Kazakhstan and Germany have formed a joint portfolio
of 66 investment projects worth US$55 billion, as announced at a bilateral
business forum with the participation of President Kassym-Jomart Tokayev and
Federal Chancellor Olaf Scholz. The Head of State noted that close diplomatic
relations between the two countries are a key factor in deepening cooperation
and ensuring its successful development which is evidenced by the figures. Last year, direct German investments in Kazakhstan’s
economy reached a record high of US$770 million, increasing by 64 percent. There
is a potential for further growth, especially since Kazakhstan has launched a
new investment cycle, with plans to attract US$150 billion by 2029. President
Tokayev outlined the promising areas of cooperation.
«The
extraction and processing of natural resources based on the pragmatic formula
«investments and technologies in exchange for critical raw materials». Our
mineral resource base consists of over 5,000 unexplored deposits with an
estimated value of trillions of dollars. Today, we produce 19 out of 34 rare
earth materials crucial for the European economy. In line with these efforts,
the German Mineral Resources Agency (DERA) and Kazakh partners are establishing
a trade consortium for critical raw materials,» said President Tokayev.
Agriculture, pharmaceutical industry, digital
technologies, and energy are the sectors offering numerous opportunities for
cooperation. Thus, Kazakhstan can increase supplies of energy resources,
including renewable energy, to global markets. The Svevind Energy Group based
in Germany is investing US$50 billion in the country to produce and supply
green hydrogen to the European market. There are also significant opportunities
in the logistics sector. President Tokayev proposed linking the Middle Corridor
with the Trans-European Transport Network (TEN-T) and the EU Global Gateway
initiative to support trade volumes between east and west. The potential of the
AIFC should also be taken into account.
«Today, the International
Financial Centre has become a unique regional hub for investment, innovation
and financial services. Our centre offers unparalleled conditions for tracking
investments with favorable tax, visa and labor policies, tailored support for
every investor and an impartial judicial system based on British law. Today,
the center hosts around 3,000 companies from 80 countries, including 20 German
companies. We hope this number increases soon,» noted the Head of State.
A total of 35 documents worth over US$6 billion were
signed during the business forum and the visit of the German delegation.
