Wide-ranging economic cooperation between China and Kazakhstan has been deepening, effectively boosting Kazakhstan's role in the region and strengthening overall bilateral ties between the two countries, experts from the Central Asian country said.
With two-way trade up by 32 percent year-on-year to reach record-breaking 41 billion U.S. dollars, China has now become Kazakhstan's largest trading partner.
It was also in Kazakhstan eleven years ago that President Xi Jinping first proposed the initiative of the Silk Road Economic Belt, an essential part of the Belt and Road Initiative. Now, the initiative has brought the two countries closer than ever before.
In terms of investment cooperation, China's investment in Kazakhstan exceeded 1.81 billion U.S. dollars in 2023, an increase of 16.4 percent over 2022.
"Both countries are interested in economic cooperation with each other. And, I want to add that we cannot even fully discuss this cooperation outside the context of the Central Asian region as a whole. Kazakhstan is characterized with the highest GDP level per capita, with the biggest market size in the region. The country is more attractive to investors," said Yevgeniya Pak, economist and managing director for business consulting company AERC LLP.
The trade relationship encompasses a diverse array of sectors. China has increased its exports to Kazakhstan, including vehicles, computers, plastic products and many others. In return, Kazakhstan has boosted its exports of oil, natural gas, uranium, and ferroalloys, among other commodities.
"For Kazakhstan, strengthening relations with China is a factor of long-term progress and realizing trade and investment potential. Over the past year, we have seen a 35 percent increase in exports to China, including both traditional raw materials and non-raw materials," said Anna Alshanskaya, head of the economic policy analysis department of the Kazakhstan Institute for Strategic Studies (KazISS).
In the face of increasing geopolitical tensions in the world, the BRI is gaining new momentum as a pivotal mechanism for establishing new trade and logistics chains essential to both China and participating countries.
"There are 45 joint Kazakh-Chinese projects, with all major projects aligned with the One Belt One Road initiative. This project, operational for about 10 years, has become more attractive due to recent geopolitical shifts, particularly in the last 2-3 years," Alshanskaya said.
China-Kazakhstan economic ties cover increasingly broad spectrum
The foreign ministers of China, Russia and Mongolia on Wednesday convened at a meeting on the sidelines of the Shanghai Cooperation Organization summit in Astana, Kazakhstan to talk about trilateral cooperation.
Presiding over the meeting, China's Foreign Minister Wang Yi noted that the three countries are neighbors sharing weal and woe and cooperation partners with closely linked destiny. Enjoying geographic advantages and profound tradition, the mutually beneficial cooperation among the three parties is in fundamental alignment with the interests of their peoples.
Wang, also a member of the Political Bureau of the Communist Party of China(CPC) Central Committee said in recent years, under the strategic guidance of three heads of state, the pragmatic cooperation among China, Russia and Mongolia has made steady progress. Communications and dialogues in various areas have deepened. The China-Mongolia-Russia Economic Corridor has also made solid progress.
This year marks the 75th anniversary of the establishment of diplomatic relations between China and Russia, as well as between China and Mongolia. It also commemorates the 10th year of the three countries' trilateral mechanism, said Wang.
China will, together with Russia and Mongolia, stay true to the original aspiration of cooperation, stick to the right direction, enhance solidarity and coordination, and exclude external interference, said Wang.
He added that China would like to jointly discuss an effective path of mutual benefit and win-win results, build a regional pattern of prosperity and stability and share benefits of regional development. Russian Foreign Minister Sergei Lavrov and Mongolian Foreign Minister Battsetseg Batmunkh spoke highly of the China-Russia-Mongolia trilateral foreign ministers' consultation mechanism, saying that cooperation among the three parties boasts broad prospects and huge potential.
They hoped to work with China to implement the important consensus reached by three heads of state, enhancing the alignment of Belt and Road Initiative with Eurasian Economic Union framework and Steppe Road plan, accelerating connectivity and the construction of China-Mongolia-Russia Economic Corridor. The three countries should build more landmark and key projects to take trilateral cooperation to a new level.
The three foreign ministers also exchanged ideas on international and regional issues of mutual interest, vowing to enhance multilateral coordination, oppose unilateral actions, and safeguard regional peace and stability to promote regional integration development.
Foreign ministers of China, Russia, Mongolia convene in Astana
Foreign ministers of China, Russia, Mongolia convene in Astana
