Kazakhstan and the European Union
(EU) are set to expand cooperation in the field of geology, particularly on
rare-earth metals. Establishing a mutually beneficial partnership, the parties have
signed the corresponding memoranda in Brussels. According to experts,
Kazakhstan has significant potential in the field of critical raw materials,
while the EU’s demand for minerals is projected to increase 12 times by 2030 and
double by 2050. Meanwhile, 18 of the 34 critical raw materials essential to the
European economy are produced in Kazakhstan, including both raw materials and
processed metals. These metals are exported not only to the EU countries but
also to the U.S., China, South Korea, and the UK.
“We have shifted toward a more pragmatic
dialogue. Within this context, we are working to turn the points outlined in the
memorandum and roadmaps developed between Kazakhstan and the EU into tangible
projects. The business dialogue held today will enable taking concrete steps
towards their implementation. European companies have been involved in the
development of our deposits, expanding the list of products that we already manufacture.
This has made Kazakhstan a significant player in the market for critical materials
and rare earth elements,” said Kazakh Minister of Industry and Construction
Kanat Sharlapayev.
The EU is one of the largest
trading partners of Kazakhstan. The volume of foreign direct investment from the
EU countries in the domestic economy amounted to $12.5 billion last year.
