Kazakhstan-China Business Council starts in Kazakhstan

The event was organized by Samruk-Kazyna JSC, the China Council for the Promotion of International Trade and CITIC Group Corporation.

The Council is attended by 500 people including representatives of government authorities, biggest companies and financial institutions of the two countries.

"China is a strategic partner for Kazakhstan. In 2016, the trade turnover between our countries amounted to almost $8 billion. China is one of the 5 biggest investors for the Kazakh economy. Over the last 12 years, China has invested over $14bn in the economy Kazakhstan. Nurly Zhol and the Silk Road initiatives heralded a new approach based on synergy, cooperation, coordination and complementarity", said Minister of Investment and Development of Kazakhstan Zhenis Kassymbek welcoming the attendees.

In turn, Head of Samruk Kazyna Umirzak Shukeyev reminded of the importance of President Nursultan Nazarbayev's visit to China.

"The Great Silk Road serves as a reminder of our cooperation. And now, it is time for its revival as initiated by President Xi Jinping. Global project "One Belt, One Road" proposed by the President of China is a modern renaissance of the ancient road. This initiative will contribute to further economic integration of our countries. The decision to establish the Kazakhstan-China Business Council was made during the visit of President of Kazakhstan Nursultan Nazarbayev to China 4 years ago", he highlighted.

The main areas of discussion and implementation of joint projects were "Kazakhstan-China Investment Cooperation", "Processing and Export in Agriculture: Opening New Opportunities", "Cooperation of Small and Medium-Sized Enterprises".

It is expected that, following the meeting results, the attendees will sign 22 commercial and framework agreements for joint implementation of investment projects in energy, chemical industry and metallurgy for a total of nearly $7bn with the participation of the Samruk-Kazyna group of companies.

In particular, United Chemical Company LLP (Samruk-Kazyna portfolio company) and China Development Bank (CDB) have reached agreements for methanol and ammonia production in SEZ "National Industrial Petrochemical Technopark" in Atyrau region and caustic salt production within FEZ "Taraz Chemical Park" in Zhambyl region.

In addition, Samruk-Energy JSC and Hydrochina Corporation signed a memorandum on implementation of projects for construction of a 60MW wind power station with possible augmentation up to 300MW in Shelek corridor of Almaty region and construction of small hydropower plants. For Samruk-Energy it was not the only agreement signed within the council as the company entered into a memorandum with the China Datang Corporation for expanding the wind farm near Yereimentau town from 45MW to 300MW.

At the same time, Samruk-Kazyna Fund and China Development Bank, as well as National Company Kazakh Invest and Hubei Kelison, inked frame cooperation agreements.