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Kazakhstan, US to Bolster Trade, Investment Ties

ASTANA – Kazakhstan and the United States (U.S.) seek to enhance economic and commercial partnership, as Kazakh Minister of National Economy Alibek Kuantyrov took part in a roundtable with members of the U.S. – Kazakhstan Business Council on July 20 in Washington, D.C, reported the ministry’s press service.

Leaders of major U.S. companies, including Chevron, Boeing, Google, Brownstein, ITIC, Bechtel, and Senior Vice President for Middle East and Türkiye Affairs at the U.S. Chamber of Commerce Khush Choksy, attended the event.

During the talks, the sides noted the significant potential for cooperation in digitalization, infrastructure development, agriculture, among other sectors.

Both sides addressed the development of permanent normal trade relations and the abolition of the Jackson-Vanik amendment, which was adopted in 1974 and hindered trade between the two countries.

Kuantyrov, in his speech, noted that Kazakhstan has been cooperating with many American business giants for 30 years, and the investment flow is growing yearly.

“In 2022, U.S. gross foreign direct investment (FDI) inflows to Kazakhstan increased by 82% to $5.1 billion. The United States is traditionally Kazakhstan’s one of the three largest investors,” Kuantyrov said.

In turn, business representatives highlighted the effectiveness of the trade mission in June, when the business council, established in 2020 under the U.S. Chamber of Commerce took its first business delegation to Almaty and Astana. They also expressed interest in ongoing reforms in Kazakhstan on taxation and investment policy.

Kuantyrov also held meetings with the leadership of the World Bank. The parties discussed financing infrastructure and logistics projects, as well as providing technical assistance to Kazakhstan, Kazinform reported.

Kuantyrov noted the importance of diversifying the Kazakh economy through trade routes and maintaining relations with existing partners. 

According to Ardak Zebeshev, chairman of the Investment Committee of the Kazakh Foreign Ministry, the United States has invested $62.7 billion in the Kazakh economy since 1993.

Source : The Astana Times