Kazakhstan and Germany develop investment projects worth USD 54.4 bln
The 16th session of the Kazakhstan-Germany Business Council, underway in the Kazakh capital, serves as an important platform for debating the key direction of economic cooperation between the two countries, Kazinform News Agency reports.
Addressing those gathered 1st Deputy Prime Minister of Kazakhstan Roman Sklyar underscored significance of German business as strategic partner of Kazakhstan.
He said the Kazakh Government works at improving its investment and entrepreneurship climate. In 2024 Moody’s raised the country’s credit rating to Baa1, the highest in the country’s history.
The deputy co-chairmen of the Kazakhstan-Germany Business Council on behalf of Kazakhstan and Germany also took the floor.
As stated there, Germany is one of the world’s leading economies and is the largest trading partner of Kazakhstan among the EU member states. At the same time Kazakhstan ranked 43rd among the top 50 key foreign trade partners of Germany in 2024. As of today, the portfolio of bilateral projects boasts 63 initiatives worth over 54.4 billion US dollars. Of which 32 worth 1.1 billion US dollars were developed, 12 are being implemented.
Notably, six new projects in the sphere of processing industry will be presented at the forum.
Besides, those attending discussed prospects for deepening economic cooperation, including funding and development of new bilateral projects.
Doceumnts aimed at the development of industrial cooperation, technological partnership and development of joint investment projects were signed at the forum. Among them are memoranda of mutual undersyanding between Baiterek and KfW Development Bank, between Kazakhstan Petrochemical Industries Inc. and IMI zimmermann & jansen technologies gmbh, and agreements on cooperation between Kazakhstan Development Bank and KFW Development Bank, between Zhezkazganfedmet and DAR Metall AG.