Kazakhstan and Azerbaijan expand trade and economic partnership

31.08.2022, 10:09

Kazakhstan - Azerbaijan Business Council will foster the increase in the trade turnover between the two states. The council includes 59 companies, 35 of which represent Azerbaijan, and over 25 Kazakhstan. These are entrepreneurs working in the food and textile industries, construction, logistics and transport.

“Bilateral relations between the countries are developing at the political level, at the highest level. And the economic aspect is definitely of great significance. The commodity turnover between Azerbaijan and Kazakhstan increased considerably between January-July 2022, compared to January-July 2021, and amounts to US$350 million. If considered separately, export and import operations have increased significantly over this period. Nevertheless, we think that two states have a huge potential to raise it further. The Business Council will be the platform that provides help with all these processes,” Yusif Abdullayev, President of the Azerbaijan Export and Investment Promotion Foundation, said.

Today, Azerbaijan has about 170 operating enterprises with Kazakhstan’s capital. Over the past 25 years, the country has invested about US$200 million dollars in Kazakhstan, which, in turn, invested about 100 million in the US currency in Azerbaijan.

“The council has the objective to expand its membership. It is very important. We would like to see more companies. I think that the council has already turned into the platform where issues are discussed and submitted to the intergovernmental commission. The Business Council will be the mechanism that will work on all investment opportunities,” added Abdullayev.