Kazakhstan

Kazakhstan and Uzbekistan Sign Trade Agreements Aiming for $10 Billion in Turnover

As the Central Asia+Japan dialogue was set to commence on August 9, Kazakhstan and Uzbekistan took a significant step in enhancing their economic ties by signing bilateral trade agreements during a joint business forum. The agreements aim to increase mutual trade turnover between the two nations to $10 billion.

Sources vary on the exact value of these trade agreements, with estimates ranging between $5-8 billion. The agreements span multiple industries, including packaged food, pharmaceuticals, industrial materials, energy, and transportation, highlighting the broad scope of collaboration between the two Central Asian neighbors.

The dialogue, which was expected to feature a state visit by Japanese Prime Minister Fumio Kishida, was impacted by a possible earthquake in Japan, leading to the postponement of the visit. However, Kishida’s cabinet is anticipated to arrive next week to unveil a $2 billion economic support package aimed at bolstering regional development in Central Asia.

In other significant trade developments, the European Bank for Reconstruction and Development (EBRD) has made a strategic investment in Kazakhstan’s Sarytogan Graphite Limited. The EBRD’s $3.3 million investment secures a 17.36% shareholding in the company, aligning with the European Union’s strategic partnership with Central Asia to secure critical raw materials. This move underscores the growing importance of Central Asia in the global supply chain for essential resources.