Today in Astana, the Minister of Trade and Integration of the Republic of Kazakhstan Arman Shakkaliev and the Deputy Prime Minister-Minister of Trade of the Kingdom of Thailand Phumtham Vechaiyachai signed an agreement on trade and economic cooperation between the two countries.

The agreement is aimed at developing bilateral economic relations on a long-term basis. Kazakhstan has the opportunity to attract Thai investors to its special economic zones, offering conditions such as tax and customs duty exemptions. This contributes to the creation of new industries and jobs, positively influencing the country’s economy.

Trade turnover between Kazakhstan and Thailand increased by 35.9% and reached $367.7 million, while exports of Kazakh products increased to $55.3 million.

Minister of Trade and Integration Arman Shakkaliev noted the importance of developing trade and economic relations with Thailand.

“Thailand is Kazakhstan’s key trading partner in Southeast Asia. We see significant potential for increasing exports to more than 100 commodity items worth over $900 million, including metallurgical products, chemical products, agriculture and mineral resources,” emphasized Arman Shakkaliev.

In turn, Kazakhstan can offer Thailand supplies of honey, caviar, meat delicacies, high-quality alcohol and other goods. 

The parties discussed cooperation in the industrial sphere, including the creation of joint projects in the processing of sheep wool, the production of fabrics, leather and footwear. Kazakhstan has offered a number of benefits and preferences for new investment projects.

The Minister of Trade of Kazakhstan also proposed to develop air cargo to increase trade in high-margin goods and emphasized that a favorable visa regime between our countries should contribute to the activation of business activity.

In turn, Deputy Prime Minister and Minister of Trade of Thailand Phumtham Vechaiyachai proposed to open a Representative Office of Thailand for the Promotion of Foreign Trade in the Republic of Kazakhstan as a mechanism for developing bilateral trade relations and increasing mutual trade. He also invited Kazakhstani entrepreneurs to take part in a trade exhibition in Thailand.

“Thailand and Kazakhstan have always maintained good relations, and we hope that both countries will be able to further improve and strengthen their economic, trade and investment relations. Over the past 5 years, the total investment volume of Thailand and Kazakhstan amounted to $100 million. In 2017, Kazakhstan took 2nd place in the ranking of Thailand's partners in the EAEU with a total trade volume of $172 million,” the Deputy Prime Minister and Minister of Trade of Thailand said.

 

gov.kz

translated by Qazalem