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Kazakhstan, China Sign 30 Commercial Documents Worth Over $16 Billion

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Kazakhstan, China Sign 30 Commercial Documents Worth Over $16 Billion​

BY DANA OMIRGAZY in BUSINESS, EDITOR’S PICKS, INTERNATIONAL on 17 OCTOBER 2023

ASTANA – Kazakhstan and China signed 30 commercial documents worth $16.54 billion on Oct. 17 during President Kassym-Jomart Tokayev’s official visit to China, reported the Akorda press service.

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Kassym-Jomart Tokayev and Chairman and Executive Director of CRRC Corporation Limited, Sun Yongcai. Photo credit: turanews.

Kazakh and Chinese major companies and institutions signed agreements on the transfer of technology for production, the opening of credit lines, the supply of vehicles powered by new energy sources, and trade and investment agreements, among others.

On Tuesday, the President held several meetings with the heads of China’s largest companies, including CITIC Group and Sinopec.

During the meeting with the Chair and Executive Director of CRRC Corporation Limited, Sun Yongcai, the parties addressed cooperation in the mechanical engineering and railway transport areas.

Kazakhstan Temir Zholy National Railway Company and CRRC signed an agreement worth $1.3 billion to purchase 200 shunting and mainline diesel locomotives and establish engineering and service centers in Kazakhstan.

The President noted that Kazakhstan is interested in deep localization of locomotive production using advanced technologies and the design of service centers for railway equipment. He emphasized that Kazakhstan is a key transport and logistics hub through which CRRC can access the Eurasian and European markets. Tokayev supported the company’s plans to invest $200 million.

“Over 20 years of cooperation, Kazakhstan purchased nearly 300 passenger cars and locomotives, as well as 6,000 freight cars from CRRC. I am confident we have every opportunity to take our partnership to a new level,” said Tokayev.

CRRC Corporation Limited is the world’s largest manufacturer of railway transport, which owns nearly 50% of the global locomotive production market.

During the talks with Hui Jiao Yu, chair of YTO Express Group logistics company, the sides addressed prospects for cooperation in e-commerce, transport, and logistics.

President Tokayev noted that such large marketplaces as Alibaba, Wildberries, OZON, and JD.com operate in Kazakhstan. By 2030, the country plans to increase its share of e-commerce to 20% of the total trade market.

At the meeting, the President learned about the company’s plans to enter the Kazakh market and open a Central Asian head office in Kazakhstan.

“We have great opportunities for mutually beneficial cooperation within the Belt and Road Initiative. Today, e-commerce is one of the economy’s fastest growing sectors, generating around $7 trillion in global gross domestic product (GDP),” said Tokayev.

Kazakh Minister of Transport Marat Karabayev commented on a number of important documents on transport relations signed during the President’s official visit to China.

“Kazakh Ministry of Transport signed four documents with Chinese partners. Two are intergovernmental agreements to develop the Trans-Caspian International Transport Route (TITR). These documents provide for the development of multimodal transportation throughout Kazakhstan and container transportation.

The third document calls for building the Tacheng-Ayagoz railway line, constructing a third railway checkpoint between Kazakhstan and China, and establishing border terminal facilities. The fourth – represents a fresh approach to developing an aviation route that will lay the groundwork for the rapid growth of freight hubs in Kazakhstan,” said Karabayev.


 
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