Knowledge–based economy development

Volume of trade with CAREC increased to $ 22 bn over five years

The volume of trade of Kazakhstan with the countries of the Central Asia Regional Economic Cooperation increased from 17.5 to 22 billion dollars over 5 years, said Vice-Minister of the national economy of Kazakhstan Timur Zhaksylykov at the I Central Asia Think Tanks Forum "Intelligent cooperation for regional economic growth" in Astana.
Nur-Sultan20 June , 10:04

"CAREC region is located in the heart of the Eurasian continent. Kazakhstan is an active participant of the program from the very creation. As known, the countries are actively working together to improve the transport infrastructure and reduce the costs of doing business", - said T. Zhaksylykov.

Over the period from 2001 to 2015, Kazakhstan implemented 6 projects and 23 projects are under implementation in the priority sectors such as energy, transport and trade.

"Kazakhstan plays an important role in strengthening regional cooperation and the creation of export logistics corridor. One of the major joint CAREC projects - the project of reconstruction of the international transit corridor "Western Europe - Western China", which will raise the intensity of traffic and will increase the turnover of transit goods from the countries of Central Asia. Kazakhstan attaches great importance to regional integration and trying to take part in integration processes, and is actively involved in the formation of a single economic space, which is based on the principles of the free movement of goods, services, capital and labor", - he said.

Vice-Minister drew attention to the fact that the volume of trade turnover between Kazakhstan and CAREC countries increased from 17.5 to 22 billion dollars over 5 years.

"The main trade partner of Kazakhstan is China. It accounts over 77% of total trade with CAREC countries. Of course, it should be noted that with the beginning of the current crisis, the dynamics of trade turnover slightly slowed. In light of the current economic situation, CAREC countries should strengthen economic cooperation and integration", - he stressed.

T. Zhaksylykov added that priority of Kazakhstan is the country's economic development through economic diversification and ensuring its competitiveness through the development of its own industry, the increase in global market share of participation, the creation of basic infrastructure with the formation of the territory of Kazakhstan logistics hub of the Eurasian continent.

Anara Tanyrkulova