Kazakhstan and Germany Seal Deals Totaling $1.7 Billion
ASTANA – The Kazakh-German Business Forum held in Astana on June 20 resulted in the signing of 23 commercial agreements worth over $1.7 billion, as reported by the Kazakh Invest national company. The forum was attended by Kazakh President Kassym-Jomart Tokayev and Germany’s President Frank-Walter Steinmeier, who arrived in Kazakhstan on June 19 for an official visit.
The agreements signed between the two countries cover various sectors, including the processing of rare earth metals, the production of machine tools, agricultural machinery, textile industry, fisheries, and green energy. One notable deal is a $22 million agreement between Kazenergopower and Siemens to produce medium-voltage distribution devices for the Kazakh energy sector using Siemens technology.
Creada Corporation and HMS Bergbau also signed a $200 million agreement for the exploration, extraction, and processing of complex rare metal ores in eastern Kazakhstan. The Development Bank of Kazakhstan and Landesbank Baden-Württemberg agreed to finance investment projects and provide export credit guarantees to German companies and Kazakh companies collaborating with German partners in Kazakhstan.
President Tokayev highlighted the strong economic partnership between Kazakhstan and Germany, stating that German companies have invested $6 billion in the Kazakh economy, with the majority directed towards the non-resource sector. There are currently 1,000 companies with German capital in Kazakhstan. President Tokayev expressed his appreciation for the German approach to business and invited all German companies, regardless of size, to invest in Kazakhstan.
During the forum, President Tokayev also expressed interest in collaborating with Germany in the development of natural resources. He announced plans to strengthen cooperation in the joint exploration and development of natural resources and emphasized Kazakhstan’s potential to become the world’s leading producer of green hydrogen, which could pave the way for the production of environmentally friendly steel and aluminum.
President Tokayev also highlighted the importance of the Trans-Caspian International Transport Route (TITR) in the new geopolitical realities, noting that freight traffic to the European Union along the route has doubled since 2022. He announced plans to modernize infrastructure and increase the capacity of Kazakh ports to support the growing volume of trade between East and West.
The forum also explored opportunities for cooperation in innovation, digitalization, and human capital development. President Tokayev expressed his desire for Kazakhstan to become a regional innovation and digital center in Eurasia and invited German partners to engage in technological and digital research as well as startup development. As part of collaboration in human capital development, a Forum of Rectors of Kazakh and German Universities was held, attended by President Tokayev, President Steinmeier, and representatives from several universities.
President Steinmeier’s visit to Kazakhstan will conclude with a trip to the Mangystau Region, where he will attend the ceremony for the launch of test drilling at the green hydrogen production plant of the Svevind company.
The Kazakh-German Business Forum marks a significant milestone in the economic cooperation between Kazakhstan and Germany. The signing of multiple commercial agreements and the exploration of opportunities in various sectors demonstrate the commitment of both countries to strengthen their partnership and foster mutual development and growth.
