Kazakhstan and US Forge Stronger Trade and Investment Links
Kazakhstan and the United States (U.S.) are looking to strengthen their economic and commercial partnership, as highlighted by the recent meeting between Kazakh Minister of National Economy Alibek Kuantyrov and members of the U.S.-Kazakhstan Business Council in Washington, D.C. The meeting, which took place on July 20, aimed to discuss potential areas of cooperation and explore opportunities for further collaboration.
Key representatives from major U.S. companies, including Chevron, Boeing, Google, Brownstein, ITIC, Bechtel, and the U.S. Chamber of Commerce, were in attendance. The discussions focused on various sectors such as digitalization, infrastructure development, and agriculture, recognizing the significant potential for cooperation in these areas.
Both sides also addressed the need to strengthen trade relations by developing permanent normal trade relations and abolishing the Jackson-Vanik amendment, an outdated policy that has hindered trade between the two countries since its adoption in 1974.
During the meeting, Minister Kuantyrov highlighted the growth in investment from the U.S. to Kazakhstan, stating that U.S. gross foreign direct investment (FDI) inflows to Kazakhstan grew by 82% to $5.1 billion in 2022. He emphasized that the United States is traditionally one of Kazakhstan’s top three investors.
Business representatives expressed their satisfaction with the trade mission in June, organized by the U.S. Chamber of Commerce’s business council. The visit to Almaty and Astana allowed American companies to engage directly with Kazakh counterparts and explore investment opportunities. The representatives also expressed keen interest in ongoing reforms in Kazakhstan related to taxation and investment policies.
In addition to the meeting with the U.S.-Kazakhstan Business Council, Minister Kuantyrov held meetings with the leadership of the World Bank to discuss financing infrastructure and logistics projects. Technical assistance to Kazakhstan was also discussed.
The importance of diversifying the Kazakh economy through trade routes and maintaining relations with existing partners was underscored by Minister Kuantyrov during the discussions. Ardak Zebeshev, Chairman of the Investment Committee of the Kazakh Foreign Ministry, also highlighted the significant U.S. investment in the Kazakh economy, which has reached $62.7 billion since 1993.
Overall, the meeting between Kazakhstan and the United States demonstrated the commitment of both countries to enhancing their economic and commercial partnership. With the potential for cooperation across various sectors, it is expected that this collaboration will further strengthen ties between the two nations and create opportunities for mutual economic growth.
