Deputy Minister of National Economy of Kazakhstan Timur Zhaksylykov has revealed data on mutual investment between Central Asian states. According to the official, Kazakhstan and Uzbekistan are the major investors in the region, while Kyrgyzstan is the key recipient of these investments. This country accounts for 63% of all internal investments in the region. This data was revealed during the В5+1: Business Partnership and Regional Prosperity summit (B5+1 is Central Asia and the U.S.).
«When we talk about big projects in the region, we shouldn’t forget about the Bozymchak copper and gold open pit mine in Kyrgyzstan. KAZ Minerals, a Kazakhstani company, has already invested $350 million into this project,» Zhaksylykov said.
The vice minister also reported that in 2023, the turnover between the five Central Asian states reached $11 billion, a 2.5-fold increase over the past ten years. Kazakhstan accounts for the lion’s share of this sum as the country exports $5.5 billion worth of products to Central Asia.
«Of course, this figure isn’t that big compared to our entire external trade, but this amount is growing much faster than Kazakhstan’s external trade itself. The more products we acquire from each other and invest in the economic development of our neighboring states, the more jobs we create. This facilitates the socio-economic development of our countries. This is why it is so important,» the official added.
He also highlighted that Kazakhstan’s government is trying to simplify trading procedures to boost trade with neighbors through some international initiatives, including the COVID-19 Active Response and Expenditure Support (CARES) Program by the Asian Development Bank.
«We’re investing heavily into the creation of up-to-date car border crossings in conjunction with neighboring countries and partners. As you know, we have been struggling with huge traffic jams at border crossings due to the bottleneck effect. We are working on the issue very actively together with our neighbors,» Zhaksylykov stated.
