A large-scale Kazakh-Chinese business forum was held in Shenzhen

A large-scale Kazakh-Chinese business forum was held in Shenzhen

Deputy Prime Minister Serik Zhumangarin, speaking at the opening of the forum, outlined three main areas for investment in Kazakhstan More than 200 businessmen from Shenzhen, the largest economic and industrial center of China, took part in the first Kazakh-Chinese business forum on August 14, 2023. The event, organized jointly by the Kazakh-Chinese Trade Promotion Association and the Zshenzhen Cross Supply Service Association, gathered potential Chinese investors to get acquainted with the investment opportunities of Kazakhstan, the press service of the Ministry of Trade and Integration of the Republic of Kazakhstan reports. Our countries, our cultures, and economies are closely linked by long-standing friendly and partnership relations. The heads of both States pay special attention to the further development of their comprehensive cooperation. Today we are on the way to opening a visa-free regime in the near future. This will undoubtedly give a significant impetus to strengthening the development of cultural, humanitarian and economic ties," Minister of Trade and Integration of Kazakhstan Serik Zhumangarin said at the opening of the forum. The Deputy Prime Minister outlined three main areas for investment in Kazakhstan. The first is logistics, which includes the development of existing and the creation of new routes, infrastructure, loading and unloading centers, etc. It is of particular interest to large transport operators. Currently, a network of cross-border trade and economic hubs and logistics centers is being created, which will become the basis of the EAEU countries and Central Asia with the prospect of further expansion. In each region of Kazakhstan there are special economic and industrial zones created taking into account the specifics of a particular region. Within these zones, a pool of tax preferences is provided, and a special legal regime is in effect. Along with investment preferences in the form of exemption from taxes and duties, an investment tax credit has recently been introduced, aimed at reducing the burden on investors during the initial period of their activity. As part of this loan, investors are given the opportunity to reduce corporate income tax and (or) property tax payments by 100% for up to three years," the Deputy Prime Minister said. According to him, the formation of the Khorgos - Eastern Gate SEZ has been fully completed on the border with China for the development of unhindered trade. The infrastructure of the FEZ, along with the industrial and logistics zones, includes a dry port, which was launched in 2015 for the consolidation and distribution of goods in the east of the country. In 2014, a joint logistics terminal was established in the port of Lianyungang with Chinese partners, which is now the main point of consolidation of cargo flows to/from Kazakhstan. The dry port in technological connection with two railway crossings on the border with China, the Zhetygen-Korgas railway and the Western Europe -Western China highway and the involvement of competent major transport and logistics operators has opened a new stage in the development of Eurasian transcontinental transportation. The second area for investment is deep processing of products. We invite Chinese partners to all areas of processing. And first of all - in the processing of natural resources. You have accumulated a wealth of advanced experience in their processing, which would be very useful for use in the oil and mining industry of Kazakhstan," the Deputy Prime Minister of Kazakhstan continued. The third direction is agriculture in Kazakhstan. We can offer a wide range of areas for investment in the agricultural sector of Kazakhstan, including the production of organic products. Kazakhstan has a huge potential for the production of high-quality organic products. Over the past 10 years, our country has managed to increase a large export potential in the field of agriculture. Kazakhstani goods are successfully sold in the countries of Central Asia, the EU and the Middle East. Today, at a round table with the captains of China's business, we heard proposals for the development of soil on 400 thousand hectares of land. And we will support such initiatives," Zhumangarin said. For reference: Mutual trade between Kazakhstan and China reached record levels in 2022, reaching $24.1 billion. Including the export of Kazakh products to China increased by more than a third and amounted to $ 13.2 billion. Similarly, the demand for Chinese goods in Kazakhstan is growing. Imports increased by 33.5% and amounted to $11.0 billion. Trade between the two countries in the first half of 2023 showed an increase of 20.5% and amounted to 13.6 billion US dollars, of which 6.3 billion are Kazakhstani exports. Earlier it was reported that the Chinese holding Xinjiang Hualing, working in such industries as development, trade, agriculture, logistics, energy and others, is ready to invest in projects in Kazakhstan.   In July, a Kazakh-Chinese commodity exhibition was held in Almaty. The event was attended by manufacturers of agricultural machinery, textiles, packaging, home textiles, manufacturers of jewelry products, special equipment and other goods from China. It was also reported that Kazakhstan plans to expand flour exports to China.