Baku, Azerbaijan, August 5
By Nargiz Sadikhova - Trend:
By the end of 2018, direct US investments in Kazakhstan set a new absolute record of $5.34 billion, exceeding $4 billion for the first time since 2014, Trend reports with reference to the article of Ambassador Extraordinary and Plenipotentiary of Kazakhstan to the USA Erzhan Kazykhanov published in the latest issue of Diplomatic Herald.
“This figure not only demonstrates Kazakhstan's regional leadership in attracting US investments, but also exceeds US investments in developed countries like Turkey ($4.3 billion), Finland ($3.3 billion) and Portugal ($2 billion),” the report said.
“The trade turnover, which increased by 37 percent last year to $2.3 billion, also demonstrates positive dynamics. At the same time, Kazakhstan's exports showed a rapid growth by 2.5 times and for the first time approached $1 billion. According to US data, Kazakh exports amounted to almost $1.4 billion,” the author said.
Kazykhanov further stated, that the majority of Kazakh exports to the US include raw materials such as hydrocarbons, products of inorganic chemistry, uranium, grain and soybeans.
“At the same time, the US is not on our list of the promising markets of export interest indicated in the National Export Strategy for 2018-2022. Nevertheless, the U.S. market has high potential for Kazakh exports, distinguished by size, versatility and high purchasing power,” he noted.
Therefore, it is very important to continue the 25-year participation of Kazakhstan in the U.S. Generalised System of Preferences (GSP) program, which provides opportunities for duty-free importation into the U.S. market of more than 4,000 items, Kazykhanov added.
“Under the GSP program in 2017, Kazakhstan exported $145 million worth of goods to the US, saving millions of dollars in customs duties. This successful practice can be significantly expanded with little effort by informing all Kazakh exporters and potential companies about the GSP program through the Atameken National Chamber of Entrepreneurs and other channels,” he stated.
In general, the package of measures to assist in the promotion of exports can be expanded by including international co-financing practices, participation of exporting companies in major international exhibitions, trade missions, official visits, assistance in opening offices abroad and active development of the umbrella brand Made in Kazakhstan, the author concluded.
(1 USD = 385.76 KZT on August 5)
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