Kazakhstan-Belgium commodity turnover exceeds $523 million
Belgium is an important trade partner of Kazakhstan in the European Union and one of major investment and new technology sources. This is what Anuar Kurzhikayev, Director General of BeNeLux Chamber of Commerce in Kazakhstan, said at a meeting of the Kazakhstan-Belgium Business Council, Kazinform News Agency reports.
“In 2023, commodity turnover between the two countries made $523.7 million that is 1.7% higher against the same period in 2022. Export of Kazakhstani products to the Belgian market made $220.7 million, while imports from Belgium to Kazakhstan amounted to $303 million,” Anuar Kurzhikayev said.
He noted, that in 2023, foreign direct investments from Belgium to Kazakhstan exceeded $1 billion.
“During the period from 2013 to the first quarter of 2023, the volume of foreign direct investments hit $10.2 billion. Thus, Belgium remains the sixth major investor of Kazakhstan’s economy," Anuar Kurzhikayev added.
Kazakhstan exports molybdenum ores and concentrates, chromium oxides and hydroxides, flax seeds, titanium and titanium products, coal, wheat, self-propelled vehicles, ethyl alcohol, transmission mechanisms for machines, equipment and vehicles to Belgium.
Imports from Belgium to Kazakhstan include tractors and tractor-trailers, petroleum products, machines and mechanisms for harvesting and threshing agricultural crops, medicines packaged for retail sale, vaccines, blood serum, blood, air or vacuum pumps, compressors and fans, machinery and mechanical devices for special purposes, polyesters, epoxy resins.
Kazakhstan-Belgium Business Council was set up at President Kassym-Jomart Tokayev’s instruction following his visit to the Kingdom of Belgium in November 2021.
The agreement on establishment of the Kazakhstan-Belgium Business Council between the Chamber of International Commerce of Kazakhstan and BeNeLux Chamber of Commerce was signed on May 17, 2023, in Almaty, in presence of the two countries’ ambassadors and deputies of Kazakh, Belgian parliaments.
The first meeting of the Kazakh-Belgian Business Council took place on June 5, 2023 in Astana.The meeting turned into an important platform for discussing the common interests and strengthening constructive interaction between the two countries.