Kazakhstan and China signed 30 commercial agreements worth $16.54 billion during President Kassym-Jomart Tokayev’s official visit to China, Akorda press service reported on Tuesday.
The deals included agreements pertaining to investment and trade, technology transfer for production, and establishing credit lines between the two nations.
Partnerships included the agreement between KazMunayGas and Sinopec for the joint development of a pre-feasibility study for a project in the production of terephthalic acid and polyethylene terephthalate.
Additionally, an agreement between KMG and CITIC Group was reached to enhance the capacity of the CASPI BITUM plant for oil processing, while Kazpost and YTO Express Group inked a cooperation agreement.
Astana Motors also played a key role, signing distribution agreements with BYD Auto Industry Co. Ltd. and TELD New Energy Co. Ltd. for the supply of vehicles powered by new energy sources.
The Samruk-Kazyna state fund entered into several cooperative agreements, including collaborations with China Power International Holding, SANY Renewable Energy Co. Ltd., and Power China Resources Ltd.
President Tokayev's visit also witnessed significant advancements in the realm of e-commerce.
During meetings with Hui Jiao Yu, Chairperson of YTO Express Group, prospects for cooperation in e-commerce, transport, and logistics were discussed. Kazakhstan emphasized the enormous potential within the Belt and Road Initiative, seeking to raise its e-commerce share to 20% of the overall trade market by 2030.
“We have great opportunities for mutually beneficial cooperation within the Belt and Road Initiative,” said Tokayev. “Today, e-commerce is one of the economy’s fastest growing sectors, generating around $7 trillion in global gross domestic product (GDP).”
Moreover, CRRC and the Kazakhstan Temir Zholy National Railway Company signed a landmark $1.3 billion deal to purchase 200 shunting and mainline diesel locomotives and establish engineering and service centers in Kazakhstan.
President Tokayev expressed keen interest in localizing locomotive production using advanced technologies, underscoring Kazakhstan’s significance as a transport and logistics hub connecting Eurasian and European markets.
Kazakhstan, strategically located between China and Europe, has emerged as a pivotal player in the Belt and Road Initiative. Since gaining independence from the Soviet Union in 1991, China has become Kazakhstan's second-largest trading partner and its primary export destination. The bilateral trade value between the two nations reached an impressive $24.1 billion in 2022, reflecting a significant 34.1% increase compared to the previous year. Over the period from 2020 to 2022, China invested a substantial amount of $8.8 billion in Kazakhstan.