Business people should strengthen Turkish-Kazakh ties

ISTANBUL

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

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.