Kazakhstan, Turkey should create trade model

ISTANBUL

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 Sari 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.