Kazakhstan aims to ramp up processed goods exports to $41 billion by 2025
Kazakhstan is set to reimburse around $10 billion to 300 domestic export-oriented companies by the end of this year, Kazakh Vice Minister of Trade and Integration Kairat Torebayev announced. The acceptance of applications for expense compensation will last until July 21. It bears noting that the state also offers other non-financial support measures to domestic producers engaged in supplying products to foreign markets, including trade missions conducted in Vietnam, Azerbaijan, Iran, China, and Uzbekistan this year. As a result of this work, domestic businesspeople have signed contracts totaling more than $300 million. Also, over 100 exporters will tap into foreign markets through the export acceleration programs this year. These are enterprises in the food and light industry, mechanical engineering, and the service sector.
“This year, two contracts have already been signed for product supply to Uzbekistan, amounting to $19 million. In addition, a long-term contract has been established for the supply of household chemicals to Russia, totaling 600 million tenge or $1.3 million per year. Also, two contracts worth $5 million have been signed for the supply of copper products to the Chinese market. Currently, negotiations are underway for the supply of food products to South Korea,” Torebayev said.
This year, the number of states to which Kazakhstan exports its non-primary goods has increased by six, reaching a total of 106. The volume of foreign trade of processed goods amounted to almost $19 billion in the first quarter of 2023. It grew by nearly a third compared to the same period in 2022. Also, there was a 51 percent increase in uranium exports. Overall, Kazakhstan intends to increase exports of processed goods to $41 billion by 2025.