Kazakhstan-EU annual trade reaches $50 billion

In 2024, trade turnover between Kazakhstan and the European Union (EU) countries increased by 17% in value year-on-year, nearing $50 billion, Kazakhstan's Prime Minister Oljas Bektenov stated, Report informs.

Bektenov made the announcement during the 16th meeting of the Kazakhstan-European Union dialogue platform.

"The EU is Kazakhstan's largest trade and investment partner, accounting for more than one-third of the country's foreign trade and half of its attracted investments," Bektenov stated.

The meeting was attended by the EU Delegation's Chargé d'Affaires Johannes Baur and leaders of several major European corporations.

From 2005 to 2024, direct investments from EU countries into Kazakhstan exceeded $200 billion, representing 47.8% of the total investments.

Baur mentioned that Kazakhstan and the EU are developing a new roadmap for a strategic partnership for 2025-2026.

"During my recent meeting with local entrepreneurs, issues regarding the difficulties in obtaining a Schengen visa, particularly in countries such as Lithuania, Germany, and Poland, were raised. Kazakhstani freight carriers face challenges such as waiting periods of up to two months, issuance of short-term visas (up to three months), and the requirement for original permit forms for international transportation. These significantly complicate their activities," Bektenov noted.

The prime minister added that these restrictions create additional obstacles for Kazakh companies and impact the development of bilateral economic relations with the EU.

He expressed hope for a constructive dialogue to simplify procedures for Kazakh businessmen and freight forwarders.