Kazakhstan and Belgium have identified several key areas for trade cooperation
The second meeting of the Kazakh-Belgian Business Council, held in Almaty, focused on further developing trade and economic relations between the two countries.
Organized by the Embassies of Kazakhstan and Belgium, the Foreign Trade Chamber of Kazakhstan, and the Benelux Chamber of Commerce, the event brought together representatives from government agencies and the business communities of both nations.
New Horizons in Cooperation
The meeting explored promising areas of collaboration across various economic sectors, including energy, agriculture, IT, and infrastructure projects. Participants discussed ongoing projects and outlined future plans aimed at significantly increasing mutual investments and trade turnover.
A significant outcome was the signing of a memorandum of understanding between the Benelux Chamber of Commerce and Industry and the Central Asia Climate Foundation. This agreement paves the way for joint initiatives in green energy and digitalization.
Expanding the Partnership: "NMH "Baiterek" JSC and New Opportunities
Within the meeting, a separate discussion focused on cooperation prospects with the National Managing Holding "Baiterek" and its subsidiaries, including the Export Credit Agency of Kazakhstan, the Development Bank of Kazakhstan, QIC, Export Credit Agency of Belgium Credendo, Wallonia Export-Investment Agency, Trade and Investment Counselor of the Embassy of the Kingdom of Belgium in Kazakhstan, Flanders Investment & Trade, Deputy Ambassador of the Kingdom of Belgium in Kazakhstan.
All parties emphasized the importance of introducing advanced technologies and best practices in infrastructure, logistics, the agro-industrial complex, as well as projects for developing alternative energy sources and metal processing within cofinacing solutions, co-insurance and reinsurance.
Three Key Areas for Collaboration:
The meeting identified three key areas for cooperation that can be facilitated by co-financing, co-insurance, and reinsurance tools offered by the Export Credit Agency of Kazakhstan and its European counterparts, along with financial institutions:
- Joint Infrastructure Projects: This involves utilizing European technologies, equipment, and investments.
- Logistics Development: This includes creating and developing alternative routes, improving road infrastructure, digitalization, rolling stock renewal, and addressing bottlenecks in the Middle Corridor.
- Critical Imports Support: This addresses the need of European manufacturers to establish new supply chains for critical imports, such as metalworking products. Collaboration can involve joint development of non-ferrous metal deposits, followed by supplying these products to Belgium and other European countries.
Cooperation between Kazakhstan and Belgium is steadily increasing. By the end of 2023, the trade turnover between the two countries reached USD 523.7 million.
For reference:
The Kazakh-Belgian Business Council was established following President Kassym-Jomart Tokayev's visit to Belgium in November 2021. The Council's first meeting took place on June 5, 2023, in Astana.
