Russia, Kazakhstan Partner on 75 Joint Industrial Projects Worth $33 Billion

Russian Industry and Trade Minister Anton Alikhanov said that trade turnover between Russia and Kazakhstan amounted to 1.6 trillion rubles ($14.84 bln) in the first eight months of 2024.

Photo: Eurasianet

Moscow and Astana are currently collaborating on 75 industrial projects with a combined investment of $33 billion, Russian Minister of Industry and Trade Anton Alikhanov announced.

"We have very fruitful cooperation with the Republic of Kazakhstan. Thanks to the roadmap we signed in 2019, we currently have 75 projects with a total investment of $33 bln at various stages of implementation," he said, The Caspian Post reports, citing TASS.

Russian Industry and Trade Minister Anton Alikhanov said earlier that trade turnover between Russia and Kazakhstan amounted to 1.6 trillion rubles ($14.84 bln) in the first eight months of 2024 and Moscow expects further growth, while a significant part of settlements is made in rubles.

"Trade is growing, there are certain adjustments, not very significant. Over the eight months, our trade volume amounted to 1.6 trillion [rubles]. We are approximately at the same record level, which we reached in 2023. We hope that these growth vectors will be maintained, taking into account cooperation projects," he said during a visit to Kazakhstan.

According to him, Kazakhstan is one of the largest trading partners of Russia. "We have very diversified trade with Kazakhstan, with 80%, and in some years even more than 80%, of non-raw materials, non-energy exports, which our president has instructed us to increase," he said, adding that the share of the ruble in the mutual trade between the countries is "very significant".

In March, Russian Prime Minister Mikhail Mishustin said that the trade turnover between Russia and Kazakhstan by the end of 2023 amounted to more than 2.5 trillion rubles ($23.2 bln).