Kazakhstan and Azerbaijan set to boost bilateral trade
The trade turnover between Kazakhstan and Azerbaijan increased sixfold and exceeded US$300 million. Experts attribute this to the improvement of economic and transit conditions between the two states. The main commodities exported from Kazakhstan to the neighboring country are crude oil and petroleum products, steel, metal products, locomotives and wheat.
“Business forums held last year contributed to the development of trade and economic relations, in particular, they had a positive effect on the trade turnover. Important contracts were signed during these forums, providing for the supply of goods of the chemical, metallurgical and food industries. That is, products with high added value in the Azerbaijani market,” said Ilgar Velizade, Head of ‘South Caucasus’ Club of Political Scientists.
The share of Kazakhstan in Azerbaijan's imports amounts to almost five percent, making up to 105 commodity items. The countries are set to boost multimodal transportation, given the rapidly growing need to develop the Trans-Caspian international transport route.
“A number of Azerbaijani enterprises are actively operating in Kazakhstan, stimulating bilateral trade. In addition, the intergovernmental commission, which was successfully held this year, showed that the parties have set ambitious goals and plans that will be implemented in the near future. The investment cooperation and the creation of joint ventures in various industries also favorably influence such a high growth of trade turnover,” Velizade added.