Home World Kazakhstan-Kyrgyzstan Trade Surges; Eyes Set on $2bn Target

Kazakhstan-Kyrgyzstan Trade Surges; Eyes Set on $2bn Target

In a testament to the strengthening of economic bonds between Kazakhstan and Kyrgyzstan, the mutual trade volume between the two Central Asian nations soared to $1.317 billion in 2023, marking an 11.6% increase compared to the previous year, as reported by the Cabinet of Ministers of Kyrgyzstan. This surge underscores a promising trajectory in bilateral trade relations. Akylbek Zhaparov, Chairman of the Cabinet of Ministers and Head of the Administration of the President of the Kyrgyz Republic has highlighted the substantial potential for further enhancing trade turnover between the two countries, setting an ambitious target of $2 billion for the current year. The breakdown of the trade figures reveals exports totaling $455.7 million and imports amounting to $862.2 million, showcasing a balanced exchange between the two nations.

The momentum towards greater economic collaboration was recently reinforced during a pivotal meeting between Zhaparov and Olzhas Bektenov, the Prime Minister of the Republic of Kazakhstan. Prime Minister Bektenov’s visit to Kyrgyzstan formed part of a broader working agenda aimed at fortifying bilateral relations between the neighboring nations. The discussions, held in an expanded format at the Ala-Archa State Residence, were characterized by mutual appreciation and a shared commitment to fostering deeper ties. Zhaparov commended Bektenov on his recent appointment and extended warm wishes for success in his new role.

“Our meeting today is taking place under the sign of the official visit of the President of the Kyrgyz Republic to Kazakhstan, which gives us a good opportunity to discuss the state and prospects for the development of bilateral relations,” remarked Zhaparov, highlighting the significance of the occasion. He emphasized the evolution of Kyrgyz-Kazakh cooperation into a strategic partnership and alliance over the years. Both leaders underscored the importance of continued exploration of new priority areas of cooperation, with a particular emphasis on expanding industrial collaboration between the two nations. Prime Minister Bektenov reciprocated the sentiment, expressing gratitude for the warm hospitality extended during his visit.

The meeting unfolded in a congenial atmosphere, facilitating an extensive exchange of perspectives on various facets of bilateral cooperation. Both parties underscored the dynamic trajectory of trade and economic collaboration, signaling a shared commitment to further bolstering ties for mutual benefit. As Kazakhstan and Kyrgyzstan set their sights on achieving the $2 billion trade target for the current year, the groundwork laid during this meeting and the continued dialogue between the two nations bode well for the future of their economic partnership, promising increased prosperity and development for both countries.