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  • Kazakhstan, the United States agree to boost economic, investment cooperation

Kazakhstan, the United States agree to boost economic, investment cooperation

16 June, 2021 10:13
Kazakhstan and the United States explored the ways to boost economic cooperation at the Kazakhs-American Investment Forum held virtually, reports Strategy2050.kz.

During the online event, the sides considered the possibilities of cooperation in such sectors as the agro-industrial, mining and metallurgy, energy, and digital transformation.

The two-day event, which was dedicated to the 30th anniversary of diplomatic relations between Kazakhstan and the United States, was attended by around 500 delegates, including heads of transnational companies, heads of government agencies, and international organizations.

Opening the forum were President of the U.S. Chamber of Commerce Suzanne Clark, Senior Vice President for International Development at the U.S. Chamber of Commerce Khush Choksy, and Chair of the U.S.-Kazakhstan Business Council, and Chevron CEO Michael Wirth.

In his welcoming speech, Kazakhstan’s Deputy Prime Minister and Foreign Minister Mukhtar Tileuberdi noted the expanded strategic partnership between Kazakhstan and the United States and the significant amount of U.S. investment attracted to Kazakhstan over the past 30 years.

He said he is sure that the forum will give an additional boost to deepen trade and economic interaction between the companies of the two countries.

During the plenary session on economic cooperation between the US and Kazakhstan, which was moderated by Citibank Country Officer in Kazakhstan Andrey Kurilin, the participants discussed new investment opportunities in the post-pandemic period.

Chair of the Agency for Strategic Planning and Reforms and Astana International Financial Center Governor Kairat Kelimbetov, Minister of Trade and Integration Bakhyt Sultanov, Chair of Atameken National Chamber of Entrepreneurs Ablai Myrzakhmetov, KAZAKH INVEST Chair Meirzhan Yussupov also addressed the session.

“Over the past three decades, U.S. companies have invested more than $53.7 billion in Kazakhstan's economy. As of today, more than 600 American companies are operating in Kazakhstan. In recent years, there has been a gradual increase in the interest of American business in the manufacturing sector, including agro-industry, as well as machinery, transport and logistics, as well as in the engineering, transportation, and logistics sectors,” said Meirzhan Yussupov.

In 2019, direct investment from the U.S. reached a record $5.5 billion, accounting for a quarter of the country's total investment inflows.

“We are ready to continue to work actively with our U.S. partners in recovery and growth in the post-pandemic period," he said.

The panel session also discussed the development of the agriculture and food production sectors.

In the course of the expert meeting, the participants shared their views on the development of the modern agro-industrial complex, the manufacturing industry, as well as the transition to sustainable agriculture.

The second day focused on investment cooperation in the energy, the mining industry, and digital transformation.