Kazakhstan aims to increase exports to Thailand to exceed $900 million
Kazakhstan Aims to Increase Exports to Thailand, Targeting Over 100 Product Categories Valued at $900 Million
Kazakhstan is eyeing significant potential to boost exports to Thailand, with plans to target more than 100 product categories valued at over $900 million. This development comes after Minister of Trade and Integration Arman Shakkaliyev highlighted the diverse range of goods that Kazakhstan can supply to Thailand, including metallurgical products, chemicals, agricultural goods, and mineral resources. In addition, Kazakhstan is looking to export honey, caviar, meat delicacies, high-quality alcohol, and other products to the Thai market.
During a meeting with Thai Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai, the parties signed an agreement on trade and economic cooperation to strengthen bilateral economic relations. The agreement is expected to attract Thai investors to Kazakhstan’s special economic zones, where they can benefit from tax exemptions and customs duty relief. This move is aimed at fostering the development of new industries and creating job opportunities, which will have a positive impact on Kazakhstan’s economy.
Discussions also focused on cooperation in the industrial sphere, with joint projects in processing sheep wool and manufacturing fabrics, leather, and footwear being explored. Kazakhstan offered various benefits and preferences to incentivize new investment projects. Wechayachai proposed opening a Thai representative office in Kazakhstan to facilitate foreign trade and enhance bilateral relations, while also inviting Kazakh entrepreneurs to participate in a trade exhibition in Thailand.
The trade turnover between Kazakhstan and Thailand has seen a 35.9% growth, reaching $367.7 million, with Kazakh exports to Thailand increasing to $55.3 million. Mutual investments between the two countries have totaled $100 million over the past five years. Kazakhstan was Thailand’s second-largest trading partner in the Eurasian Economic Union in 2017, with a trade volume of $172 million.
In a separate meeting with Prime Minister Olzhas Bektenov, discussions revolved around Kazakhstan’s interest in exporting meat, vegetables, fruits, grains, flour products, vegetable oils, and other agricultural goods to Thailand. The parties also highlighted the positive trends in tourism, with Thailand offering a visa-free regime for Kazakh citizens and the planned opening of a Consular Office in Phuket to support Kazakh visitors. Furthermore, utilizing Kazakhstan’s transit potential through the Trans-Caspian International Transport Route was discussed as a means to enhance trade connectivity between the two countries.
