President Tokayev wants cabinet to boost trade with China
President of Kazakhstan Kassym-Jomart Tokayev has instructed the country’s cabinet to boost commodity turnover with China from $40 billion last year to $100 billion. He made this statement during his meeting with Vice Premier of the State Council of China Liu Guozhong, who has come to Kazakhstan on an official visit. According to President Tokayev, boosting commodity turnover by 2.5 times is «quite achievable.» He hasn’t revealed any timelines for this task, though.
«I am very pleased to say that the comprehensive strategic partnership and eternal friendship between Kazakhstan and China has been rapidly developing with a focus on the future. China is Kazakhstan’s leading trading and economic partner, accounting for the biggest share of foreign trade,» Tokayev said.
The president has also highlighted that bilateral trade between Kazakhstan and China is bearing fruit for both sides. He admitted that the task of raising bilateral relations with China to a new level is the top priority for Kazakhstan.
«As an old and good friend of the Chinese people, you have contributed a lot to the development of Kazakhstani-Chinese relations over the years and China appreciates this. China and Kazakhstan are good neighbors, reliable partners and loyal friends who complement one another,» Liu Guozhong said.
During their meeting, the president of Kazakhstan and the vice premier of the State Council of China discussed a wide range of issues including cooperation in trade, investments, agriculture, transportation and logistics, energy and tourism.
Last year, the commodity turnover between the two countries grew by 30%, reaching $31.5 billion. There are about 3,000 joint Kazakhstani-Chinese ventures in Kazakhstan. China has replaced Russia as the key trading partner of Kazakhstan. For comparison, the commodity turnover between Kazakhstan and Russia was about $26 billion in 2023.
