Kazakhstan and China Advance 224 Industrial Projects Valued at $66.4 Billion

Kazakh Prime Minister Olzhas Bektenov chaired a meeting on Kazakhstan-China cooperation to review the progress of investment projects signed after the talks between Presidents Kassym-Jomart Tokayev of Kazakhstan and Xi Jinping of China.

224 industrial projects worth 66.4 billion US dollars are being developed in Kazakhstan involving China’s investors. Some 50,000 jobs will be generated. As stated there, China ranks among the top five largest investors in Kazakhstan’s economy with 26.4 billion US dollars infused in Kazakhstan between 2005 and 2024, The Caspian Post reports citing Kazinform.

The PM stressed that the recent visit of China’s President to Kazakhstan gave an impetus to cooperation between the two states and highlighted the importance of the Industrial and Innovation Cooperation Forum Central Asia - China held in Astana. 58 commercial agreements worth 24 billion US dollars were signed on the margins of the forum.

He reminded Kassym-Jomart Tokayev set a task to attract no less than 150 billion US dollars in foreign investments by 2029. To this end, cooperation with China, one of the leading economic powers and Kazakhstan’s key investment partner, remains the country’s top priority. The recent visit of President Xi Jinping to Kazakhstan at the invitation of the Head of State once again proved the high level of political and economic cooperation between the two nations.

PM Beketnov stressed the need to speed up activities in Abai, East Kazakhstan and West Kazakhstan regions, establish cooperation with partners and submit certain initiatives.

The meeting focused on the development of new agreements concluded between the regions and Chinese partners at the Central Asia-China Forum.

Almaty region signed seven documents worth over 6 billion US dollars, including projects in the green economy, logistics, agro-industrial complex and the manufacturing sector.

The city of Astana as well as Kyzylorda and Turkistan regions put forward their initiatives in infrastructure, agro-industrial and manufacturing sectors.

Following the meeting the state and local executive bodies were charged to ensure the development of the agreements signed.