Kazakhstan and Italy Expand Trade and Economic Collaborations
The three-day business forum, "Kazakhstan – Italy: Trade and Investment Opportunities," concluded today in Milan. The event stemmed from agreements reached during Kazakhstan’s President Kassym-Jomart Tokayev’s visit to Italy in January.
The forum brought together representatives from government agencies, financial institutions, and leading companies across various sectors, including mining, metallurgy, financial services, light industry, tourism, infrastructure, logistics, agriculture, pharmaceuticals, and technological innovation. The Kazakh delegation was led by Minister of Trade and Integration Arman Shakkaliyev. Export Credit Agency of Kazakhstan also participated in the event.
The forum focused on renewable energy, the agro-industrial sector, pharmaceuticals, and innovations.
During the plenary session, Ayan Bektybayeva, Deputy Chairman of Export Credit Agency of Kazakhstan, introduced insurance solutions designed to mitigate risks associated with importing Kazakhstani products, particularly in transactions involving advance payments.
"Kazakhstan is one of Italy’s key trading partners in Central Asia, and there is significant potential to further strengthen our economic relations. Last year, trade between our nations exceeded $16 billion. Export Credit Agency of Kazakhstan is prepared to support Italian companies interested in joint projects in Kazakhstan, offering a range of financial and insurance tools, including project financing and export support once production sites are operational," said Ayan Bektybayeva.
Speakers from the Italian side highlighted the significant potential for bilateral cooperation. Ignazio La Russa, Chairman of the Italian Senate, emphasized Italy's commitment to strengthening its partnership with Kazakhstan, stating that today’s business forum reaffirms the high level of bilateral relations.
In addition to the main sessions, separate B2B meetings were conducted to enhance economic ties and explore new joint projects. Ayan Bektybayeva suggested that SACE (Export Credit Agency of Italy) consider opportunities for collaborative projects focused on exporting Italian green technologies to Kazakhstan. This partnership could help Kazakhstani exporters reduce their tax burden under the Carbon Border Adjustment Mechanism (CBAM) by adopting more environmentally friendly technologies.
Earlier this year, Export Credit Agency of Kazakhstan and SACE signed a memorandum of understanding to foster cooperation and support for export trade. This agreement aims to enhance trade and economic relations between Italy and Kazakhstan, stimulate investment by backing Italian companies interested in Central Asia, and promote Kazakhstani companies' access to the Italian market.
Background information:
In 2023, the trade turnover between Kazakhstan and Italy reached $16.1 billion, reflecting a 7.8% increase. Kazakhstan's exports totaled $14.8 billion, while imports amounted to $1.2 billion. In the first eight months of 2024, trade turnover surged by 33% to $13.8 billion, with Kazakhstani exports rising by 36% to $12.9 billion. Key contributors to this growth included crude oil (+38.1%), coal (+309.5 times), flax seeds (+$4.1 million), and propylene polymers (+71.6 times).
The forum also featured country presentations from Kazakhstan and Italy, organized by the Confindustria Kazakhstan Association. This event brought together representatives from companies in both countries, providing a platform for dialogue and exploration of further cooperation opportunities. The Association employs economic diplomacy tools to enhance commercial and investment prospects in energy industry, pharmaceuticals, agri-food production, and manufacturing.
