BAKU, Azerbaijan, October 21. In 2023, the UK’s market share in Kazakhstan for total trade rose to 3.4%, a notable increase of 1.1 percentage points from 2022, according to the new trade data from UK Export Finance (UKEF), Trend reports.
While the UK’s market share for goods slightly decreased by 0.1 percentage points, settling at 0.7 percent, the services sector saw a remarkable surge. The UK’s share of services in Kazakhstan climbed by 6.6 percentage points, reaching 16.3 percent. This substantial growth underscores the increasing demand for British services, particularly in sectors like finance, education, and consultancy.
Meanwhile, foreign direct investment between the UK and Kazakhstan also showed impressive growth in 2022. Total UK outward FDI to Kazakhstan reached 398 million pounds, an increase of 10.9 percent (39 million pounds) compared to the previous year. However, the most significant leap was seen in UK inward FDI from Kazakhstan, which skyrocketed by 13,950 percent, growing from almost negligible levels to 281 million pounds.
This massive rise in inward FDI indicates Kazakhstan’s growing role as an investor in the UK, potentially driven by investments in industries such as energy, technology, and infrastructure.
Kazakhstan’s economic growth and development projections further reflect the potential for enhanced bilateral trade and investment. In 2023, the country’s economic growth, using GDP in real terms, reached 5.1 percent, up from 3.3 percent in 2022, demonstrating a strong recovery. Looking ahead, Kazakhstan’s GDP is expected to grow by 3.1 percent in 2024.
The GDP per capita also shows steady improvement, increasing from $11,500 in 2022 to $13,100 in 2023, with projections indicating it will rise further to $14,800 in 2024.