ASTANA, Kazakhstan, November 1. Kazakhstan has invited French companies to partner in the field of rare earth materials, said President Kassym-Jomart Tokayev at the opening of the Kazakh-French business forum in Astana, Trend reports.
"As the global technological revolution progresses, the demand for rare metals will grow exponentially. Overall, demand for lithium is expected to quadruple by 2040, and lithium demand is expected to increase 10-fold," he said.
Tokayev noted that Kazakhstan, which has approximately 5,000 undiscovered deposits worth more than $46 trillion, can become a reliable partner for the joint development of this area.
"Today we already produce 16 of the 30 rare earth materials needed for the EU economy and supply 70 percent of the European market's phosphorus needs. We have deposits of nine more types of raw materials that can be developed if the necessary investments are available. We invite French companies to join this mutually beneficial partnership," he said.
From January through August 2023, trade turnover between Kazakhstan and France amounted to $2.7 billion, which is 21.1 percent higher than for the same period in 2022 ($2.2 billion).
Exports from Kazakhstan to France from January through August 2023 increased by 2.9 percent and amounted to $1.8 billion. Imports to Kazakhstan from France from January through August 2023 amounted to $881.8 million.