ArmInfo.Armenia and Kazakhstan agreed to create a joint business club following a meeting of the business delegation of the Astana Diplomatic Club with members of the Union of Industrialists and Entrepreneurs of Armenia.
According to the press service of the Astana Diplomatic Club, The Kazakh-Armenian business club will contribute to the implementation of the goals enshrined in the memorandum of cooperation, which was signed in Yerevan between the Union of Industrialists and Entrepreneurs of Armenia and the Astana Diplomatic Club. In particular, the document is aimed at further strengthening economic ties, expanding trade, creating opportunities for cooperation in the field of investment, IT and other sectors of mutual interest.
In addition, during the meeting, the President of the Astana Palace of Culture, Kaiyrbolat Sakhmetov, proposed holding another bilateral business forum this year, but in Astana.
The business forum held in Armenia helped to outline specific areas and even product items for bilateral trade. During the event, the Armenian side expressed its readiness to increase supplies to Kazakhstan of pharmaceutical and textile products, construction materials, household chemicals, food products (fish, cheese, canned and frozen fruits and vegetables, coffee, mineral water, alcoholic beverages, and so on). The Kazakhstani market is also promising for Armenian flower growers: in 2023 alone, Kazakhstan imported flowers worth more than $61 million (an annual increase of 29%).
The event was held with the support of the embassies of Kazakhstan in Armenia and Armenia in the Republic of Kazakhstan; assistance in the successful implementation of the business mission was also provided by the Armenian Union of Industrialists and Entrepreneurs and the Chamber of Commerce and Industry.
According to the RA Statistics Committee, foreign trade turnover between Armenia and Kazakhstan in 2023 reached $100.5 million, demonstrating a 2.4-fold increase over the year. At the same time, exports increased 3.8 times to $71.3 million, with imports growing by 23.6% to $29.2 million.
There are 435 companies with Armenian capital operating in Kazakhstan, and more than 100 with Kazakh capital in Armenia.
