Business people should strengthen Turkish-Kazakh ties

Business people should strengthen Turkish-Kazakh ties

ISTANBUL-Anadolu Agency
Business people should strengthen Turkish-Kazakh ties

Business people should raise Turkey and Kazakhstan's economic relations to the top level, Fuat Oktay, Turkey's vice president, said on Nov. 10.

The deep relations between Turkey and Kazakhstan constitute the basis for the economic ties of the two countries, he noted during Turkey-Kazakhstan Business Forum in Istanbul.

"We have cooperation opportunities in numerous areas such as high-technology, transportation, agriculture, and energy," he stressed.

These cooperation opportunities should be used in a win-win framework, Oktay added.

He underlined Kazakhstan has a strategic location that connects Central Asia and international markets through the Caspian Sea.

"We make efforts for establishing mechanisms, such as the business forum, which gather two countries' business circles," he said.

Kazakhstan and Turkey established a joint industry and trade chamber, he recalled.

Referring to the Turkish economy, he noted Turkey ranked 33rd in the World Bank's Ease of Doing Business report this year, and the country remains to be an attraction center.

Bilateral trade of the two countries exceeded $2.8 billion in 2018, up 18% on an annual basis, he said, adding that this rise motivates countries to reach the bilateral target of $10 billion.

Kazakhstan makes iron/steel imports from the world while Turkey's exports in this field to Kazakhstan is too low, he highlighted.

Oktay said that Turkey's investments were $3.2 billion in Kazakhstan, including third countries through Kazakhstan.

Recalling Turkish firms' significant projects such as Astana Airport, and an island project in the Caspian Sea, he said: "Two countries' economic relations can be raised".

Kazakhstan works on law regulations to ensure a safer environment for investors, he noted.

Oktay also invites Turkish and Kazakh business people to invest in both countries and make further cooperations.

Askar Mamin, the Kazakh prime minister, said his country is the most attractive country for foreign capital in Central Asia.

In 2018, the country received $35 billion of foreign direct investment and is expected to exceed $100 billion foreign trade turnover this year, he noted.

He added that Kazakhstan is a trade hub in its region.

Following the speeches, nearly 20 agreements and memorandums of understanding were signed by Kazakh and Turkish companies.

The one-day business forum, organized by Turkey’s Foreign Economic Relations Board (DEIK) and Kazakh Invest, hosts top officials, business delegates and representatives.

Kazakhstan, Turkey should create trade model

Kazakhstan and Turkey should create a mutually beneficial trade model, the head of Turkey-Kazakhstan Business Council said on Sunday.

Speaking at the Turkey-Kazakhstan Business Forum in Istanbul, Mert Sarı said bilateral trade between the countries has exceeded $3 billion in recent years from $30 million in 1992.

However, he added, this was not a steady rise.

To achieve this, he said, new projects should be initiated and the structure of trade improved.

Kazakhstan has been taking major steps for economic sustainability and reforms since its independence, he added.

Kayrat Kelimbetov, the governor of Astana International Financial Centre, noted Turkey is among the top 10 countries as the main trade partners of Kazakhstan.

While Kazakhstan is part of the global financial system, the capital Nur-Sultan, formerly Astana, is a hub for central Asian countries. Turkish financial companies can learn from Kazakhstan's expertise, he noted.

Aidarbek Saparov, the deputy agriculture minister of Kazakhstan, said the country has raised its agricultural production and exports in the last five years.

The agriculture sector continues attracting foreign investment, receiving $33 billion so far, he said.

The Kazakh side tries to create suitable conditions for investors through incentives like loans and tax discounts, he added.

"We invite Turkish companies to invest in Kazakhstan especially in farming, cattle rearing, wool, agriculture, and poultry sectors," he said.

Turkey is 'big brother'

Rustam Isatayev, the vice-chairman of the Board of Kazakh Invest National Company (Kazakh Invest), claimed that Turkey is the "big brother" of Kazakhstan.

Turkey is a major manufacturing hub in the world and Kazakhstan expects investment and consultancy from Turkey, he underlined.

The one-day business forum, organized by Turkey’s Foreign Economic Relations Board (DEIK) and Kazakh Invest, is being attended by Turkish Vice President Fuat Oktay, Kazakh Prime Minister Askar Mamin, business delegates and representatives from both sides.