Kazakhstan expands geography of exports
The first Kazakh Ministry of Trade and Integration Panel has been held that featured a report on the 2019 outcomes and plans for 2020 by Minister Bakhyt Sultanov, Startegy2050.kz reports with reference to the Ministry’s press service.
Amid the transformation of world trade and the strengthening of protectionist measures between the largest economies in the world, the need for improving foreign trade policy is growing.
In so doing, taking into account today's challenges, the Ministry has concentrated on modernizing trade policy, where export promotion is the central task. For these purposes, marketing support was provided to Kazakh exporters. Over the six months of the Ministry’s existence, more than 50 events have been held abroad with the participation of about 300 Kazakh companies.
These business events resulted in 63 export contracts worth more than 114 billion tenge or $270M.
In an effort to foster cooperation on promoting the export of Kazakh products, developing trade cooperation and concluding transactions, a joint action plan has been concluded with the Ministry of Foreign Affairs.
“We expect that these mechanisms will reduce the cost of production by 5-10%, as well as expand the geography of exports and the range of goods. For example, new markets have already appeared. For the first time, military equipment was supplied to Bangladesh, and batteries to Italy,” said the minister of trade and integration.
