July 9.
"Over the cooperation years German business circles have invested about $3.1 billion in Kazakhstan. This figure comprises 2.5 percent of the total amount of foreign direct investment," Kuandyk Bishimbayev, the chairman of Managing Board of Baiterek said at a meeting.
He also informed the German side about five new institutional reforms announced by Kazakh President Nursultan Nazarbayev.
"As part of initiative on ensuring industrialization and economic growth, it is expected to attract at least 10 transnational corporations to the manufacturing sector of Kazakhstan to create export-oriented goods. Joint ventures with "anchor investors" - international strategic partners will be established in the priority sectors of the economy," he noted.
Today, over 1,500 entities with participation of German capital have been registered in Kazakhstan, including joint ventures. Over 700 German companies actively operate in the country. Cooperation is carried out in the manufacturing industry, construction, transport and communications, agriculture, various social services and other sectors of the economy.
Germany recognized the independence of Kazakhstan in December, 1991, and the diplomatic relations between the two countries were established in February 1992.
Germany is a major partner of Kazakhstan among the EU member states.
A special bridge between the two countries is boosted by approximately 800,000 Germans who have migrated to Germany from Kazakhstan (ethnic Germans) and approximately 180,000 members of the German minority still living in Kazakhstan.
Kazakhstan is by far Germany’s most important trading partner in Central Asia. According to Federal Statistical Office figures, the trade turnover between the two countries amounted to 6.2 billion euros in 2014.
Kazakhstan’s main exports to Germany are oil, iron and steel goods and chemical products. Kazakhstan is Germany’s fifth-largest supplier of oil. German exports comprise machinery, electrical equipment, chemical products, motor vehicles and vehicle parts and pharmaceutical products to Kazakhstan.
In the last three years Kazakhstan and Germany signed 72 investment and trade agreements totaling 4 billion euros and implemented 12 investment projects worth $700 million euros.
--
Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
Follow us on Twitter @AzerNewsAz