New Cooperation Opportunities for Kazakhstan and Russia

New Cooperation Opportunities for Kazakhstan and Russia

The Republic of Kazakhstan and the Russian Federation continues to strengthen their economic partnership and increasing trade value between the two countries.

Russian ambassador to Kazakhstan, Alexsey Borodavkin said that based on preliminary results, the bilateral trade value between both countries in 2018 was recorded at US$19 billion.

“The cumulated investments from Russia into Kazakhstan over the years will soon reach US$13.5 billion, while Kazakh investments into Russia total about US$3.5 billion. The Russian and Kazakh economies are deeply integrated. Every third company in Kazakhstan receives investments from Russia,” he said, adding that there are about 6,000 Kazakh-Russian enterprises in the country. 

Borodavkin, who was recently appointed as the new Russian ambassador to Kazakhstan, also said that the significant increase of trade value between Russia and Kazakhstan is due to the establishment of the Eurasian Economic Union.

Russia is Kazakhstan’s main trading partner. 

The oil and gas industry plays an important role in the cooperation between the two countries. Russia has expressed its interest to develop mineral fields at the Caspian Sea as well as improve fuel quality in Kazakhstan and ensures that the country become a transit to export oil products to foreign markets.

Both countries are also working together in space exploration under the Baiterek program, said Boradavkin. The countries also cooperate in the transportation sector as well as the peaceful use of atomic energy.

The ambassador added that there are new prospects in education, energy, transportation and tourism industries that were realized after the Aktau Summit on the Caspian Sea on Aug. 14th 2018.