Kazakh-Russian trade turnover to grow up to 40 percent this year, says Russian trade representative

ASTANA – Over the past eight months, commodity turnover between Kazakhstan and Russia grew 34 percent, and according to forecasts, by the end of the year will grow 35-40 percent, according to comments by Russian Trade Representative in Kazakhstan Alexander Yakovlev at a forum of the business ombudsmen, Interfax-Kazakhstan reports.

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According to Yakovlev, Russia ranks first in trade turnover with Kazakhstan. Russia’s share in the trade turnover is 20 percent.

“Today, Kazakhstan occupies the second place in the trade turnover of Russia among the CIS (Commonwealth of Independent States) countries and among the countries of the world it is in the top ten,” he noted.

Investment cooperation today is also dynamically developing, stressed the Russian trade representative.

“The Russian Federation invests more than $1 billion annually in Kazakhstan’s economy, and we are pleased that in 2016 Russia invested more than $1 billion in the Kazakh economy, and Kazakhstan invested about $700 million in the Russian Federation and the growth was 70 percent,” Yakovlev informed.

According to him, all major Russian business operates on the Kazakh market.

“Forty-one thousand joint foreign companies are registered in Kazakhstan, 13,000 of which are Russian, which makes one third coming from the Russian Federation. It means that there is a pleasant investment climate in Kazakhstan, Russian companies come here and are actively working,” said Yakovlev.