World Monitor Magazine, Business and Investments WM_march 2019_web | Page 12
DESTINATION KAZAKHSTAN
Bilateral cooperation between
Kazakhstan and the EU
After Central Asian countries gained independence, the European
Union, being one of the key investors, trading partners and donors,
has played and continues to play an important role in strengthening
the economies of these countries for 26 years.
Today, the European Union is our reliable
partner interested in the prosperity and
unity of the Central Asian states.
Roman Vassilenko,
Deputy Minister of
Foreign Affairs of the
Republic of Kazakhstan
Kazakhstan fully supports the existing inter-
regional cooperation with the European
Union and considers it as one of the
additional tools for ensuring the sustainable
development of our country and region as
a whole.
The European Union’s Strategy for Central
Asia, adopted in 2007, has become an
important conductor of EU interests in the
region, creating the necessary foundation
and giving a positive impetus to EU
cooperation with Central Asian countries.
Over the twelve years of its existence, the
Strategy has established itself as a fairly
effective integrated tool for inter-regional
cooperation. The projects carried out within
its framework contribute to the development
of the region and the realization of the
existing potential of its states.
Today, the main trading partner of the
European Union in the region remains
Kazakhstan, which was confirmed by the
Agreement on Extended Partnership and
Cooperation between Kazakhstan and
the EU and its member-states signed in
December 2015. This Agreement opens up
new prospects for mutual trade, economic
and investment cooperation.
According to statistical data for 2018,
trade turnover amounted to $ 37.7 billion,
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showing an increase of 25.7% - $ 7.7
billion ($ 30 billion – in 2017).
In addition, the European Union is the largest
investor in Kazakhstan. The total volume
of foreign direct investment from the EU
attracted to the economy of Kazakhstan in
the first half of 2018 amounted to $ 12.3
billion, which is 15% higher compared to the
same period in 2017 (in 2017 - $ 9.8 billion).
In general, since 2005, about $ 135.7 billion
(49% of the total FDI in the economy of
Kazakhstan) has been attracted to the
economy of Kazakhstan from the EU
countries.
Today, with the participation of companies
of the European Union, 24 large-scale
investment projects worth about $ 3 billion
are being implemented in Kazakhstan.
We intend to maintain the current dynamics
and make additional efforts to further
increase them.
In order to successfully promote the export
of Kazakh products to the EU markets,
systematic work is being carried out to ensure
that national products comply with the high
standards of OECD and EU countries.
Returning to the topic of multilateral
cooperation, Kazakhstan welcomed the
decision of the EU to conduct the large-scale
review of the strategy for Central Asia and
to prepare an entirely new policy document
by mid-2019, taking into account new