Turkey and Kazakhstan aim to achieve a $10 billion trade volume in the long run, according to the Kazakh ambassador in Ankara.
During a visit to Karabük in Turkey's Black Sea region, Abzal Saparbekuly pointed out that an 8% drop in trade volume between the two countries is expected due to the coronavirus outbreak.
"However, Turkey's share in Kazakhstan's foreign trade increased by a grade moving up to the sixth place. This is important in terms of our trade relations with Turkey," the ambassador told Anadolu Agency.
He said the trade volume between the two states was expected to reach $3 billion last year, adding that the potential was actually much higher.
"The target set by the presidents on trade volume between Turkey and Kazakhstan is $5 billion in the medium term, and $10 billion in the long term," he stated.
Saparbekuly reiterated that a joint economic commission is working to improve the trade relations between the two countries.
"I hope this working group will complete its work in the upcoming period. We will carry out a study on the products we buy from other countries in order to import them between the two countries. There will be comprehensive work. It is necessary to add the transport and logistics of them to the work as well."
Noting that the transportation sector plays an important role in the increase of trade between Ankara and Nur-Sultan, the ambassador said that container shipping to Kazakhstan via the Caspian Sea has increased rapidly, especially with the opening of the Baku-Tbilisi-Kars railway line.
He also said that the railway and truck companies and unions of the two countries should work together to make this line more functional.
"It is because Kazakhstan has goods to be transferred to the world via Turkey. It is only necessary to work on its fast and more economic transport," he said.
Saparbekuly said that according to the studies of the World Bank, Kazakhstan is in the top 25 among 140 countries with the best investment opportunities.
"In fact, there are many opportunities in Kazakhstan because Kazakhstan is one of the cheapest countries in terms of raw material, labor and industrial costs regarding electricity and natural gas costs," he said.
The ambassador also highlighted that Kazakhstan has a developing economy, noting that it is the 41st largest economy in the world.
"Our goal is to be among the world's top 30 economies."
Pointing out that investors can get access to Eurasia and Asia markets, especially to the Chinese market, via Kazakhstan, Saparbekuly said that no entrepreneur who has invested in their country has had any problems so far.
He went on to say that the number of Turkish companies in Kazakhstan increased by 15% last year, compared to 2019, reaching 2,800, while one of every eight foreign companies in their country is a Turkish company.
He said that Turkish companies will carry out work in 25 city hospitals to be built in Kazakhstan.
The ambassador also said that the Turkish companies are very actively working in the field of infrastructure and logistics. The volume of work taken by Turkish companies from Kazakhstan in the field of construction is $27 billion, he noted.
"Other than that, Turkey is one of the top four countries in the real industrial investment in Kazakhstan. We encourage Turkish industrialists to come and invest in Kazakhstan," he concluded.
