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Economy minister: Opening of Trade House in Kazakhstan to boost trade relations

5 August 2019 11:50 (UTC+04:00)
Economy minister: Opening of Trade House in Kazakhstan to boost trade relations

By Mirsaid Ibrahimzade

Kazakhstan is a country with a huge economic potential. Azerbaijan’s interest in Kazakhstan as an economic partner has significantly increased. Areas such as transit, transport, energy, agriculture, railway engineering and tourism are identified as priority areas for further mutually beneficial cooperation.

Azerbaijani Economy Minister Shahin Mustafayev and Kazakh ambassador to Azerbaijan Beibit Issabayev have held a meeting in connection with Issabayev’s end of diplomatic term in Baku.

Mustafayev stated that the opening of the Trade House of Azerbaijan in the capital of Kazakhstan Nur-Sultan will lead to a further expansion of trade relations between the two countries.

Azerbaijan offers Kazakh business to take advantage of the attractive investment climate created in the country and the conditions offered to companies in industrial parks and zones.

The minister also informed the ambassador about the ongoing economic reforms, major transport and transit projects.

The high level of relations between the two countries, the development of economic relations in various spheres and the desire to further strengthen them were stressed at the meeting.

Issabayev noted that there is still a great potential for the development of economic relations.

Azerbaijan is Kazakhstan's key trade-economic partner in the Caucasus region. Located on the route of the Great Silk Road, both countries vow for the further expansion of trade and transport relations.

Trade turnover between Azerbaijan and Kazakhstan reached $258.26 million in 2018, according to Kazakhstan`s Statistics Committee.

Exports from Kazakhstan to Azerbaijan accounted for $211.9 million, while imports from Azerbaijan made up $46.3 million.

At present, the two countries are working on promotion of a joint transport project - the Trans-Caspian International Transport Route (TITR), which involves cargo transportation from China via Kazakhstan, Azerbaijan, Georgia and further via Turkey and Ukraine to Europe.

The countries also actively cooperate within the framework of such international and regional organizations as the UN, OSCE, Organization of Islamic Cooperation (OIC), Conference on Interaction and Confidence-Building Measures in Asia (CICA), Turkic Council, CIS, etc.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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