Kazakhstan, EU forge partnership in critical raw materials
Kazakhstan and the European Union (EU) are set to expand cooperation in the field of geology, particularly on rare-earth metals. Establishing a mutually beneficial partnership, the parties have signed the corresponding memoranda in Brussels. According to experts, Kazakhstan has significant potential in the field of critical raw materials, while the EU’s demand for minerals is projected to increase 12 times by 2030 and double by 2050. Meanwhile, 18 of the 34 critical raw materials essential to the European economy are produced in Kazakhstan, including both raw materials and processed metals. These metals are exported not only to the EU countries but also to the U.S., China, South Korea, and the UK.
“We have shifted toward a more pragmatic dialogue. Within this context, we are working to turn the points outlined in the memorandum and roadmaps developed between Kazakhstan and the EU into tangible projects. The business dialogue held today will enable taking concrete steps towards their implementation. European companies have been involved in the development of our deposits, expanding the list of products that we already manufacture. This has made Kazakhstan a significant player in the market for critical materials and rare earth elements,” said Kazakh Minister of Industry and Construction Kanat Sharlapayev.
The EU is one of the largest trading partners of Kazakhstan. The volume of foreign direct investment from the EU countries in the domestic economy amounted to $12.5 billion last year.