ASTANA, Kazakhstan, August 15. Kazakhstan and Thailand signed an agreement on trade and economic cooperation, Trend reports, citing Ministry of Trade and Integration of Kazakhstan.
The document was signed by the Minister of Trade and Integration of Kazakhstan Arman Shakkaliev and the Deputy Prime Minister, Minister of Trade of Thailand Phumtham Wechayachai during a meeting.
The agreement is aimed at developing bilateral economic relations on a long-term basis. Kazakhstan has the opportunity to attract Thai investors to its special economic zones, offering conditions such as tax and customs duty exemptions. This contributes to the creation of new industries and jobs, positively affecting the country’s economy.
During the meeting, Shakkaliev noted the importance of developing trade and economic relations with Thailand.
"Thailand is Kazakhstan's key trading partner in Southeast Asia. We see significant potential to increase exports to more than 100 commodity items worth over $900 million, including metallurgical products, chemicals, agriculture, and mineral resources," he said.
In turn, Wechayachai proposed opening a Thai Foreign Trade Promotion Office in Kazakhstan as a mechanism for developing bilateral trade relations and increasing mutual trade.
"Thailand and Kazakhstan have always maintained good relations, and we hope that both countries can further improve and strengthen their economic, trade, and investment relations. Over the past 5 years, the total investment volume in Thailand and Kazakhstan amounted to $100 million. In 2017, Kazakhstan took 2nd place in the ranking of Thailand's partners in the EAEU with a total trade volume of $172 million," he concluded.
Meanwhile, trade turnover between Kazakhstan and Thailand increased by 35.9 percent and reached $367.7 million, while exports of Kazakh products increased to $55.3 million.