Kazakhstan and Cyprus boost trade and economic cooperation

“Kazakhstan and Cyprus are tied in with the strong friendship and cooperation. Cyprus is our one of the key partners in south Europe and we look forward to upgrading and expanding our bilateral trade and economic cooperation”, the Kazakh Finance Minister said.

This May Kazakhstan and Cyprus signed an Intergovernmental Convention to steer clear of double taxation.

According to Smailov, Kazakhstan exports oil and oil products to the Republic of Cyprus, and imports cars, equipment and plastic goods.

The January and June 2019 trade turnover stood at $17.9 million (of which exports - $17 million and imports - $0.9 million). In 2018 the figure has risen to $20.3 million, with exports valued at $18.8mln and imports – at $1.5mln.

The Kazakh National Bank data indicate in the period from 2005 to the 1st quarter of 2019 the amount of direct investment pouring from Cyprus to the Kazakh economy totalled at $2.24 billion, while the outflow of direct investment from Kazakhstan to Cyprus made up $790 million.

As of 2018, 207 legal entities, branches and representation offices involving Cyprus operate across Kazakhstan.

According to Chairman of the House of Representatives of the Republic of Cyprus Demitris Sulluris, there are the prospects for expanding, diversifying and increasing the mutual trade through delivering Kazakh agricultural products to the Cyprus market, in particular grain and meat.

He went on to say that Kazakhstan might get interested in olive and olive oil imports from Cyprus.

“Cyprus promotes itself as the regional financial hub”, he said, outlining a huge potential in bilateral cooperation in the area of finance and investment in the confines of the Astana International Financial Centre (AIFC).