The 25th St. Petersburg International Economic Forum is underway in Russia. On its sidelines, participants are discussing new economic policies, food security and Eurasian integration. Kazakhstan and Russia are focusing on industrial cooperation as the main trend of economic cooperation. The neighbouring state is interested in expanding trade with Kazakhstan. The country is currently ranking eighth among Russia’s trading partners for exports and ninth in terms of imports. In 2021 alone, the export volume from Kazakhstan to the neighbouring country amounted to US$7.1 billion.
“There are such good cases as, for example, cooperation with KAMAZ, creation of a technological production of iron casting on the territory of Kazakhstan, as well as the tire manufacturing. At present, we are negotiating the transition of a number of industries, such as sulphuric acid production and a number of other industrial enterprises,” said Bakhyt Sultanov, Kazakh Minister of Trade and Integration.
“This year, mutual trade will grow one and a half times. This indicates that there is great potential. The total production capacity of our enterprises is about 60 percent. That means that we can further increase output. But first we need to eliminate bottlenecks. First of all, it is mutual trade crediting and arbitration of disputes between economic entities. The severance of ties with Western partners is creating huge opportunities for increasing cooperation within the EAEU and with our partners in Asia. And in this regard, the role of Kazakhstan is very important,” noted Sergei Glazyev, EEC Minister in Charge of Integration and Macroeconomics.
The St. Petersburg International Economic Forum will last until June 18.
Translation by Assem Zhanmukhanova